Omega Diagnostics shares soar on Covid test news

Shares of Alva-based Omega Diagnostics Group rose as much as 20% on Thursday after it said its partner Mologic Ltd has received CE Mark (Conformité Européenne) for it’s professional-use COVID-19 Rapid Antigen Test.

Omega Diagnostics’ shares have soared more than 300% over the past year to give the Alva company a stock market value of around £100 million amid its work on COVID-19 tests.

In June this year, the company signed a material transfer agreement (MTA) with Mologic providing access to raw materials and know-how to manufacture their lateral flow antigen test,” said Omega.

“The test will provide health professionals an accurate detection of the nucleoprotein of the SARS-CoV-2 virus in respiratory swabs.

As announced at the Interim results in November 2020, Omega has now established its technology transfer team and look forward to updating shareholders in the New Year on how the technology transfer and CE Mark is going, so the company can sell the Rapid Test under Omega’s VISITECT brand.”

Omega Diagnostics CEO Colin King said: “We welcome the news that Mologic has received CE Mark for its Rapid Antigen Test, and are excited about completing the technology transfer and CE Marking in the New Year.”