The Alva-based, Aim-quoted medical diagnostics company said his successor at the helm is Jag Grewal, who has been a member of its board since joining in June 2011 and is currently head of its health and nutrition division. He has more than 25 years’ commercial experience and a large network in the fields of in-vitro diagnostics, life science research and drug discovery, Omega added.
Chairman Simon Douglas thanked Mr King for his contribution over the last six and a half years, adding that it is “with considerable regret that he has decided to step down... I would also like to welcome Jag into this new role and we look forward to working together on the next phase of Omega’s exciting future.”
Omega also said non-executive director Bill Rhodes will leave that role at the end of February, while it stressed that it currently has cash balances of more than £2.5 million and an undrawn overdraft facility of £2m. “Thus, there is no short-term need to raise additional capital... Omega will look to raise funds to drive growth as and when appropriate.”
The firm has faced difficulties regarding Covid-testing contracts, and had in November reported interim statutory losses of £2.75m, compared with just £280,000 a year earlier. That came after it in July posted a full-year core loss of £2.2m.
It has expanded into Covid antigen testing, complementing its Visitect CD4 product that enables people with HIV to test their immune systems, while its focus also encompasses food intolerance and allergy-focused offerings.