10 Nov 2016 07:00
10 November 2016
ABCAM PLC
("Abcam" or "the Company")
Progress ahead of schedule, AxioMx technology milestones accelerated
Cambridge, UK: Abcam plc (AIM: ABC), a global leader in the supply of life science research tools, announces that, further to the acquisition of AxioMx, Inc. ("AxioMx") in November 2015, it has agreed to accelerate certain performance milestones associated with the development of the product technology.
As previously announced, the acquisition was structured with an upfront payment of $20m with certain further performance-based payments over a five-year period, up to a maximum of $25m subject to the completion of a number of technical milestones.
The AxioMx and Abcam teams have worked closely together and the Board is accelerating the payment of the milestones in recognition of the technical success. Abcam has confidence in the technology and the acceleration of the milestones enables the teams to focus on the scale up and commercialisation of new products.
Abcam will pay a total of $10.3m, of which $6.2m will be satisfied in cash from the Company's existing cash reserves and $4.1m by the issue of new shares. By accelerating the milestone payments Abcam will make a total saving of $4.5m from the maximum amounts payable under these milestones. Additional performance-based milestone payments may still be paid up to a maximum of $5.0m.
Alan Hirzel, CEO of Abcam said:
"We are delighted with the technical development progress and to be able to accelerate the payment of the AxioMx milestone payments. The scalable in vitro recombinant monoclonal antibody platform has enhanced Abcam's existing antibody and immunoassay capabilities and we continue to provide high quality and economically attractive methods to serve customers in research, diagnostic and drug discovery laboratories globally."
For further information, please contact:
Abcam | + 44 (0) 1223 696 000 |
Alan Hirzel, Chief Executive Officer Gavin Wood, Chief Financial Officer Julia Wilson, Investor Relations
| |
J.P.Morgan Cazenove - Nominated Advisor & Corporate Broker | + 44 (0) 20 7742 4000 |
James Mitford / Christopher Cargill | |
FTI Consulting | + 44 (0) 20 3727 1000 |
Ben Atwell / Brett Pollard / Natalie Garland-Collins |
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About Abcam plc
As an innovator in reagents and tools, Abcam's purpose is to serve life science researchers globally to achieve their mission, faster. Providing the research and clinical communities with tools and scientific support, the Company offers highly validated biological binders and assays to address important targets in critical biological pathways.
Already a pioneer in data sharing and ecommerce in the life sciences, Abcam's ambition is to be the most influential company in life sciences by helping advance global understanding of biology and causes of disease, which, in turn, will drive new treatments and improved health. Two-thirds of the world's 750,000 life science researchers use Abcam's affinity binders, reagents, biomarkers and assays and the Company's products are mentioned in over 20,000 of the 56,000 peer-reviewed papers published each year in the life sciences.
By actively listening to and collaborating with researchers, the Company continuously advances its portfolio to address their needs. A transparent programme of customer reviews and datasheets, combined with an industry-leading validation initiative, gives researchers increased confidence in their results.
Abcam's twelve locations are located in the world's leading life science research hubs, enabling local services and multi-language support. Founded in 1998 and headquartered in Cambridge, UK, the Company sells to more than 100 countries. Abcam was admitted to AIM in 2005 (AIM: ABC).
To find out more, please visit www.abcam.com and www.abcamplc.com
About AxioMx
AxioMx was founded in 2012 by Dr. Michael Weiner and Christopher McLeod and was acquired by Abcam plc in November 2015. It has created a powerful and scalable in vitro recombinant monoclonal antibody technology which complements Abcam's existing antibody and immunoassay capabilities by targeting attractive and growing markets that traditional in vivo antibody production methods struggle to address. In addition to opening new markets, AxioMx's antibody and binder development capabilities mean that high quality antibodies can be produced within weeks, which is significantly faster than in vivo methods.