Management shake-up at medical diagnostics firm Omega as CEO quits with immediate effect

Omega Diagnostics Group, whose remit includes Covid testing, has announced that its chief executive Colin King is stepping down immediately.

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.”

'Colin has been a valued leader of the Omega team and it is with considerable regret that he has decided to step down,' says the firm. Picture: contributed.

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.

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