London-listed Omega Diagnostics (AIM:ODX ) has signed an MOU with three UK companies in order to jointly develop and manufacture a COVID-19 point-of-care antibody test.
The collaboration, which is in conjunction with the University of Oxford to form the “UK Rapid Test Consortium” forms part of the government's new five pillar national virus testing strategy.
The medical diagnostics company said the alliance was formed to produce an antibody test to determine whether people have developed immunity after contracting the coronavirus.
Shares in Omega Diagnostics were trading 72.73% higher at 19p a share.
Omega will work alongside Abingdon Health, BBI Solutions, and CIGA Healthcare for an initial six-month period to optimise a design for a potential accelerated scale-up to manufacturing rapid test for COVID-19.
Once the test reaches design freeze, procedures will be shared with the parties to enable manufacturing to be undertaken at each site, including at Omega's own site in Scotland.
"We are delighted to be part of this consortium and to support the Scottish and UK Governments' efforts to combat the Coronavirus pandemic,” said Colin King, CEO of Omega.
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