StockMarketWire.com - Disease test kit supplier Omega Diagnostics said it planned to raise £11m via a share placing to spend on tests for Covid-19 and HIV.

New shares in the company were being offered at 40p each, representing a 27% discount to their closing price on Thursday.

The raising comprised an already-completed £8m placing to institutional investors and wealth managers, and a planned £3m open offer.

Omega Diagnostics said the size of the discount on the offer reflected a rapid rise in its share price from 11p on 8 April, immediately prior to news of its participation in a Covid-19 testing consortium.

The funds would be used for opportunities in Covid-19, scale up manufacturing and improve the margin on its HIV testing products.


At 1:26pm: [LON:ODX] Omega Diagnostics Group PLC share price was -5.5p at 49.5p



Story provided by StockMarketWire.com