News

Omega Diagnostics aborts acquisition plans

11 November 2008 08:24:00

Shares in aim listed medical diagnostics company Omega Diagnostics slumped after it aborted a planned acquisition because it was not able to raise sufficient funds.

"Due to the turmoil in worldwide financial markets the company has today concluded that due to these challenging circumstances it is not possible to raise sufficient funds to continue with the proposed transaction," said Omega in a company statement.

"The group will continue in its objective to look for suitable acquisition opportunities but the timing of any deal and degree of risk will remain uncertain during challenging times to be raising funds," it said.

Otherwise the group said turnover for the seven months ended 31 October rose over 14% from the same period a year earlier, driven by growth in all three of its main trading companies.

In particular, the group continues to see good progress with its food intolerance detection systems, it said.

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