Banking Facilities increased

RNS Number : 4073T

Omega Diagnostics Group PLC

13 December 2012

 



Omega Diagnostics Group PLC

("Omega" or the "Company")

Banking Facilities increased to scale up CD4 manufacturing ahead of demand

Omega (AIM: ODX), the AIM listed medical diagnostics company focussed on allergy, food intolerance and infectious disease, announces that it has agreed an increase of £1 million in its overdraft facility, providing a total overdraft facility of £1.7 million.  The extension to the overdraft is on the same terms as the £0.7 million facility agreed in May.  The increased overdraft has been provided to support the working capital investment required to scale-up manufacturing for the Company's new Point-of Care ("POC") CD4 test for monitoring T-cells in HIV positive patients. 

The CD4 test was pre-launched at the 19^th International AIDS Conference in Washington DC in July of this year and generated significant interest.  The test was recently profiled at the 1^st International Conference of the African Society of Laboratory Medicine ("ASLM") in Cape Town, South Africa from 1 - 7 December.  The Conference was attended by nearly 1,500 laboratory professionals, clinicians, programme managers, epidemiologists, researchers and key opinion leaders.  The objective of the meeting was to convene healthcare professionals and policy makers from Africa and around the world to present and discuss the latest developments and initiatives for strengthening national laboratory health systems and networks, diagnostics, and their impact on healthcare delivery and disease surveillance.  The positive feedback from these conferences further underlines Omega's belief in the substantial opportunity for this product and the increased banking facility will ensure we can build capacity to meet anticipated demand.

Andrew Shepherd, Chief Executive of Omega, who attended the ASLM Conference added: "There was a major emphasis on the need for simple-to-use CD4 tests in remote communities which Visitect CD4 is uniquely positioned to provide.  We have continued to build on relationships with key opinion leaders, International Aid agencies and other Non-Governmental Organisations in Africa with further significant interest being shown in this ground breaking product."

Contacts:

Omega Diagnostics Group PLC	Tel: [phone]
Andrew Shepherd, Chief Executive
Kieron Harbinson, Group Finance Director    Jag Grewal, Group Sales and Marketing Director	www.omegadiagnostics.com
Seymour Pierce Limited	Tel: [phone]
Mark Percy (Corporate Finance) David Banks / Katie Ratner (Corporate Broking)
Walbrook PR Limited	Tel: [phone]
Paul McManus	Mob: [phone]; [e-mail]
Lianne Cawthorne	Mob: [phone]; [e-mail]

About CD4

The Visitect POC CD4 test monitors the number of T-cell counts to determine when HIV-positive patients should commence antiretroviral treatment ("ART"). In addition the World Health Organisation ("WHO") recommends patients are tested at least every 6 months thereafter to monitor their health during ART. The POC CD4 test requires only a finger-prick sample of blood and gives visual results in 40 minutes. The potential market for this product is substantial, with WHO estimating that HIV is a major global health challenge affecting approximately 33 million people with five million new cases per year, mainly in developing countries.

 

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