DeepVerge PLC has signed off an agreement with Abingdon Health PLC (AIM:ABDX) for a range of lateral flow test (LFT) devices to identify pollutants, pathogens and chemicals in water.
Costs of the partnership, which was flagged in April, will be borne by DeepVerge, which will provide the IP, with Abingdon to be the exclusive developer and manufacturer.
The kit units can be used in several areas including traceable polymers used as dispersants, corrosion bacteria, environmental tests for drinking water including the detection of PFAS - "Forever Chemicals" and wellness tests including Vitamin D, Cortisol, Menopause, Kidney and Liver function.
The agreement runs for 12 months from 27 May 2022 with automatic annual renewals unless otherwise specified.
Gerard Brandon, DeepVerge’s chief executive, said he expects the tests to contribute to group revenues from early 2023.
“This range of new LFTs has the potential to generate multiple revenue streams throughout Modern Water's 60+ country distribution network and Skin Trust Club's rapidly growing club members in the UK, Ireland and the US,” he added.
PFAs are Per and Polyfluoroalkyl Substances that do not break down, leading to bioaccumulation in the environment and in the human body over time.
The cost of potential damage from PFAs is now estimated at more than €50bn in Europe alone.