Shares of Alva-based Omega Diagnostics Group rose another 35% on Monday after a newspaper report claimed it is one of three British companies selected by the UK government to make rapid Covid-19 tests.

Omega Diagnostics’ shares have soared more than 500% over the past 12 months to give the Alva company a stock market value of around £150 million amid its work on COVID-19 tests.

“Omega, the medical diagnostics company focused on CD4, infectious diseases and food intolerance, notes the article published online yesterday by the Financial Times,” said Omega.

 “The company can confirm that it is continuing to modify its Alva-based facility to upscale significantly its lateral flow test production capacity.

“When contracts or supply agreements are signed to utilise this capacity the company will announce this in line with AIM disclosure obligations.”

The Financial Times reported that the UK government has selected three British companies to make rapid Covid-19 tests as it seeks to shake off its reliance on foreign producers and create a domestic diagnostics industry that is prepared for future outbreaks of infectious disease.

The newspaper said the UK Department of Health has chosen Omega Diagnostics, SureScreen and Global Access Diagnostics to produce up to two million lateral flow devices (LFDs) per day for the UK, citing two people briefed on the decision.