Omega Diagnostics appoints Jag Grewals as CEO as King steps down
(ODX ) told investors that it has appointed Jag Grewals as its new CEO with immediate effect as Colin King announces that he is stepping down from the role.
The medical diagnostics company told investors that Colin King, its former Chief Executive Officer, has notified the Board that he will step down from his position with immediate effect.
As a result, the Board has now appointed Jag Grewal to the position of Chief Executive Officer with immediate effect. Jag has been a member of the Omega Board since joining in June 2011 and he is currently Managing Director of the Health and Nutrition Division.
The firm explained that Jag has over 25 years’ commercial experience and brings with him an extensive network in the fields of in vitro diagnostics, life science research and drug discovery.
Meanwhile, Omega also announced today that Bill Rhodes, Non-Executive Director, has notified the Board that he will also step down from his role at the end of February 2022. The Company will now begin the process of seeking suitable Non-Executive Director candidates.
Further to recent speculation, Omega confirmed to its shareholders today that the business currently has cash balances in excess of £2.5m and an undrawn overdraft facility of £2.0m.
‘Thus, there is no short term need to raise additional capital. Like all growth companies, Omega will look to raise funds to drive growth as and when appropriate,’ it outlined.
Simon Douglas, Chairman of Omega Diagnostics said: “On behalf of the Board I would like to thank Colin for his contribution to the business over the last six and a half years. Colin has been a valued leader of the Omega team and it is with considerable regret that he has decided to step down and I would like to wish him all the best in his future endeavours.
I also offer my thanks to Bill for his support for the Company during his tenure as Chairman and latterly as Non-Executive Director. “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.”
Last month, Omega was notified by its technology partner Mologic that data from analysis on clinical samples and in-silico analysis, showed that the Covios® Ag lateral flow test could perform with the same high accuracy on the Omicron variant as it does with other variants.
Mologic’s Covios® Ag lateral flow test is the same test that is manufactured and sold for professional use by Omega Diagnostics as the VISITECT® COVID-19 antigen test.
Colin King, now former CEO of Omega Diagnostics, said at the time: “We are very pleased to be in a position to confirm that the VISITECT® COVID-19 antigen test is able to equally detect the Omicron variant, as well as other existing variants.
We remain encouraged by emerging commercial opportunities for our VISITECT® COVID-19 Antigen test that we expect to be unlocked following relevant approval under CTDA regulations and CE-marking for home-use.”
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