OMEGA Diagnostics has secured £2.6 million growth funding from investors as the company prepares for the launch of its HIV testing kit following delays.
Alva-based Omega said the funding will allow the firm to capitalise on the growth opportunities directors see in all three of its business segments .
Omega produces kits used to diagnose infectious diseases, autoimmune conditions and allergies and for the detection of food intolerances.
The firm will pursue these while looking to maximise the potential of the CD4 test for monitoring the immune status of people with HIV.
It noted yesterday the development phase of CD4 had hit technical challenges which the board believes have been resolved. While these issues extended the cost and timeframe of commercialisation the board is working towards commercialisation by late calendar year 2017.
Chairman David Evans noted: “We are confident that we will meet the remaining challenges within the validation programme that will determine our ability to manufacture a product at scale which meets the market’s need.”
Omega saw underlying profit fall slightly to £1.13m in the year to 31 March, from £1.35m in the preceding year, following an increase in overheads.
Turnover increased to £14.2m from £12.7m. The fall in the pound added £1.1m to reported revenues.
Omega has secured the funding through a placing and open offer. It will be completed at 18p per share, subject to shareholder approval.
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