RNS Number : 9010F
Omega Diagnostics Group PLC
02 August 2016
Omega Diagnostics Group PLC
("Omega" or the "Company")
R&D Grant Funding
Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and
infectious disease, announces that it has secured a Scottish Enterprise research and development grant of £1.8 million. The
R&D grant represents a significant contribution towards the total R&D project costs
to fund the planned expansion of the Company's Allersys® range of reagents for use in
allergy in vitro diagnostics.
The project funding will be used to accelerate a growth in menu from 41 allergens to 120 allergens
over the next three years to cope with anticipated increasing demand as noted by the following references:
· The World Allergy Organisation estimates that
between 30% and 40% of the global population is affected by one or more allergic diseases. The severity and complexity of
these diseases is on the increase due to increased ambient temperatures, air pollution, changing socio-economic factors and
migration.[1]
· The allergy diagnostic market is forecast to
grow steadily at a compound annual growth rate of 12.67% for the period 2015-2019.[2]
A portion of the grant will also be used to establish a global health scientific team to screen
future product opportunities for resource-limited settings.
Commenting on the grant funding, Andrew Shepherd, CEO of Omega said: "We are delighted with this level of commitment from Scottish Enterprise which has supported the Company
over a number of years. Teams from both organisations worked hard to deliver an outcome that will support economic growth
in Scotland, as well as providing new products with global export potential."
Jim Watson, Director of Innovation and Enterprise Services at Scottish Enterprise said:
"This R&D grant, together with the company's investment in its Alva site, means Omega can
expand its current product range to target new export markets in an accelerated timeframe, giving Omega excellent competitive
advantage.
"As Scotland's innovation agency, we support innovative companies like Omega to achieve their
global growth ambitions quickly. It's also fantastic to see this grant helping Omega to recruit 14 new skilled staff at its
Alva facility over the next three years."
The information communicated in this announcement is inside information for the purposes of
Article 7 of EU Regulation 596/2014.
Contacts:
Omega Diagnostics Group
PLC
|
Tel: 01259 763 030
|
Andrew Shepherd, Chief
Executive
|
www.omegadiagnostics.com
|
Kieron Harbinson, Group Finance Director
|
|
Jag Grewal, Group Sales and Marketing
Director
|
|
|
|
finnCap Ltd
|
Tel: 020 7220 0500
|
Geoff Nash/James Thompson (Corporate Finance)
|
|
Mia Gardner (Corporate Broking)
|
|
|
|
Walbrook PR Limited
|
Tel: 020 7933 8780 or omega@walbrookpr.com
|
Paul McManus
|
Mob: 07980 541 893
|
Lianne Cawthorne
|
Mob: 07584 391 303
|
[1] World Allergy Organisation, White Book on
Allergy, 2011
[2] MarketsandMarkets, Allergy
Diagnostics Market, 2014
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGGRVMNGVZM