Medical testing firm Omega Diagnostics yesterday said the market opportunity for its flagship HIV test was “undiminished” despite a major setback in its development programme.
However, the Alva-based company’s chairman David Evans said the firm shared the frustration of shareholders over delays in bringing forward Visitect CD4 after performance problems were identified with the test during field trials.
The issue led to a major plunge in the firm’s share price when it was revealed last month.
Mr Evans was speaking as AIM-listed Omega revealed a 2% rise in revenues to £5.69 million in the six-months to September and pre-tax profits for the period of £208,418, up from £164,480 in the previous year.
“We are optimistic about the continuing performance of our core business in the second half of this year particularly in food intolerance, where we have built significant traction with new customers over recent years.”
He added “we share your frustration” with the inevitable delay that is occurring with Visitect CD4 since the last trading update.
“However, we believe we have taken the right course of action with the recent programme changes to prevent similar problems occurring with the product after its market launch.
“Despite the setback, we continue to receive feedback from the HIV/ global health arena that convinces us that the market opportunity and outlook for CD4 remains undiminished,” Mr Evans added.