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08 Feb 2021 | 08:33

Omega Diagnostics jumps on UK test ramp-up

(Sharecast News) - Omega Diagnostics shares jumped after the group was reported to be one of three companies selected by the government to make sure the UK is prepared for future outbreaks of infectious disease. The Department of Health has chose Omega along with SureScreen and Global Access Diagnostics to produce up to 2m testing kits a day, the Financial Times reported. The lateral flow devices allow diagnosis within 30 minutes but have been criticised for being unreliable.

Omega shares surged 21.3% to 84.3p at 08:50 GMT.

The government is trying to fix holes in the UK's preparedness for pandemics and other outbreaks after the Covid-19 crisis exposed the country's weak diagnostics base and reliance on suppliers in China.

Omega, based in Alva, Scotland, said it noted the FT's article, on which it had declined to comment.

"The company can confirm that it is continuing to modify its Alva-based facility to upscale significantly its lateral flow test production capacity," Omega said. "When contracts or supply agreements are signed to utilise this capacity the company will announce this in line with AIM disclosure obligations."

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