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"How do the French get a sniff early!!!!!!"
We live one hour earlier than you :)
Come on dazzerman where are you:)) I'll forgive you if it's one day late,:))
How do the French get a sniff early!!!!!!
Someone was certainly in a hurry to buy before market closed, paying all the way up to 56p - be great if it’s linked to an rns tomorrow!
Last time this happened ( Last week ) we had an RNS a few days later
Shirley we dont do Leek's do we now !
Just imagine fo 6 seconds we settle for the full amount £ 83 Million + intersest say £7 Millio = £90 Million
When a lot of other companies are going to the wall
Wjat a great place to be
are u watching WBAFC !!!!
I think I mentioned before, one of the first things Lyn Rees did when he took over as CEO in Yourgene was to negotiate settlement of legal dispute between then Premaitha and Illumina.......removing "hand cuffs" as he called it. He also negotiated the restructure of Thermofisher loan with a significant write off / waiver from them.
For all his "sins", Lyn did get value of Yourgene to £100m+ before its ultimate fall post Covid......so, I am encouraged by recent appointment. And yes, I lost a tonne in Yourgene, but still support the appointment!
60K buy on French stock market
Maybe director buys or positive RNS this week ?
According to this gizmo555 , the test you have mentioned is 99% accurate
https://www.dynacare.ca/patients-and-individuals/health-solutions/prenatal-solutions/harmony-nipt.aspx#:~:text=The%20Harmony%20test%20from%20Dynacare%20Prenatal%20Solutions%20detects%20T21%20(Down,accuracy%20rate%20greater%20than%2099%25.&text=Preparation%20Instructions%3A%20none.
.....towards the close
Couple Sue over nipt failure.. downs syndrome ..pet bio news .......it's harmony owned by Roche ........product ..didn't do what was advertised ... ruling
If you mean Prem , then I think you conflate issues Gizmo. However TBH it's a bit difficult to ascertain exactly what you mean. I see zero fraud, supposed infringement was the name of the game ( accusation)
Hi captain ..interesting ruling in USA ...harmony Roche nipt ....if it doesn't do what it says .....it's called fraud .......who signed
All the products provided were awarded with CTDA approval.
It will all ultimately come down to the contract - hopefully NCYT were a bit more robust than some of their peers and there aren't any stupid holes.
If they were provided and used it is hard to see a case for the govt.
fingers crossed
novacyt have said they provided promate from q1 2021 due to demand. they haven't stated that it was part of the initial 14 week contract announced on 29 september 2020. imo the 80m novacyt are claiming is not in question , therefore the claim against novacyt of 134m is virtually the whole of of 150m contract. i think the case will prove that instruments and exig were provided under the contract and the problems lie with processes and systems that were in place and the demand by han**** and co to achieve testing targets. if novacyt believe they have honoured the contract as stated i can't see what the claim of 134m is for. this is my opinion on the matter , please door.
Part two
Now this is important as the second test #promate which is patented by @NovacytGroup was an extraction free method, much simpler, quicker and safer for the people involved that were conducting the testing as it did not require a class 2 lab set up and could be performed closer and quicker to the patients or wherever the testing was required, which is when katalyst/versalab/suitacase/mobile trailer all came about and this was used for testing on film sets, cruise ships, and many other events and places around the world.
Novacyt even later donated 1 milllion tests to @UNICEF
So my ‘opinion’ is that #promate wasn’t ready or developed fully so the government or @dhsc pushed the company for the early version #exsig
They then realised it was difficult, cumbersome and staff errors lead to mistakes in accurately diagnosing patients with Covid correctly. We all saw and heard stories regarding #randox contamination and inexperienced staff making mistakes so it’s of no surprise!
During the time before the announcement of the dispute after the initial 1st contract the two parties obviously agreed to change the tests used on the q machines to #promate which is where the dispute has come to light via a rns.
@NovacytGroup assumed it was a new order for the second stage of the contract (rns in the January update) and the @dhsc assumed it was a replacement for the test they felt didn’t work and then they decided not to pay for any of it including the equipment, #exsig Qmachines or #promate and filed a claim etc…. But continued to use and ordered more later that year
The question I guess for the courts to decide is whether there was human error in conducting the first cumbersome test #exsig or were mislead by Novacyt on the ease and accuracy to perform the test or whether the accuracy is in question. 🤷♂️
The second #promate order which was used world wide and validated again by @dhsc and used by many world wide healthcare agency’s was not in question, it’s just the government wanted that ‘free’ to replace the first order under the contacts they both signed.
🤝 👨⚖️
Https://x.com/gasman2o/status/1779623468104819145?s=46&t=4uh3yFa2QEw1PGSUvHMnsg
regarding the dispute between @NovacytGroup and the @DHSCgovuk
This is my interpretation of the dispute, my personal understanding which could be wrong and not to be taken as investment advice or factually correct but is my opinion of how the government came to destroy Novacyt reputation and why the dhsc has Not Paid.
So here goes..
After the first contract to supply large labs a second contract was agreed and rns to the market to take testing to a more local level, to make it quicker and simpler and more available to the public …”On 29 September 2020, Novacyt announced a second supply contract with the DHSC for exsig(R) COVID-19 Direct kits and other products” ie tests, Q machines and associated support for the roll out.
This was stage one and if required there was a second stage built into that contract to continue and supply more at a later date dependent on demand and path the pandemic took.
This is my opinion…..The first test exsig(R) was rushed out and pressure put on @NovacytGroup to develop a test quickly that could be used with their recent acquisition of ITS Intenational Q machines (remember Rishi Sunak visited the factory a few months prior) the test #exsig required an extraction process that was difficult and new to many nhs staff who had no time for training and lacked the class 2 laboratory experience as notified by Norfolk trust nhs firstly and exposed by I think the private eye…
Then fast forward a few months and this was rns by the company…….
“In the full year trading update announced on 29 January 2021, Novacyt explained it was in active discussions with the DHSC regarding an extension of the supply contract. Unfortunately, an extension has not been agreed, although the Company supplied PROmate(TM) in Q1 2021 in accordance with DHSC demand. Regrettably, the parties are now in dispute regarding the contract,”
tbc below on the next post as too long for one message link to twitter thread at the top of the message
Now that Novacyt have a new CEO and executive director , will we therefore expect a new LTIP next Month ? Or possibly the CEO and CSO buying some shares up. I think, the fact that they have no inside information of how the court case will go , may allow them to be in the buying period.
Looking forward to the next webcast (investor presentation), I think that together, Lyn Rees, Joanne Mason and Steve Gibson, shall deliver a compelling case for investment, lets hope that their actions shall speak louder than their words.
At the 2023 AGM, Steve Gibson came across very well, it was James Wakefield and James McCarthy that let the side down. I'm confident, from what I have seen, that both Lyn and Joanne shall come across very well.
Here's hoping that we have a formidable team!!
JW has selected LR for CEO for his abilities to sell, find and develop prospects.
He knows pretty much more than anyone about Yourgene products.
However the financial situation that lead to Yourgene joining the Novacyt group IMO has led to JM giving the new CFO the brief to monitor closely LR's projects, to keep LR in budget.
Technically JW has no problem with LR.
Financially he doesn't want a repeat sp crash, hence SG's involvement.
That seems reasonable in the circumstances.
YG started 2022 just shy of 13p a share, almost halved to 7p six months later and barely a quarter after that were forced into a 0.3p placing! Rather extreme and quite clearly more than simply incompetence from the management - they got caught on the wrong side of a very sudden downturn on AIM and had no way to service the loan they had taken on previously and continue operating without such drastic measures.
It will certainly be interesting to see if LR and Joanne are able to learn from their mistakes the last time around as well as leverage the significant resources they now have at their disposal
Wow…. LR is clearly the BS king. As a long term shareholder of Ygen , I lost about £100k having believed his BS about building the company to a market cap. of £500million (about 70p a share) and then proceeding to crash its value to
0.3 PENCE per share !!
My advice, keep a pinch of salt handy.
HarChris , exactly why I think there must be a big contract on its way. Why would a ruthless chairman, JW , want to employ a CEO that basically bankrupted his company. LR must have presented a business strategy to JW , to convince him plans for Yourgene. And it must be very lucrative.
If this was all planned then Rees is a bit of a genius to be honest. He was running a company that had relatively high debt on its books, £3.5m vs ~£2.5m cash as of the last accounts in a market that punishes severely anyone putting out the begging bowl.
Within a period of six months his company has essentially reverse engineered into a cash shell and he is reinstated as head of that holding company. But Novacyt does have assets on top of the £44m cash position, it has a portfolio of products, IP and a history of considerable R&D spend as well as an internationally recognised brand. It also have £70m of unused tax losses that can be offset against future profits.
This is not just a second chance for Lyn Rees but an opportunity quite unlike anything he's had before.
I don't think LR would need much time for acquisitions or times needed as a CEO . He has been CEO at Yourgene since 2018 and will know what aquisitions are required, and business strategy for Yourgene already in place. Novacyt now is basically Yourgene with a little Primerdesign business. I expect some big contracts coming to Yourgene soon. This is why LR is in place as CEO.
'Presumably we are near financial update and AGM'
It's all in the most recent rns: 'Under Euronext Growth reporting requirements, the Company is required to publish its annual accounts within four months of its year-end.
The publication of the annual results for the year ended 31 December 2023, initially scheduled for release by 30 April 2024, has been postponed and will be published by the end of May 2024. This is due to the time required to integrate the accounts of Yourgene Health, acquired towards the end of the year, into Novacyt's consolidated results.'
So I suspect financial results mid to late May, followed by a notice of AGM following that - would expect it to be pushed back in order to follow the dispute resolution.