FOR some time, it seems to have been a case of jam tomorrow for long-term shareholders in Omega Diagnostics.
The medical testing specialist has long championed the prospects of its VISITECT CD4 product, which promises to transform the ability of medical professionals to assess the health of people living with HIV by testing them “in the field”. And yesterday the firm hailed a key milestone in the development of the product.
Omega, which also develops products to test for a range of allergies and food intolerances, announced to the stock market that it has attained a formal design freeze for CD4, which essentially takes it a step closer towards ultimate regulatory approval.
The prize for Omega in finally getting CD4, which it describes as the “jewel in our crown”, into active use is clearly very big. But the journey to this point has not been without difficulty.
Indeed, as chairman David Evans conceded yesterday, the last year has been “tumultuous” for the firm, with shareholders critical of its strategy and the lack of a dividend on their investment.
With the company having divested its non-core divisions, which has included the closure this year of loss-making sites in Germany and India and the sale of the bulk of its infectious diseases unit, there is a certainly a more streamlined look to the strategy being pursued by chief executive Colin King.
However, with the share price tumbling yesterday on news of a hefty loss last year, it would appear that some shareholders have still to be convinced.
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