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Omega Diagnostics rules out a placing as it has plenty of cash

Omega Diagnostics has categorically dismissed placing rumours by reassuring investors that it has plenty of cash within its operations, even after the significant scaling up of its manufacturing capacity to be able to produce 2 million lateral flow tests per week by the end of April.

In a promising development for investors, Omega Diagnostics confidently tweeted:

“It’s worth pointing out that even after *considerable* investment in our scaled-up production capacity, year-end (i.e. 31 March 2021) cash is expected to be in the region of £5.5-£6m.

Let’s put those placing rumours to bed. For good.”

Now all investors will be hoping for is some firm numbers on the scale of the opportunity that awaits the diagnostics specialist.

Recently it noted that the government had earmarked £374m in its budget for Omega Diagnostics, although there was no certainty as to the amount that may or not be awarded.

Today the business also give a further boost to investors as it announced that commercial partner Mologic has had its lateral antigen flow test CE-marked for professional use under Omega’s VISITECT brand.

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