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Shares of Omega Diagnostics (LON: ODX) are rising on Tuesday after a manuscript entitled: “Accuracy of the Mologic COVID-19 rapid antigen test: a prospective multi-centre analytical and clinical evaluation” was released, providing positive data on Mologic's Covid-19 lateral flow antigen test.
The study stated that the Mologic test, which has been commercialised by Omega as the VISITECT COVID-19 Antigen test, has met the WHO target diagnostic accuracy with a sensitivity of 93.2%-98.4% detecting individuals with high viral load infections.
The test was evaluated in a multi-centre study across the UK with 347 participants.
The test's diagnostic accuracy and clinical performance were investigated by comparing it to gold-standard RT-PCR results from individuals with and without COVID-19 symptoms.
Sensitivity was shown to be high in individuals with the highest viral loads. Overall sensitivity and specificity compared to the reference SARS-CoV-2 RT-PCR was 85.0% and 97.8%, respectively.
The study also said that the Mologic test replicated diagnostic accuracy in various settings necessary for COVID-19 control, including hospitals, ambulatory services, and drive-through centres, along with self-collected swab specimens.
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, but also that this performance is replicated across multiple different settings, different demographics, and 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 is currently trading over 1% above Friday's close at 66.75p.
Omega Diagnostics shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket 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 shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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