Shares of Omega Diagnostics (LON: ODX) have jumped on Wednesday after the company's Mologic COVID-19 lateral flow antigen test was independently verified in a 665-person study in Germany by FIND, a global not-for-profit foundation.
“The test was shown to demonstrate best-in-class performance with 100% specificity and 96.4% sensitivity (Cycle threshold <25) compared with laboratory PCR testing,” said Omega.
FIND is a World Health Organisation (WHO) collaborating centre for laboratory strengthening and diagnostic technology evaluation.
Omega has CE-Marked the Mologic lateral flow antigen test for COVID-19 and has launched the test for professional use under the company's VISITECT brand. The test allows healthcare professionals to detect the coronavirus in respiratory swabs in 10 minutes.
Colin King, CEO of Omega, commented: “This is great news for the Mologic test, which we are now producing under our VISITECT brand. It is significant that the test has been shown to have high diagnostic accuracy on self-collected swab specimens.
“Rapid diagnostic tests play a crucial role in breaking the spread of infection in the community and we are delighted to be a leading manufacturer of these home-grown tests.”
Omega Diagnostics share price jumped to highs of 75p following the announcement. After giving up some of those gains they are now trading at 72p, up 3.29% from Tuesday's close.
In the past three months, Omega's stock price hasn't seen too much movement, gaining 2.86%.
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