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.

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

Recommended

Saga’s figures are heading in the right direction – so should you buy?
Share tips

Saga’s figures are heading in the right direction – so should you buy?

Saga the over-50s travel and financial services specialist, has been struggling for years. But now, with the pandemic behind, it it is planning for fu…
5 Jul 2022
Director dealings w/e 1 July: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 1 July: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
5 Jul 2022
Britain’s ten most-hated shares – w/e 1 July
Stocks and shares

Britain’s ten most-hated shares – w/e 1 July

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
4 Jul 2022
Britain’s most-bought shares w/e 1 July
Stocks and shares

Britain’s most-bought shares w/e 1 July

A look at Britain’s most-bought shares in the week ending 1 July, providing an insight into how investors are thinking and where opportunities may lie…
4 Jul 2022

Most Popular

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks
European stockmarkets

Ray Dalio’s shrewd $10bn bet on the collapse of European stocks

Ray Dalio’s Bridgewater hedge fund is putting its money on a collapse in European stocks. It’s likely to pay off, says Matthew Lynn.
3 Jul 2022
Persimmon yields 12.3%, but can you trust the company to deliver?
Share tips

Persimmon yields 12.3%, but can you trust the company to deliver?

With a dividend yield of 12.3%, Persimmon looks like a highly attractive prospect for income investors. But that sort of yield can also indicate compa…
1 Jul 2022
The income investor’s dilemma
Income investing

The income investor’s dilemma

Pay attention to dividend growth as well as initial yield when picking income trusts, says Max King.
4 Jul 2022