TIDMODX
RNS Number : 8056Q
Omega Diagnostics Group PLC
01 November 2021
OMEGA DIAGNOSTICS GROUP PLC
("Omega" or the "Company" or the "Group")
Exclusive Partnership with DAM Health and initial LFT order
Agreement for Omega's Market Leading, UK Manufactured VISITECT
(R) COVID-19 Antigen LFT
Omega (AIM: ODX), the specialist medical diagnostics company
focused on industry-leading Global Health (CD4 and COVID-19) and
Health and Nutrition products, announces that it has signed a Head
of Terms ("HOT") partnership agreement with DAM Health Limited
("DAM Health"), a leader in fit-to-fly testing and one of the UK's
fastest growing and largest in-clinic and mobile test providers for
COVID-19. Under the agreement, Omega will exclusively supply its
VISITECT(R) professional use COVID-19 Antigen tests ("LFT") to DAM
Health's clinics throughout the UK and Europe. Omega has already
received an initial purchase order in excess of GBP750,000 to
supply VISITECT(R) professional use COVID-19 antigen tests to DAM
Health.
With COVID-19 cases surging again and PCR requirements being
replaced with Antigen LFTs, this partnership, which is for an
initial period of 12-months, sees two innovative and pioneering UK
companies combining their expertise and knowledge as we learn to
live with COVID-19. Manufactured in the UK, a recent 2021 study by
FIND Diagnostics(1) , a leading testing authority in Geneva,
Switzerland, found the VISITECT(R) test delivered results of 100%
in specificity and 96.4% in sensitivity. Under the agreement, DAM
Health agrees to exclusively use, sell and promote Omega's test
throughout its network of over 100 clinics in the UK and Europe.
DAM Health is currently using approximately 200,000 in-clinic COVID
tests per month.
Whilst the initial agreement centers around the VISITECT(R)
professional Antigen LFTs, there is the possibility to broaden the
partnership to include Omega's VISITECT(R) antigen self-test LFT
(once approved) and for DAM Health to sell Omega's Food Detective
product throughout its network. There is also provision to extend
this relationship beyond Europe, as DAM Health expand their
international network of clinics globally. A further update will be
provided on this in due course.
Additionally, this agreement with DAM Health allows Omega to
honour its existing contractual commitments with the Department of
Health and Social Care ("DHSC"). Omega still awaits a decision from
DHSC as to which COVID-19 test the Company will manufacture.
Colin King, CEO, Omega Diagnostics, said: "We have been actively
seeking commercial partners for our COVID-19 antigen tests with the
support of Lansdown Strategic Capital. We are delighted to be to be
utilising some of our lateral flow test production capacity and to
be working with DAM Health, who are leaders in the space. Reaching
a commercial agreement with a leading and fast-growing testing
provider is a major milestone for the Company in bringing our
gold-standard test to market and we look forward to working
collaboratively with DAM Health and are hopeful that this
partnership can be broadened to cover more of Omega's products, not
just in the COVID space."
Professor Frank Joseph, DAM Health's Medical Director, says: "We
are thrilled to announce our partnership with Omega Diagnostics.
Their incredible work in the immunoassay in-vitro diagnostics
market sets them apart as true leaders and pioneers. Their
gold-standard VISITECT (R) antigen test is a market-leader; in the
summer their test was shown to demonstrate best-in-class
performance with 100% specificity and 96.4% sensitivity(1) (Cycle
threshold <25) compared with laboratory PCR testing, which is
phenomenal. By working together, we will have the VISITECT (R) test
available across all of our DAM Health clinics to provide not only
complete peace of mind for customers but bringing together two
home-grown companies to provide this solution is testament to the
incredible medical and scientific innovation happening right here
in the UK."
(1) https://www.finddx.org/wp-content/uploads/2021/04/Mologic_Ag-Public-Report_v1-20210423.pdf
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
Upon the publication of this announcement via the Regulatory
Information Service, this inside information is now considered to
be in the public domain.
Contacts:
Omega Diagnostics Group PLC www.omegadx.com
Colin King, Chief Executive via Walbrook PR
Chris Lea, Chief Financial Officer
finnCap Ltd Tel: 020 7220 0500
Geoff Nash/Edward Whiley (Corporate
Finance)
Alice Lane/ Charlotte Sutcliffe
(ECM)
Walbrook PR Limited Tel: 020 7933 8780 or omega@walbrookpr.com
Paul McManus Mob: 07980 541 893
Lianne Applegarth Mob: 07584 391 303
Sam Allen Mob: 07502 558 258
About Omega Diagnostics Group PLC
Omega manufactures and distributes high quality in-vitro
diagnostic products for use in hospitals, clinics, laboratories and
healthcare practitioners in over 75 countries and specialise in the
areas of health and nutrition and global health.
www.omegadx.com
About Dam Health Limited.
DAM Health is one of the UK's leading providers of COVID-19
testing. Their exponential growth has so far been focused on
in-clinic COVID-19 testing. With 4 UK laboratories and over 100
clinics across the UK, Spain and Mexico, further international
expansion is planned for Q4 2021 and 2022.
DAM Health is scaling fast and will soon embark on a broader
range of healthcare solutions including, nutrition, medical
supplies and a wider range of industry leading diagnostic
services.
Throughout the pandemic DAM Health have aligned themselves with
important causes and charities including their ongoing work
supporting Football for Change and The HOPE Foundation in
India.
www.dam-health.com
About Lansdown Strategic Capital Limited.
Based in London, UK, Lansdown Strategic Capital is a specialist
growth and board adviser to highly innovative businesses such as
Zilch (UK's fastest scaling fintech/BNPL company) and Mirriad
Advertising plc (the world's leading in-content advertising tech
and AI company). Lansdown is the global distribution and strategic
adviser to Omega Diagnostics Group PLC.
www.lansdowncapital.com
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