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To be able to tell you iAbra from your Innova is all it takes. A test too far for the UK government .
Here’s the story. Nothing to do with iAbra...
Liverpool results show Innova (Chinese) lateral test miss 3 in 10 positives with HIGH viral load - Dec 2020!
https://www.bmj.com/content/371/bmj.m4848
The Govt were told back in Nov 2019 that the Chinese Innova test wasn’t fit for purpose
https://www.bmj.com/content/371/bmj.m4469
Since the govt has spent £3bn on Chineses made Innova Tests (Bidstats)
https://bidstats.uk/tenders/?q=innova+covid+testing
It has now been revealed during an EUA (emergency use approval) in the US that test results have been plagiarised. They cut and paste test results from successful applicants to achieve FDA authorisation.
The product has been recalled in the US as it’s a danger to health yet it’s still use by the UK. Why has all our cash gone to China for this fake product?
The FDA safety communication ...
https://www.fda.gov/medical-devices/safety-communications/stop-using-innova-sars-cov-2-antigen-rapid-qualitative-test-fda-safety-communication
The product recall page ...
https://www.fda.gov/medical-devices/medical-device-recalls/innova-medical-group-recalls-unauthorized-sars-cov-2-antigen-rapid-qualitative-test-risk-false-test
The FDA were aware of this back in March prior to a second £1.2bn spend by UK plc
The FDA warning letter ...
https://www.fda.gov/inspections-compliance-enforcement-and-criminal-investigations/warning-letters/innova-medical-group-inc-614819-06102021
Now picked up by the Biotech press ...
https://www.statnews.com/2021/06/10/fda-accuses-company-of-distributing-unapproved-covid-test-using-falsified-data/
Trek
As I understand the Innova test is like a litmus paper quite different to iAbra.
The question is whether the UK government has bet on the wrong horse. Should iAbra/TTG/Virolens have been given a bigger role?
If the assumption that this article refers to iAbra and/or Virolens, then it would be reasonable to expect announcement as a Regulatory News Statement (RNS).
"California-based Innova, the world’s biggest rapid COVID-19 test maker, is setting up a factory in Wales that will produce millions of tests a day.
CEO Dan Elliot told the Financial Times (FT) that the UK was a key market for the company in which it is making large investments.
“We’ve been a good partner to the government, the government’s been a good partner to us,” he said.
Innova, owned by private equity firm Pasaca Capital, has supplied the UK with more than 1 billion tests produced in China, as part of contracts worth more than £3bn ($4bn), FT reported.
The UK, Innova’s biggest market for lateral flow devices (LFD), has spent more than £100m transporting these and other tests from China."
However..
"Americans are told to STOP using controversial rapid Covid test that Britain has spent £2.8BILLION on because it doesn't work as well as manufacturer claims
the Food and Drug Administration (FDA), which regulates medical devices used in the US, has revealed it has 'significant concerns' over the accuracy of the test and has called on Americans who have bought it to throw it in the bin.
Prominent critics of the kits said the move was 'troubling'. UK health officials have yet to respond to MailOnline."
https://www.dailymail.co.uk/news/article-9676137/Americans-told-STOP-using-rapid-Covid-test-manufacturer-LIED-good-are.html
250 was a big TA step and it’s held above. Market seems pretty agnostic towards Virolens, which is great. TTG is just moving ahead nicely under its own steam as a solid recovery play.
All things electronic, well any ‘stuff’ really from semiconductors to lumber to cotton is in demand!
I note how it’s a jagged climb 2 up 1 back, even intra day but it looks like we are heading for £3 now.
Chuck Virolens on top of that and it will be very interesting!
Trek
Over the last few days, press reports seem to be more downbeat on the re-opening of the UK economy from 21 June. The decision being taken on 14 June, if my memory serves me correctly. The inference is for a delay of anywhere between 2 weeks and 6 weeks.
I am beginning to feel that a delay is actually going to benefit the share price of TTG as one of the more tangible benefits of the removal of restrictions is air travel. Hopefully, behind the scenes the Foreign Office and their counterparts around the world will be working on having common controls for Internation passenger movement. Once common agreement and infrastructure is in place, then announcement to ease travel restriction can be made.
Pretty sure that iAbra and their partners worldwide for Virolens deployment are in full swing and may be subject to political embargo of any announcement.
In the meanwhile, it is comforting to see the trend remain intact.
Hopefully this is in preparation of something meaningful to the shareholders of TTG. SP also slowly edging higher, so let's wait and see.
As we twiddle our thumbs, the Key Options website for virolens has been re-activated. Although an image presents a machine with an aircraft symbol and barcode (presumably as safe to fly), it does not confirm rollout in any airport.
https://virolens.keyoptionsgroup.co.uk/
As you probably know, iAbra is the key to revenues from Virolens. According to medicaldevice-network, other partners are also involved. One of which is Key Options. Basically, KeyOptions provides data driven service and has secured the rights to bring Virolens testing units to Australia, Latin America, Turkey and SE Asia. The link in the KeyOptions website to virolens is set as a holding page at the moment.
It might be that news is imminent that is currently under embargo
The optimst in me relies on being a simpleon. And while I can see all sorts of technical reasons not to invest in TTG froma short terj perspective a the moment, momentum from the longer term puts this as a very solid hold.
The tipping point IMO is where we are right now. The shares have tried to close above 250p for a few days now but just fail each time. However, it is not for want of tries. There is a niggling doubt that orders are not going to happen which is providing the limited upside, but the support for downside because there are plenty of other revenue streams.
I prefer to average up these days so have a little dry powder. The longer the wait for the company to win orders, the greater the potential for drift in the share price. I am actually rather more inclined to reduce my holding and bank profits than to invrease exposure to unnecessary short term risk. Continued delay will only increase volatility.
I fear there is wild activity ahead.
Still so many AT ALGO trades.
https://api.londonstockexchange.com/api/gw/lse/download/TTG/trades
Thought we’d have had some orders for Virolens by now given MHRA approval and Scotland approval news.
They have said most orders are likely to be international but no update yet from iAbra.
Meanwhile TTG is ticking up nicely of its own steam. We just need to hold above 250 resistance to extend that rising trend to ATH around 290.
The 50DMA is above the support, lower turquoise line.
All looks very bullish on its own. Bring on some news!
https://www.marketscreener.com/quote/stock/TT-ELECTRONICS-PLC-4002367/charts/
Trek
MM’s must have posted a scheme. As soon as it gets close the 2.50 the AT ALGO trades step up.
https://api.londonstockexchange.com/api/gw/lse/download/TTG/trades
Trek
Absolutely bizarre. Let’s hope they answer some of the questions sent to them regarding Virolens in the AGM today.
Cautious outlook, not a squeak about Virolens. Not have I received quote from any of the three companies involved that I requested 2 months ago. A little odd.
I wonder if they’ll announce the orders in the annual trading statement on Thursday as they’re not going to RNS every order coming in. Big day Thursday imo. Fingers crossed.
https://www.hartlepoolmail.co.uk/business/hartlepool-electronics-firm-set-to-create-100-new-jobs-as-it-steps-up-production-of-groundbreaking-covid-19-testing-machine-3221063
£4 million investment and double workforce from 100 to 200 to manufacture Virolens covid test machines, the orders must be phenomenal!!!
visit from from chancellor.
Chancellor Sunak said: “I was delighted to visit TT Electronics to see the excellent work they are doing, particularly on the Covid-19 testing device, Virolens.”
you can bet the government will be waving the British flag at this achievement....hopefully along with some big orders.
recent Berenberg price prediction of 285p does not include virolens!!! I really do expect this share price to double over the next 12 months.