Via Kristy Dorsey
The largest shareholder in Omega Diagnostics has sold its entire stake in the Scottish biotechnology business.
Former fund manager Richard Sneller of Baillie Gifford, who at one point owned around a quarter of the shares in the AIM-quoted firm, sold the last of his shares earlier this month for two consecutive trading days. The move followed a jump in the share price of the company after April this year, when Omega Diagnostics became interested in a range of Covid-19 test kit development projects.
Mr. Sneller was the Emerging Markets Development Fund of Edinburgh-based Baillie Gifford’s Citywire AAA-rated manager. He retired after a 25-year career in the securities industry in April this year.
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Just last May, Mr. Sneller expanded his stake when he subscribed to Omega Diagnostics for three million shares in a placement that raised £ 630,000.
Omega Diagnostics, headquartered in Clackmannanshire, has previously targeted markets such as allergy testing, food sensitivity and HIV testing. Earlier this year, however, the company agreed to minimize its allergy activities significantly as it prepares for the upcoming mass production of Covid 19 test kits.
In order to increase the production of Covid studies, Omega is strengthening its personnel at its Alva headquarters.
Mr. Sneller sold his final tranche of shares on Nov. 13, representing 5.29 percent of the issued capital of the firm. That was the day after a British Medical Journal article challenged the accuracy of the UK Rapid Test Consortium’s (UK-RTC) coronavirus test, of which Omega Diagnostics is a member.
Shares of Omega Diagnostics, which peaked at 107 pence in October, ended trading up 0.5 pence at 56.5 pence yesterday.