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Omega Diagnostics (LON: ODX) shares are climbing on Monday after the company said it has filed the supporting data and documentation relating to its submission for CE marking for self-test use for the VISITECT COVID-19 test have been filed with the European Notified Body.
The submission process has been running in parallel with a usability study conducted by Ulster University since mid-July, and the conclusion of the Ulster study was the final step in this process.
The VISITECT COVID-19 antigen test is already CE marked for professional use. Once approved, it will be for sale in Europe for home use as well.
Colin King, CEO of Omega, said: “As a result of a lot of hard work by our team and Ulster University, we are very pleased to have submitted all of the information required for self-test use approval for our VISITECT® COVID-19 antigen test. Once approval is granted, we anticipate strong demand for a UK developed and manufactured product.
“Furthermore, we believe we have a high-quality, high-performance product with significant global appeal, including the US market, due to that market's size and high barriers to entry.”
The company's shares have risen over 1% to 53.6p following the announcement.
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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