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Omega Diagnostics Shares Rally After CE Mark For Mologic’s Covid-19 Test

Updated: 22 Jul 2021

Shares of medical diagnostics company Omega Diagnostics (LON: ODX) are rallying on Monday after the company said it has CE-Marked Mologic's Covid-19 lateral flow antigen test.

The test will be sold for professional use by Omega's VISITECT brand.

Omega Diagnostics share price opened up at 95p after closing Friday's session at 88p per share. It is currently up 3.80% at 91.5p.

Omega Diagnostics Price Chart LON: ODX

Having begun the technology transfer late last year, Omega has CE-marked the product and is now completing a marketing launch for commercial roll-out, which is expected to start in April.

They are also in discussion with several potential commercial partners interested in ordering the test after its launch.

Omega said it is on schedule to deliver a lateral flow production capacity of around 2 million tests per week by the end of April from its Alva facility in Scotland. The production will be used to sell the VISITECT branded antigen test to third-party commercial customers.

The utilisation and supply of the tests under the company's previously announced agreement with the Department of Health and Social Care is expected to significantly impact the future performance of the business, Omega said.

They added that it will likely result in substantial revenue growth in the financial year beginning 1 April 2021.

“This is an exciting and important next step in our COVID strategy as we now have the ability to supply both antigen and antibody lateral flow tests not only to the UK Government but also to our commercial partners,” commented Colin King, Omega's CEO.

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