Abingdon Health PLC (AIM:ABDX) saw its shares rise close to 9% in Monday’s morning’s deals as the micro-cap assured investors that it has sufficient funds for the next 12 months.
The company, which manufactures rapid diagnostic tests, in a statement ahead of today’s AGM told investors that its priority is to move to a positive cash flow position.
Chief executive Chris Yates, meanwhile, said that the strategic focus is on contract development and manufacturing (CDMO) services, where he expects to see significant demand growth, particularly in non-COVID-19 sectors such as human health, animal health, plant pathogen, and environmental testing.
Abingdon said it had £4.4mln of cash, as of December 19, in line with its October 2022 cash position, and noted that it expects to have around £4.3 million in cash at the end of December.
In London, the share was up 0.33p or 8.67% changing hands at 4.08p.