Omega Diagnostics raises funds for research and development
Medical company Omega Diagnostics Group has raised four million pounds through the placement of over 23m shares which will be used to fund the development of new products.
Medical company Omega Diagnostics Group has raised four million pounds through the placement of over 23m shares which will be used to fund the development of new products.
The company, focused on developing diagnostics for allergies, food intolerances and infectious diseases, said it intends to use the proceeds for its allergy instrumentation strategy and to fund a final instalment due under the patent licence agreement with medical equipment company IDS.
Proceeds will also be used to fund the initial Visitect CD4 inventory build requirement and to roll out the test into field trials.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The remainder of fundraising will be used to explore opportunities that may exist in the HIV viral load area, settle outstanding loans when falling due and for general overheads and working capital.
"We are delighted to have received the support of investors for the next phase in Omega's development through this oversubscribed fundraising," said Chief Executive Officer, Andrew Shepherd.
"We believe that CD4 represents a unique product that satisfies an urgent and unmet clinical need and has the potential to transform the way HIV is treated in developing countries. We are also confident that our work with IDS to develop allergy tests on the IDS-iSYS platform will generate value for shareholders."
Shares rose 12.24% to 20.62p at 09:54 Friday.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
GTA 6 release window confirmed: Is it game on for the Take Two Interactive Software stock?
TTwo’s earnings report today has confirmed that GTA 6 will be released in autumn 2025. Can investors cash in on what could be the biggest launch in entertainment in over a decade?
By Kalpana Fitzpatrick Last updated
-
Three stocks in recruitment companies with promising recovery plays
Recruitment agency Robert Walters and its peers are struggling, but now's the time to buy, says Rupert Hargreaves
By Rupert Hargreaves Published