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Omega Diagnostics Shares Rise On Consortiums Covid-19 Rapid Test Update

Sam Boughedda trader
Updated 29 Dec 2020

Practice Stock Trading
Omega Diagnostics logo

Shares of medical diagnostics firm, Omega Diagnostics (LON: ODX) are rallying on Tuesday after Abingdon Health (LON: ABDX) provided an update on the coronavirus AbC-19 Rapid Test.

A consortium, that includes Omega and is led by Abingdon Health, is working with the Medicines and Healthcare products Regulatory Agency (MHRA) to approve the lateral flow antibody test.

In today’s update, Abingdon said while they continue to liaise with the MHRA regarding approval for home use and self-test of the AbC-19TM Rapid Test for antibodies, they are liaising with regulatory authorities in other jurisdictions around the world to allow the use of the product.

“To allow the continued validity of the current CE marking post-Brexit, Abingdon Health, as legal manufacturer via its agent, has successfully registered the AbC-19 Rapid Test with the Maltese Medicines Authority. This means that the CE mark, for professional use, will continue to apply across the European Union after 1 January 2021,” Abingdon said in its statement.

Omega Diagnostics CEO, Colin King, said: “We remain confident that the AbC-19TM Rapid Test has a potential global application and we are delighted that the UK-RTC maintains constructive dialogue with interested customers and regulatory authorities across the world.”

Omega shares are up 5.44% at the time of this publication, priced at 65.5p after initially reaching highs of 70p.

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.