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Shares of pharmaceutical firm Omega Diagnostics (LON: ODX) jumped at the open on Tuesday after the company said it has launched the Mologic ELISA antibody test for Covid-19 through its in-house testing laboratory service in Littleport, Cambridgeshire.
The news follows the company obtaining a CE marking for the capillary blood sample collection pack. The pack is sent out to healthcare professionals who then send a patient sample back to the Omega laboratory where a test is run before the results are then relayed back to the healthcare professionals.
The UK-based firm expects to offer the testing service to selected commercial occupational health partners, clinics, and healthcare professionals in the UK.
“We are pleased that we have delivered on our committed timeline for the launch of the lab testing service. This highlights our ability to react to changing market needs and utilises the skills and expertise of our long-established service Laboratory,” commented Colin King, Omega’s CEO.
Additionally, Omega earlier noted an update from Abingdon Health plc (LON: ABDX) regarding its ABC-19 test, confirming the expectations for future supply arrangements with the Department of Health and Social Care.
Abingdon said it is continuing to manufacture the ABC–19 Rapid Test in anticipation of additional orders, while it is working with UK-RTC partners on regulatory approval in a total of 27 territories.
On the developments at Abingdon, King stated Omega “welcome the update from Abingdon Health this morning and look forward to being able to update investors on the potential to open up significant commercial opportunities outside of the UK in due course.”
Omega stock price rose to 88p following today's news; however, it is currently trading at 80p up to 2.82% on the day.
Should you invest in Omega Diagnostics shares? Omega Diagnostics shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the sub market specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Omega Diagnostics shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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