24 May 2013 - 24 May 2013 - UK Omega Diagnostics Group Plc (LON:ODX) said today it targets to raise GBP 4 million (USD 6m/EUR 4.7m) in gross proceeds by selling 23.5 million new ordinary shares at GBP 0.04 apiece and subscription of 29,412 shares at GBP 0.17 apiece.

The firm plans to use the net proceeds from the fundraising to move forward with the implementation of its allergy instrumentation strategy and to finance a final instalment as part of a patent licence deal with Immunodiagnostic Systems Holdings Plc (LON:IDH), or IDS.

Omega will also utilise the collected sum to support the initial inventory build requirement for its point-of-care Visitect CD4 test, which measures CD4 cell counts in HIV patients, as well as to advance it into field studies. The remaining proceeds will be allocated for exploration of the opportunities in the HIV viral load area, repayment of outstanding loans, as well as for general operating needs and working capital.

UK broker finnCap is Omega's agent for the fundraising.

(GBP 1.0 = USD 1.510/EUR 1.168)