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Suppose when it comes to Science, testing and contracts :
' Its difficult being green ' - Kermit or BJ ?
Soder, part of that stacks up if anything was returned then there would have been credit notes raised with the replacements being being reinvoiced. Especially so as they are different products.
If the items were kept by DHSC because we refused to accept the return, and if DHSC thought the PROmate was a replacement, ncyt clearly weren't in the same page as they invoiced for the PROmate. I find it very slack that we could build up hundreds of invoices to the tune of £41m before DHSC start challenging "why are you invoicing me for these replacements, where is the credit note for the original"
Looking forward to a resolution so we can put all this speculation to bed.
The donation rns also says that the donated kits would only be going to countries where PCR capacity already exists.
We won't have donated Promate, it's platform specific and as far as I'm aware we haven't supplied Qs to UNICEF. It will have been exsig.
Most likely the dhsc are saying that the promate received in q1 was the replacement stock for the unused genesig kits. As such dhsc saying they had already paid Novacyt pre Xmas for these and sent back the old kits.
That would also fit with the recent write down of stock.
Yes, that's a good point I'd assumed it was promate but your assertion makes more sense, would have gone in the bin otherwise. Just wish they would get this all resolved one way or another, its a millstone round our necks atm, let's just move on
Yes, very confusing as to why it could be.
I am also querying why the £41m has been completely ommited from the H1 accounts (apparently to comply with IFRS15). If that is the case then why hasn't the same treatment been applied to £129m from Q4. Doesn't make sense. Surely the auditors would have picked up on this before signing off the 2020 accounts so there must be a reason but just very unclear.
"Paris, France and Camberley, UK - 4 May 2021 - Novacyt S.A. (EURONEXT GROWTH: ALNOV; AIM: NCYT; "Novacyt"), an international clinical diagnostics company, will donate one million COVID-19 polymerase chain reaction (PCR) tests to UNICEF to help contain the spread of the virus through testing. "
If NHS weren't fond of exsig direct, it may be that assay.
@drb, it possibly could be the promate manufactured in anticipation of phase 2, which may also explain why novacyt gave WHO a huge amount of promate but in reality I've no idea tbh
@drb tbh not 100% sure but think it might relate to the replacement Promate that was supplied as replacement for the original exsig/genesig kits. If you read the original contract it states (can't remember the exact words and cba looking for it) that it would cover any future improved products.
I suspect that DHSC expected the replacement promate to be provided free of charge novacyt billed them for it and recognised the revenue from it, hence all the RNSs about removing that amount from the books.
I honestly don't think DHSC has a leg to stand on if the above is true, its pure (logical) conjecture on my part
What is your take on the £41m revenue from DHSC in Q1. They say it relates to PROmate but why then do you think it has been included in the dispute?
Some information from the Biofortuna website regarding how reagents are freeze dried for Point of Care Testing.
Great insight Poidster, thank you. Can’t see any legal reason for non payment (from the bare bones of what we know), so I’m still confident that a compromise that is favourable towards NCYT will be reached. In the meantime, it’s parked on the books as realistic worst case. Only upside, to my thinking.
Paidster , thanks for the reply .Just to add to your post , Novacyt said they were working on a new test method with freeze dried reagents in July 2020 at the same time they announced the care homes trial. Eight week's later on September 18th they applied to trademark the name PROmate just over a week before the NHS near patient contract started .The new product PROmate was launched with CE markings in mid November, but there was then a wait till early February for the MHRA to complete their validation and clear PROmate for use in the NHS. As you say PROmate is proving popular with end user's and highly accurate as well. I look forward to the same concept being applied to other respiratory disease test's.
Just to add, that we as shareholders have also been shat on from a great height by a shambolic Govt led by a so-called PM that doesn't know the meaning of integrity and who continue to exhibit a total dereliction of duty when it comes to truly protecting the health of the nation.
@Exe after the dispute started, labs were hung out to dry, they had no promate and were desperate.
Testing volumes throughout the year haven't decreased, in fact quite the opposite and they have the Q machines that they couldn't use due to the lack of kits.
It had become a vital resource to increase capacity.
After that debacle, prudent labs with a lot more common sense than DHSC, now order sufficient supplies so they have about a months supply in reserve.
This is what annoys me, all this stupid wrangling is directly impacting on service delivery at the coal face, which, in turn impacts on service delivery and thus patient care.
I'm still personally convinced that the dispute all hangs on the original kits that were supplied (not promate)
These were approved as fit for purpose by DHSC and novacyt kept their side of the deal and provided all of the ordered kits.
Once these kits were dispatched, busy microbiology labs couldn't use them effectively as they had a convoluted, very involved and precise methodology to just prep the kits. Pipetting 1uL of anything is extremely difficult to do in a high pressure environment. To novacyts credit, they were informed of the issue, despite it being approved as fit for purpose by DHSC. Hence Promate was developed in an incredibly short time frame.
This was dispatched and worked exceptionally well and the Q machines were then put into routine work and added invaluable extra capacity.
The initial Exsig and Genesig kits originally supplied were subsequently returned to Novacyt. This is where things get sticky. I suspect that DHSC didn't want to pay again for the new Promate kits, despite the fact that the original kits were signed off as being fit for purpose.
Additionally, phase 2 was supposed to supply community testing to both increase capacity and reduce some of the pressure on busy hospital labs.
Novacyt, will have tooled up to meet this demand spending and incurred significant costs to meet this anticipated development.
Then our useless government decided that these were no longer required and didn't follow through on phase 2.
One needs to bear in mind what the situation was at this time wrt to Covid.
In my opinion Novacyt has gone above and beyond to help alleviate the pressures that the country faced at that time, they have operated with compete integrity and shown what their core values are and a genuine willingness to help.
They have now been shat on from a great height, and left holding the baby.
I would be livid if I were GM, they pulled their finger out and delivered when the UK needed them only to be let down.
The original contract is ambiguous in a few areas, which isn't helping.
In my honest opinion Novacyt have behaved with integrity and delivered when called upon.
DHSC/government haven't, they have shown themselves to be the exact opposite.
They called out for help at the beginning of the pandemic and companies responded admirably.
They are now trying to weasel out of payin
Do after reading the piece from uk2day regarding abbots dodgy tests it seems that quidel have also had problems with accuracy and binaxnow antigen tests have also had issues .
No wonder Novacyt are establishing bases in the USA .
They need the U.K. gold standard .
Things seem to be bubbling away nicely in the Novacyt kitchen .
Final one gasman and blade hunter being rascals on twitter
and what are they referencing
from June Rns
genesig® COVID-19 3G is a CE-Marked three-gene assay to detect the ORF1ab, M gene, and S gene targets of SARS-CoV-2, enabling fulfilment of certain international testing requirements, including Fit to Fly Certificate, Test to Release and US Food and Drug Administration regulations.
Over to you uncle Joe:)) Goodnight.
Great read and anybody put off by 21 pages
from page 3 they have a layman's dis rip toon of what they are trying to achieve.
They are also looking to revisit(wrong words) in 3-6 months.
All 3 products from Novacyt (exsig direct PROmate 1g and 2g performed very well) all in all a good way to finish the day Tks KT.
Thanks Saint. That's it then, huge tick in the box for VersaLab. Roll up roll up.
I’ve had a read through teds report , it was financed by Novacyt and involved jo Martin and Novacyt staff members comparing various direct to PCR test to lab based PCR tests and found them very comparable accuracy wise with results in under two hours .
In a nut shell “ buy Novacyt shares before they rocket “
Quote from the trportd conclusions below.
“Nevertheless, our findings show that direct-to-PCR assays perform equivalently to the gold standard centralised laboratory PCR systems for the diagnosis of SARS-CoV-2.”
Now I know what gizmo was referring to this afternoon.
Kilkenny ted your post will be my bed time reading looks like I will need binoculars(on phone)
KT , thanks for posting the excellent report.
Good find Ted, I think. Wish I had the mental capacity to take it in but been a long day. Can anyone summarise please?
Talking of PROmate, found a very recent research paper which highlights how accurate it is. 9 members of Novacyt staff involved plus our old friend Professor Jo Martin