Biotech firm’s shares jump 77% on Covid-19 antibody test news

OMEGA Diagnostics shares jumped 77 per cent after it announced it is part of the UK rapid test consortium working to jointly develop and manufacture a Covid-19 antibody test to determine whether people have developed immunity after contracting the virus.

The Scottish biotech company was the biggest riser on Alternative Investment Market, the London Stock Exchange’s market for smaller growing companies yesterday, with shares at 20p.

Alva-based Omega is part of the consortium led by Abingdon Health and which also includes Oxford University, Bridgend-based BBI Solutions and

CIGA Healthcare, headquartered in Northern Ireland, and will work as part of the Government’s five-pillar national testing strategy for Covid-19. Omega’s expertise is in creating tests that allow decentralised – non-lab based – testing in the community. Its kits are used for managing patients with advanced HIV and it also has tests for levels of antibodies that indicate food intolerance and allergy.

The agreement is for an initial period of six months. Once the Covid19 rapid test reaches design freeze, then the specification and standard operating procedures will be shared with each party of the consortium to enable manufacturing and assembly to be undertaken at each site, including at Omega’s facility, according to capability.

Colin King, Omega chief executive, said: “We are delighted to be part of this consortium and to support the Scottish and UK Governments’ efforts to combat the coronavirus pandemic and look forward to using Omega’s manufacturing knowledge and capabilities in supporting and furthering this objective.”

Finncap analyists said there is “potential to unlock significant nearterm value”, adding: “An antibody test would allow individuals who were previously ill with Covid-19 symptoms, but were never tested for the disease, to return to work with the knowledge that they had built up an immunity.”