Shares of Alva-based Omega Diagnostics Group rose as much as 11% on Thursday after it announced that its CE-Marked Mologic ELISA antibody test has been approved for testing of COVID-19 in India.
In a stock exchange statement, Omega Diagnostics said: “Yesterday the Central Drugs Standard Control Organization, part of the Ministry of Health & Family Welfare, published a list of approved Rapid / CLIA / ELISA kits approved for testing of COVID-19, which included Omega’s ELISA antibody test.
“Approval for sale remains conditional on the submission of supporting technical data and the company is confident that this submission will be successful, and that Omega will be able to sell its ELISA antibody test directly into this potentially significant target market.
“The laboratory-based ELISA antibody test has high quality performance data and has been independently validated by the Liverpool School of Tropical Medicine and St George’s, University of London.
“Whilst the quantum of future sales in unknown at this stage, India is clearly a significant addressable market for COVID-19 antibody testing and Omega will use its direct sales team in India to establish commercial roll-out in the region.
“The company expects to update shareholders on first commercial orders as they are received.”
Omega CEO Colin King said: “I am delighted that we have received approval to sell the Mologic ELISA antibody test in India as this is a key target market.
“We have an established direct sales team and we believe a reliable and high-performance antibody test will be very attractive to our laboratory customers.
“India is one of the fastest growing economies in the world and has a population of over 1.3 billion people.
“Clearly this is an important market for us to target and I look forward to updating shareholders on our commercial traction.”