Partnership with DAM Health and initial LFT order

RNS Number : 8056Q

Omega Diagnostics Group PLC

01 November 2021

 

OMEGA DIAGNOSTICS GROUP PLC

("Omega" or the "Company" or the "Group")

Exclusive Partnership with DAM Health and initial LFT order

Agreement for Omega's Market Leading, UK Manufactured VISITECT ® COVID-19 Antigen LFT

Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Global Health (CD4 and COVID-19) and Health and Nutrition products, announces that it has signed a Head of Terms ("HOT") partnership agreement with DAM Health Limited ("DAM Health"), a leader in fit-to-fly testing and one of the UK's fastest growing and largest in-clinic and mobile test providers for COVID-19. Under the agreement, Omega will exclusively supply its VISITECT® professional use COVID-19 Antigen tests ("LFT") to DAM Health's clinics throughout the UK and Europe. Omega has already received an initial purchase order in excess of £750,000 to supply VISITECT® professional use COVID-19 antigen tests to DAM Health.

With COVID-19 cases surging again and PCR requirements being replaced with Antigen LFTs, this partnership, which is for an initial period of 12-months, sees two innovative and pioneering UK companies combining their expertise and knowledge as we learn to live with COVID-19. Manufactured in the UK, a recent 2021 study by FIND Diagnostics¹, a leading testing authority in Geneva, Switzerland, found the VISITECT® test delivered results of 100% in specificity and 96.4% in sensitivity. Under the agreement, DAM Health agrees to exclusively use, sell and promote Omega's test throughout its network of over 100 clinics in the UK and Europe. DAM Health is currently using approximately 200,000 in-clinic COVID tests per month.

Whilst the initial agreement centers around the VISITECT® professional Antigen LFTs, there is the possibility to broaden the partnership to include Omega's VISITECT® antigen self-test LFT (once approved) and for DAM Health to sell Omega's Food Detective product throughout its network. There is also provision to extend this relationship beyond Europe, as DAM Health expand their international network of clinics globally. A further update will be provided on this in due course.

Additionally, this agreement with DAM Health allows Omega to honour its existing contractual commitments with the Department of Health and Social Care ("DHSC"). Omega still awaits a decision from DHSC as to which COVID-19 test the Company will manufacture.

Colin King, CEO, Omega Diagnostics, said: "We have been actively seeking commercial partners for our COVID-19 antigen tests with the support of Lansdown Strategic Capital. We are delighted to be to be utilising some of our lateral flow test production capacity and to be working with DAM Health, who are leaders in the space. Reaching a commercial agreement with a leading and fast-growing testing provider is a major milestone for the Company in bringing our gold-standard test to market and we look forward to working collaboratively with DAM Health and are hopeful that this partnership can be broadened to cover more of Omega's products, not just in the COVID space."

Professor Frank Joseph, DAM Health's Medical Director, says: "We are thrilled to announce our partnership with Omega Diagnostics. Their incredible work in the immunoassay in-vitro diagnostics market sets them apart as true leaders and pioneers. Their gold-standard VISITECT ® antigen test is a market-leader; in the summer their test was shown to demonstrate best-in-class performance with 100% specificity and 96.4% sensitivity¹ (Cycle threshold <25) compared with laboratory PCR testing, which is phenomenal. By working together, we will have the VISITECT® test available across all of our DAM Health clinics to provide not only complete peace of mind for customers but bringing together two home-grown companies to provide this solution is testament to the incredible medical and scientific innovation happening right here in the UK."

¹   https://www.finddx.org/wp-content/uploads/2021/04/Mologic_Ag-Public-Report_v1-20210423.pdf  

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.  Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Contacts: 

Omega Diagnostics Group PLC	www.omegadx.com
Colin King, Chief Executive	via Walbrook PR
Chris Lea, Chief Financial Officer
finnCap Ltd	Tel: [phone]
Geoff Nash/Edward Whiley (Corporate Finance)
Alice Lane/ Charlotte Sutcliffe (ECM)
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Applegarth	Mob: [phone]
Sam Allen	Mob: [phone]

About Omega Diagnostics Group PLC

Omega manufactures and distributes high quality in-vitro diagnostic products for use in hospitals, clinics, laboratories and healthcare practitioners in over 75 countries and specialise in the areas of health and nutrition and global health.

www.omegadx.com

About Dam Health Limited.

DAM Health is one of the UK's leading providers of COVID-19 testing. Their exponential growth has so far been focused on in-clinic COVID-19 testing. With 4 UK laboratories and over 100 clinics across the UK, Spain and Mexico, further international expansion is planned for Q4 2021 and 2022.

DAM Health is scaling fast and will soon embark on a broader range of healthcare solutions including, nutrition, medical supplies and a wider range of industry leading diagnostic services.

Throughout the pandemic DAM Health have aligned themselves with important causes and charities including their ongoing work supporting Football for Change and The HOPE Foundation in India.

www.dam-health.com  

About Lansdown Strategic Capital Limited.

Based in London, UK, Lansdown Strategic Capital is a specialist growth and board adviser to highly innovative businesses such as Zilch (UK's fastest scaling fintech/BNPL company) and Mirriad Advertising plc (the world's leading in-content advertising tech and AI company). Lansdown is the global distribution and strategic adviser to Omega Diagnostics Group PLC.

www.lansdowncapital.com  

 

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