Medical technology group Omega Diagnostics saw shares surge 35.6 per cent yesterday after signing a global distribution deal for its allergy testing kits, writes Kevin Scott.
Omega, which has been in talks with Immunodiagnostic Systems (IDS) over the deal, acknowledged in a trading update earlier this month that delays in the talks had frustrated shareholders.
Having now signed the long-term supply agreement, Omega said it was now looking forward to working with IDS to introduce the initial launch panel of 51 allergy tests into the market.
The group, which works across allergy, food intolerance and infectious disease diagnostics, said it will continue to develop new assays to provide regular updates to the IDS instrument menu to increase its competitiveness by offering a broader range of tests.
On April 10 Omega announced it was closing its German and Indian businesses to rein in costs, and revealed it would make a £700,000 loss for the year.
Colin King, chief executive, said: “Whilst we expect modest sales growth in the short term as we work together to further expand our menu, we are excited that with our development capability and IDS instrument and commercial expertise we can make a difference within the Allergy testing market.”
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