Omega Diagnostics GmbH update and Exclusive Licence Agreement

Omega Diagnostics GmbH update and Exclusive Licence Agreement

Exclusive Licence Agreement
Omega Diagnostics, the AIM-listed medical diagnostics company, announces that it has signed an agreement with Immunodiagnostic Systems France SA (a subsidiary of Immunodiagnostic Systems Holdings plc) (“IDS”) for the exclusive worldwide rights to develop and distribute allergy tests on its US FDA-cleared IDS-iSYS automated instrument.  IDS will supply instruments and other consumables necessary to enable Omega to develop and distribute allergy tests. Omega has the right to co-brand the closed system IDS-iSYS instrument for allergy testing with its Allersys™ brand image.
 
The signing of this agreement is a key strategic milestone following on from the acquisition of the IVD Business of Allergopharma last year. It will enable the Group to progress with its strategy to develop allergy-based products on an automated closed system platform that will be able to process much higher volumes of tests than the current ‘open system’ platform acquired with the IVD Business.  It is expected that the product development programme which will be funded from proceeds raised from the Placing last November will take around one year to complete, after which it is intended that the new allergy test kit/instrument product offering will be launched through Omega’s international distribution network, which should result in a substantial increase in the scale of the Group.
 
The Directors believe that this represents a significant opportunity for Omega Diagnostics giving it improved access to the worldwide market for in-vitro allergy testing products.
 
Omega Diagnostics GMBH
The Company is pleased to report that the IVD Business has performed in line with management’s expectations since acquisition and unaudited turnover in the first two full months of ownership in this division has shown a like-for-like increase of approximately 7% over the same period in the previous year.

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