SHARES in medical testing kit maker Omega Diagnostics jumped by 8 per cent yesterday after the Alva-based company was granted permission to sell its food intolerence testing kit in the massive Chinese market.
The “Food Detective” product will be used to measure Chinese people’s reactions to 14 types of food. The kit will be distributed by HOB Biotech Group under an existing five-year contract.
Andrew Shepherd, chief executive at Omega Diagnostics, said: “We are very pleased to have finally received this formal registration for Food Detective and we are delighted to be working with HOB Biotech in promoting this product for the health and well-being amongst a large middle class population in China.”
Robin Campbell, an analyst at Seymour Pierce, added: “There have been delays to get Food Detective registered in China, with an original forecast of 2012 approval. Today’s news is positive although expected, and sales should commence in early 2013.
“Omega will ship kit components to China for making up into the final product, unlike its other Food Detective markets.”
The Aim-quoted stock closed up 1.25p last night at 16.25p.