Positive WHO data received for VISITECT® CD4 test
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Omega Diagnostics* (ODX) – Corp |
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Life Sciences |
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Positive WHO data received for VISITECT® CD4 test |
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The receipt of a positive draft evaluation report for the VISITECT® CD4 test from 300 specimens in the Kenyan clinical study suggests that the study is running on time, that the test has high diagnostic accuracy and that it should meet the criteria for WHO Prequalification. While the WHO has yet to issue formal Prequalification status, which will allow the test to become eligible for UN procurement, the likelihood of this occurring has increased. Once Prequalification is granted, this will release the £4m held in escrow account, following the sale of VISITECT CD4 assets and intellectual property to Accubio in August. We expect this to occur during the current financial year, which underpins our c.£6m cash forecast at 31 March 2023. The stock is currently trading £0.5m below forecast FY 2023 year-end net cash forecast. We reiterate our target price of 12p. |
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