London-listed Omega Diagnostics (AIM:ODX) announced on Tuesday that it has signed a supply agreement with Clinton Health Access Initiative ("CHAI").
The deal will accelerate access to Omega’s HIV rapid tests in low-income, lower-middle income and upper-middle income countries (together the "Eligible Countries") as classified by the World Bank.
Omega’s VISITECT® CD4 advanced disease test is the only currently available handheld lateral flow point of care test for identifying patients with advanced life-threatening HIV.
The group told investors the agreement will run until 31 December 2021 during which CHAI will procure up to a maximum of 500,000 of Omega's Visitect CD4 advanced disease tests.
Shares in Omega Diagnostics were trading 7.85% higher at 65.25p on Tuesday morning.
Within 14 days of signing the agreement, it would place an initial purchase order for 100,000 tests with delivery dependent upon demand being confirmed by certain eligible countries.
The medical diagnostics company told investors that it expects demand to be confirmed by the Eligible Countries later this quarter with shipment to follow thereafter.
“This test will help support the healthcare needs of the many people in those countries that are most in need,” said Colin King, Chief Executive of Omega.
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Omega Diagnostics is also included in the Vox Covid-19 Crusaders index