London health and nutrition specialist raises £5m with plans for expansion

London primarily based Omega Diagnostics Group PLC, the specialist medical diagnostics firm targeted on well being and vitamin, introduced that it has raised gross proceeds of £5m.

This was carried out by way of a putting and subscription of 100 million new peculiar shares of 4 pence every to new institutional traders and quite a few wealth managers at a problem worth of 5 pence per new peculiar share.

Furthermore, the corporate additionally proposes to lift as much as an extra £2m by the difficulty of as much as 40,596,089 new peculiar shares pursuant to an open supply to qualifying shareholders on the problem worth.

The web proceeds of the fundraising, amounting to between £4.6m and £6.6m, relying on the take up of the open supply, will likely be used to drive development within the “worthwhile and rising” well being and vitamin enterprise.

Additionally, the proceeds will present the mandatory finance to relocate CD4 manufacturing to the corporate’s new, purpose-built manufacturing facility in Ely, Cambridgeshire, in addition to supporting a transition to a sub-contract mannequin for COVID-19 check manufacture.

Jag Grewal, CEO of Omega, commented: “Having already introduced the primary stage of our deliberate technique to enhance gross sales efficiency throughout the Group and to scale back losses, the switch of our Alva website to Orient Gene and this fundraise delivers the extra capital for Omega to drive development in our Health & Nutrition division.

“At the conclusion of our deliberate strategic evaluation of CD4, the funding gives us with the potential alternative to relocate our CD4 manufacturing to our new Ely website and enhance operational efficiencies.

“I wish to placed on document my due to new and current shareholders for his or her help and we stay up for updating the market with regards our new technique within the months forward.”

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