Stock rebounds

Omega shares rise on Omicron test success

Omega Diagnostics

Omega recovers

Shares in Omega Diagnostics Group recovered some of their recent losses after its lateral flow test was found to be accurate with the omicron variant.

The Scottish testing kit company has been told by its technology partner Mologic that data shows the Covios Ag test – sold by Omega as the Visitect antigen test – performs with the same high accuracy on the Omicron variant as it does with existing known variants.

Omega chief executive Colin King said: “We are very pleased be in a position to confirm that the Visitect COVID-19 antigen test is able to equally detect the Omicron variant, as well as other existing variants.

“We remain encouraged by emerging commercial opportunities for our Visitect COVID-19 Antigen test.”

Omega shares have jumped 7.4% or to 25.5p.

The uptick follows a 26% plunge in the stock last week after the company admitted that the UK Department for Health and Social Care (DHSC) had requested a repayment of £2.5m ($3.3m) as it was unable to move Omega Diagnostics into Phase 2 of a contract.

Under the deal, Omega Diagnostics was meant to provide manufacturing capacity for Covid-19 lateral flow antigen tests. Phase 2 would have seen Omega progress to manufacturing tests using government-furnished equipment.  

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