US Supply Agreement

RNS Number : 6226T

Omega Diagnostics Group PLC

16 October 2017

 

Omega Diagnostics Group PLC

("Omega" or the "Company")

US Supply Agreement

Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that it has signed a Supply Agreement with a US-based company offering laboratory testing services, specialising in gut health for improved health outcomes.

The agreement, which covers Omega's microarray-based food intolerance product FoodPrint®, is for an initial term of three years and is automatically renewable thereafter on the mutual agreement of both parties. This agreement will enable the Company to increase traction in the US for FoodPrint® which provides laboratories with a high throughput food sensitivity testing solution.  Omega expects a modest contribution from this arrangement in the current financial year.

The global market for Food Allergy and Intolerance products is projected to exceed $24.8 billion by 2020, driven by the rise in food hypersensitivity, allergies and associated anaphylaxis as a result of changes in diet and sensitivity to food additives and increased use of sulphur dioxide and sulphites as preservatives. The United States represents the largest market worldwide, led by the ongoing trend of selective food avoidance among the affluent health conscious consumers. (Source: http://www.strategyr.com/pressMCP-6441.asp)

Andrew Shepherd, Chief Executive Officer of Omega, commented: "We are pleased to have signed this agreement that enables us to broaden our food intolerance product offering in the important US market. We are excited by the prospects for this relationship and believe the capabilities of our chosen partner will enable us to deliver better health outcomes for patients."

Contacts:

Omega Diagnostics Group PLC	Tel: [phone]
Andrew Shepherd, Chief Executive	www.omegadiagnostics.com
Kieron Harbinson, Group Finance Director
Jag Grewal, Group Sales and Marketing Director
finnCap Ltd	Tel: [phone]
Geoff Nash/James Thompson (Corporate Finance)
Mia Gardner (Corporate Broking)
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus	Mob: [phone]
Lianne Cawthorne	Mob: [phone]

 

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