OMEGA Diagnostics has raised more than £630,000 from a placing of new ordinary shares.

The allergy testing specialist, which received the backing from a small number of significant investors, said it would use the proceeds for working capital.

Richard Sneller and Harwood Capital LLP signed up for 3,000,000 and 1,847,950 subscription shares respectively.

Both are already substantial shareholders of the Clackmannanshire company.

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The firm said its directors consulted with the company’s nominated adviser, finnCap, on the move and that the terms of the subscription with such related parties are fair and reasonable.

Colin King, chief executive of Omega Diagnostics, said: “We are pleased with the support shown from our existing shareholders as the company progresses with its strategic review.

"These funds will help with working capital as the group looks to exploit the opportunity available to them surrounding Visitect CD4 testing at the point-of-care level with the aim of helping people living with HIV globally.”