On Monday, Omega Diagnostics (LON: ODX) shareholders received a boost with the company saying it has signed a Head of Terms partnership agreement with DAM Health Limited a mobile Covid-19 test provider.
The agreement will see Omega exclusively supply its VISITECT professional use COVID-19 Antigen tests to DAM Health’s testing clinics throughout the UK and Europe.
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Omega has already received an initial purchase order of over £750,000 to supply VISITECT professional use COVID-19 antigen tests to DAM Health.
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The partnership is for an initial period of 12-months. With the initial agreement focused around the VISITECT professional Antigen LFTs, Omega said it is possible to broaden the partnership to include its VISITECT antigen self-test LFT — once it is approved — and for DAM Health to sell Omega’s Food Detective product throughout its network.
There is also an outline to extend the partnership beyond Europe, as DAM Health expand their international network of clinics globally.
Colin King, CEO of Omega Diagnostics, said: “We are delighted to be to be utilising some of our lateral flow test production capacity and to be working with DAM Health, who are leaders in the space.
“Reaching a commercial agreement with a leading and fast-growing testing provider is a major milestone for the company in bringing our gold-standard test to market and we look forward to working collaboratively with DAM Health and are hopeful that this partnership can be broadened to cover more of Omega’s products, not just in the COVID space.”
Omega’s share price is up 7% at 53p so far Monday morning.
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