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1 Apr 2022 07:00
1 April 2022
Oxford Nanopore Technologies plc
Entry into settlement agreement with Department of Health and Social Care
The Department of Health and Social Care (DHSC) and Oxford Nanopore Technologies plc (ONT) reached an amicable resolution of the dispute relating to the contract dated 30 July 2020 for the supply of certain LamPORE™ devices and testing kits and associated services by ONT to DHSC. DHSC and ONT entered into a settlement agreement without any admission of liability, which included agreement as to the contract being brought to an end and includes a payment of £50 million in full of amounts due to ONT under the contract.
ONT expects the payment to be treated as non-recurring COVID-19 testing revenue during the fiscal year ended 31 December 2022. Therefore, ONT's prior guidance for Life Science Research Tools revenue in 2022 remains unchanged.
[ENDS]
Enquiries:
Investors
ir@nanoporetech.com
Media
media@nanoporetech.com
oxfordnanoporetechnologies@tulchangroup.com
This announcement contains inside information for the purposes of the UK version of the market abuse regulation (EU no. 596/2014), which forms part of English law by virtue of the European Union (Withdrawal) Act 2018. The person responsible for arranging the release of this announcement on behalf of the Company is Hannah Coote, Company Secretary of Oxford Nanopore Technologies plc.
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