Omega Diagnostics shares had a storming start to Wednesday’s session after the company announced positive data from VISITECT® CD4 Advanced Disease Rapid Test evaluations.
Omega Diagnostics agreed the sale of VISITECT® CD4 to Accubio Limited in August and are set to receive an additional £4m should there be a successful outcome of a clinical study in Kenya.
The study analysed 300 specimens and concluded that the VISITECT® CD4 Advanced test showed high sensitivity of 96.0%. This will likely satisfy WHO pre-qualification status and can be included in the VISITECT® Performance Evaluation.
Omega Diagnostics shares were 18% higher at 2.7p at the time of writing.
“We are extremely pleased to receive this draft report, detailing that the test has shown high diagnostic accuracy. Whilst we have no visibility of the WHO pre-qualification requirements, it is encouraging to formally receive these positive results,” said Jag Grewal, CEO of Omega Diagnostics.
“If the VISITECT® CD4 Advanced Disease test successfully meets all WHO pre-qualification requirements, it will continue to be made available for sale by Accubio and the Company will receive the full £4.0m of deferred consideration. We look forward to updating shareholders on the outcome in due course.”