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Omega Diagnostics (ODX) Speaks On Media Report, Shares Down 6%

Sam Boughedda
Sam Boughedda trader
Updated 15 Jun 2021

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LON: ODX Omega

Omega Diagnostics (LON: ODX) said on Tuesday that it has noted a recent media comment that Mologic has requested for Porton Down to evaluate their lateral flow antigen test with an independent party observing.

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This morning, a report in The Telegraph stated that Mologic was set to sue the UK Government over claims that “stonewalling” has stopped its kits from being approved and used in the UK.

Under a contract Omega has with the Department of Health and Social Care (DHSC), they will provide manufacturing capacity for COVID-19 lateral flow antigen tests utilising key pieces of manufacturing equipment loaned by the UK Government for Omega to manufacture whichever test is approved for use.

The AIM-listed firm clarified that today’s news has no implications on the UK Government manufacturing contract Omega has in place with the DHSC.

“The ability to supply tests that are produced within the UK remains a key priority for the DHSC and to that end the DHSC have facilitated initial commercial discussions between Omega and a number of companies with lateral flow antigen tests to potentially provide UK manufacturing services,” stated Omega.

The company’s shares are down 6% on Tuesday at 65.2p.

Should you invest in Omega Diagnostics shares?

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

Sam Boughedda
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.