Omega (AIM: ODX), the medical diagnostics company focused on Global Health (CD4 and COVID-19) and Health and Nutrition, announces that Colin King, Chief Executive Officer, has notified the Board that he will step down from his position with immediate effect. The Board would like to thank Colin for his service over the last six and a half years and wish him well for the future.
The Board has 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 is currently Managing Director of the Health and Nutrition Division . He has over 25 years’ commercial experience and an extensive network in the fields of in vitro diagnostics, life science research and drug discovery.
Omega also announces 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 begin the process of seeking suitable Non-Executive Director candidates.
Further to recent speculation, Omega can confirm that it 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.
Simon Douglas, Chairman of the Company, 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.”
The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
Omega Diagnostics Group PLC
Simon Douglas, Chairman
via Walbrook PR
Chris Lea, Chief Financial Officer
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