The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Wow, absolutely shocking. I'm a shareholder, but with the corruption Avacta have had to fight against the DHSC and chinese back handers, if only part of this article is true I hope nova are crucified, absolutely disgusting, utterly shameful. I hope they use the £100m cash balance to make things right, I'll be remaining a shareholder to hold them to account.
DRB
You wouldn't say the history of Reginald, if what PE are saying is true, is squeaky clean.
Kilt, you could say the same for ncyt. Small fish, big pond. Knowingly submitting false results would be career ending, company ending. This is science, everything is documented and truth always prevails. I believe they wouldn't risk it. Having said that, Innova did alright.
Next it will be that ncyt applied pressure on the CTDA process to get their Genesig 1g test fast tracked through the system.
I'll worry when there's something to worry about. Like, why am I able to buy shares in a £20m a year profit making company in a growing industry with £102m cash who has a enterprise value of £28m. I'm still trying to figure it out. These kind of deals don't happen that often.
Ajan joined novacyt in Mar 2020 as COO and then moved to CTO in Jan 21.
his name is listed in the full notice text as a contact
https://www.sell2wales.gov.wales/search/show/search_view.aspx?ID=OCT346979&catID
his linkedin profile specifically mentions the roll out of this contract as himself leading it.
PE live off taking off the record comments and rumours and creating stories from it. There angle tends to be based towards government corruption/scandals and they also like highlighting tax payers money being misused. The are clearly looking into track and trace and having a field day with it. The large contracts won by primerdesign through the DHSC puts them into the firing line for PE articles as far as they are concerned.
The key point for novacyt is ensuring their scientific data supplied stand up to any scrutiny. There have been a number of tests which have recently had their IFU updated which I guess is supporting the CTDA desktop review which I very much hope will soon be accepted
I'm supposing here, but if we were to take the bait and start into PE, they would make up more stories about other Novacyt products, such that the work done so far in previous PE copy could be used to call other criteria into question / create further opportunity to drag more board members into the abys.
I think it best it's left alone.
Those statements go against what PE are claiming has happened so why would they make them up. They put ncyt and the process and the test in good light.
Whistleblowing certainly has its place and should not be undermined but unfortunately some people and media can abuse the process. Not saying that is what has happened here but imo ncyt have answered all questions in one go by saying what they said.
We could all accuse them of malpractice just to get them to answer needless questions thereby indirectly giving us information that no one else in the market has.
I'm just saying, if it was significant we would have heard more by now.
Dont think PE are advocating that he signed the contract, but in his role as chief Technical officer he signed to defend it, look PE are a bit of a two bob outfit compaed to the main stream media, so you think they would make sure their facts are solid as any serious libel action could shut them down
Kiltedscotsman, "his name also appears on the contested contract with the DHSC."
Thats *******s because he joined the company in January 2021 - months after the contract was signed. The PE article is shut slinging and tbats it. Theyre trying it on from every angle amd the company would do well to not lower themselves to a response.
Gold standards, really?
Reginald, a former dentist who was struck off for harming patients and defrauding the NHS, is also CEO of stem cell company Celixir. The MHRA is already investigating Celixir following complaints of serious research misconduct and concerns over patient safety involving trials of its 'heartcel' therapy in both Greece and more recently at London's Brompton Hospital (see Eye 1526).
Reginald, who had made Celixir's Stratford-upon-Avon lab available to Primerdesign, is said to have had oversight of the three-gene product and his name also appears on the contested contract with the DHSC.
Why don't we get the ifu and stuff it in mr hislops gob, as been said plenty of bigger fish with more reasons to go at than us, some of the people spouting on here a week after the event, sharp as blue tac but with hides of a rhino.
DRB83,
I'm glad you have reread the article hopefully you don't think PE are making up statements from novacyt.
Whistleblowing has it's place and the lack of whistleblowing is often cited as reasons for large/global scale business issues. Companies and organisations will have their own whistleblowing policies. Its highly unlikely that PE would be part of that process it should be internal leading to investigations with it all being confidential. For whatever reason PE have got wind of these whistleblowing claims, wrote an article with suggestions and taken it to novacyt and gateshead nhs who both responded with statements as opposed to direct answers to the claims/queries. That's the basis of the article. There is no inference to the conclusion of the whistleblowing. It could be on-going or even thrown out. It could be true or completely basis. As already i've approached both Mandy and fticonsulting and queried if they will be taking legal action against PE
Disgruntled employees who had their contracts terminated, in their eyes unfairly. Seeing it as an opportunity for payback.
The statement from ncyt and the several UKAS accreditations suggest everything is above board. The 3g has been submitted and based on that recent IFU version 5, there were lots of 100% in there.
Could just be scaremongering. It certainly seems to have worked. Can imagine if the PE editor went short the day before releasing it he would be well happy now.
101 reasons for the accusations but I'm in support of ncyt and their gold standards.
Are ncyt aware of the article? Has it even been presented to the board? If they don't know about the article how can they say anything about it.
Just reread AK. Whistleblowers going to PE instead of any of the other large outlets is a red flag. If you're going to blow the whistle go we're it will be heard.
Read the below extract:
The Eye put the whistleblower allegations and relevant questions to both Novacyt and to the Gateshead Health NHS Foundation Trust. Both chose not to answer or deal with them, instead issuing brief statements. The trust said: 'Our pathology department is a world-leading facility which processes millions of tests every year – and as such, our skilled staff follow all procedures and protocols to the highest standards.'
Novacyt said: 'The genesig COVID-19 3G product has been subjected to a comprehensive and rigorous performance evaluation. The product was deemed highly sensitive in the analytical study, producing a limit of detection (LOD) of ? 1 copy/µl of SARS-CoV-2 whole viral genome RNA. This analytical study formed the basis of its CE mark.'
The statement added that the product 'has also been the subject of multiple, successful, external independent evaluations undertaken by travel testing providers as a part of their own validation processes prior to the product being used'. It also confirmed that data, the analytical validation and the clinical performance studies for the kit had been sent for the new CTDA authorisation, but said the product, 'along with hundreds of tests from other manufacturers is still awaiting approval'.
Several of our testing partners have been UKAS approved as mentioned in the above extract. The trust and ncyt themselves say nothing is untoward. If an investigation was underway then I'm sure we'd have to be aware of it.
Read the latest IFU from 31st Dec. It all looks pretty good to me.
https://www.genesig.com/products/10061-genesig-covid-19-3g
DRB83,
I don't think you are fully understanding this. PE took the claims and additional questions and presented them to novacyt. novacyt responded with a statement which part of it was printed in the article. Are you trying to say that PE have fabricated the statement from novacyt? Thats quite a ludicrous suggestion and would end up with libel action.
I really think you need to read the article again.
Agree Urraca, it seems (to me at least) that the whole test validation process was politicised & hijacked in favour of Chinese producers. I wish PE would investigate the reasons for buying their products, not just in price & surety of supply but was there any threat from the CCP of penalties on other matters of trade (like the CCP attitude to Chinese nationals studying in the UK)?
If the main media do pick up on it, I dread to think where the share price will go
Ak, so if it was all lies you don't think they would lie about a statement from ncyt. The statement is hardly condemning.
Most important, if ncyt came out and said this is untrue, by doing so they are providing us with information. What next, make up another story so they can address that and say it's untrue as well. Rinse repeat until we get to the correct answer. Best just to say nothing. Who are PE? They are a very small fish in a big ocean. No main media has picked up on it so I doubt it has legs. If I was PE I would be getting nervous about legal proceedings for slander.
I am not saying it is categorically incorrect but unless it grows legs then I back the bod with their strong grounds claims and their world class bioinformatics team.
No wonder it is valued so low against cash reserves. The **** storms keep coming
Im out at a 45% loss, something stinks here
What with this, Good LawProject, and even the DHSC, there seems to be a concerted campaign to attack UK diagnostics capability which fell woefully short of need in the early stages of the pandemic. Have PE undertaken a similar investigation into the Chinese diagnostic kit which was subsequently chosen in preference? And, is there a shared political agenda underlying PE, GLP, and large swathes of the civil service? As PE would say, I think we should be told.
DRB83,
Are they aware of it? If by they you mean BOD then of course they are aware of it. They provided a statement to PE. part of it is in the article.
I did ask Mandy and fticonsulting if they would be taking legal action against PE if the allegations and claims are untrue. I haven't had a response and I'm not expecting one.
Who knows, if were aware of it you would like to think they must be, certainly Ajan Reginald doesn't come out of it too good
Are they aware of it? Has PE got a significant enough reach? I'm not sure
You would think there would be a statement from the BOD's refuting the article then, after all mud sticks