Allersys and core business on track
Development of the automated Allersys allergy test menu is progressing well, with 32 optimised assays (with 40 targeted for launch) and customer testing underway. A launch in FY16 is possible, but we are not forecasting revenues until FY17. Omega Diagnostics Group Plc (LONDON:ODX) Visitect CD4 test to monitor HIV patients hit a development snag with its stability. The issue is reproducible so could be tracked down quickly, but the delay is unknown as yet. Visitect has rapid sales potential of up to £25m a year once validated. The share price should recover once the new timing is confirmed. FY15 results were as expected and cash remains strong for FY16.
Allersys steady progress, sales in sight
The Allersys range runs on the Immunodiagnostic Systems (IDS) iSYS system using modern chemistry and magnetic particles. The challenge is to adjust the accurate iSYS chemistry to give comparable results to the older ImmunoCap chemistry. Progress has speeded up with 32 optimised allergens, with 40 targeted for launch and 27 manufactured and ready in stock. IDS’s partners have developed autoimmune tests that run on iSYS and complement Omega’s Allersys allergy tests. There is already an installed base of iSYS systems. Allersys customer testing has started in Spain and is planned for Italy. We assume sales from FY17.
Visitect stability, a resolvable issue
Visitect is a point-of-care test to detect the threshold level of CD4+ immune white cells in HIV patients, both to establish if anti-retroviral therapy is required and to monitor existing therapy. Visitect was expected to progress though final manufacturing validation to further field trials. However, a stability problem has just been noted that manifests after five weeks at ambient temperature. Although the cause is not known, the problem is reproducible and manifests quickly so tracking the cause should be fast. However, the extent of the delay is as yet unknown.
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