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Innova £1.2 billion contract win to supply free Rapid Lateral Flow Tests
09 Apr 2021
Innova £1.2 billion UK Goverment order to supply free Rapid Lateral Flow Tests
https://bidstats.uk/tenders/2021/W14/748486940
"The products are NHS branded and come in packs of 7s"
Official UK Government order website
09 Apr 2021
https://www.gov.uk/order-coronavirus-rapid-lateral-flow-tests
"Use this service to order free packs of rapid lateral flow tests to be sent to your home in England. A pack of tests contains 7 tests. You can order one pack per household each day."
-----------------------------------------------
Thankfully the full contact is for £8 billion so still £6.8 billion up for grabs.
£1.2 billion for a 50% accurate Chinese test. It beggars belief.
Hopefully AVCT will finally deliver on the majority of the remaining £6.8 billion
It still wasn’t procured through the DPS, so there is still £8bn
PL75
"It wasn’t procured through the DPS, so there is still £8bn"
Thanks for that. Good spot. Excelllent news.
If Avct had an approved test then they would have won this £1.2 billion contract as well as the previous £2.8 billion of Innova orders .
That's £4 billion in lost AVCT test orders to date to this sh*tty Chinese test since our test was supposed to have been released last summer !
This is made very clear in the £1.2 billion Innova award yesterday:
"Innova are the only available supplier of home use lateral flow tests for COVID-19 as there is currently no other supplier whose COVID-19 tests are authorised by the relevant regulator, the Medicines and Healthcare products Regulatory Agency (MHRA), for self-test use in the UK.b. No reasonable alternative or substitute exists: there is currently no other supplier of lateral flow devices that has MHRA authorisation for the self-test use needed to satisfy DHSC’s requirement."
Nice house though.
Why have you got two threads going on the same thing templar? Anyone would think you were a naughty deramper!
Anyway I'll add this to this thread too as it seems it's not a new April award it was concluded in March:
Section V. Award of contract
A contract/lot is awarded: Yes
five.2) Award of contractV.2) Award of contract
five.2.1) Date of conclusion of the contractV.2.1) Date of conclusion of the contract
13 March 2021
five.2.2) Information about tendersV.2.2) Information about tenders
Number of tenders received: 1
The contract has been awarded to a group of economic operators: No
five.2.3) Name and address of the contractorV.2.3) Name and address of the contractor
INNOVA MEDICAL GROUP INC
Templar, the house jibes are more embarrassing than ever. He could have had a bigger house as the share price has risen by about 50% since then. It’s been made clear all along that they weren’t going for a quick win. Time has been taken to ensure that the test is as robust as possible and risk has been removed as much as possible. If they’d pushed to launch months ago we might have not been at the standard of Innova. We’d have shot our load and there’d be no chance of displacing Innova. In your scenario, we might have got a proportion of the £4bn. The chances are that it would have been short lived. By taking their time, they’re now trying to get all of the £8bn. I know which one I’d prefer.
TEMPLAR: "£1.2 billion for a 50% accurate Chinese test. It beggars belief".
That's correct, Mr., but one thing the Government is doing right and we got that from NCYT news, they are starting to stop wasting; they CANCELLED PCR contracts. Any Co trying to sell that is heading the same way NCYT is, and that is down.
The Chinese Inova orders were carried out last month, and we all know how crap those things are in relation to UK made LFT products, including ours, so they will head to the bin as none of those test will be accepted at airports, ports or international train stations.
And one last thing, neither is AVACTA or Alastair smith late with the results as THEY are not responsible for CV or CE marking delays. All those muppets drumming this point constantly in their idiotic attempt to affect the share price (AS IF) on a forum are simply deluding themselves and are not more than just some pathetic, sad morons with nothing else to do.
I can't believe I had to read their posts all the way from 47p ( when I first bought AVCT) and look at the price now. The more they try the more pathetic they all sound.
.
Templar you’re full of carp.
Innovas part in this current pandemic stops very very soon. They will also play NO part in the build out of a domestic top class diagnostics industry here in the UK, which the govt have very clearly started to make noise about.
Innova have done a great job at capitalising on large sums of the UKs money and fair play to them. However, their reputation is done. Just like Excalibur and the ventilator scandal.
£4bn of the Uks money is going to look very very very very small indeed compared to the future global revenues from not just LFTs but also diagnostics products for years to come.
This is where so many, including you clearly, have missed the point. If it’s worth doing, it’s worth doing properly as we own the IP to these products.
Avct is affimers not LFTs. A carp test would damage the reputation of a product which has been shown to have multiple versatile applications - look at the deals Avct have signed recently nearly all non COViD related.
Too many impatient 5000% rises in a day type on here.
It’s clear what the goal is here and AS is doing it the right way - thoroughly. He sees what Potential Avct has and cannot jeapordise the image of his company to satisfy some impatient PIs simples.
Ps - my rule is if you mention the house you go in the bin.
See ya!
Spacetomato
"neither is AVACTA or Alastair smith late with the results"
You are taking the p1ss.
Avct BAMS was due last June.
Avct LFT was due last summer.
Since then UK Government has awarded a total of £4 billion in orders to a cheap,cr@p, 50% accurate Chinese company.
If Avct released the LFT last summer and BAMS in June as announced in company RNS's we would already be trading at £20/share with the majority of the imminent £8 billion to come !
"neither is AVACTA or Alastair smith late with the results".....my ass !
“If Avct released the LFT last summer and BAMS in June as announced in company RNS's we would already be trading at £20/share with the majority of the imminent £8 billion to come !”
So so so so so short sighted. Probably time for you to find a different investment.
It’s not about hurrying out a LFT it’s about building the foundations for the Affimer platform which is so much bigger than LFTs.
The knock on implications of ending up embroiled in this Innova defamation would have been catastrophic.
As the phrase goes - you can’t rush perfection!
We miss out yet again on a £b plus order and it s getting on now for the middle of April.
Here's the thing. The Innova test is "our" test. so when the govt purchases ANOTHER £1.2b worth, that's what, 100m tests? 10 weeks worth? which makes it beginning of July before we are in the game? I don't think it's co-incidence that the govt will only give out free test until the end of June.
My best guess now is that we will miss the UK pretty much for sure as evidenced by the quantity of Innova tests bought which gets us to the end of June and then business and people will have to pay. Presumably that's when our test will be ready. (That to me implies we are still a ways off from CV)
Our best hope (and it is a hope now just because I have no idea what AS is doing in a country where there has been millions of positive cases AVCT has not managed to get enough to validate a test), is the RoW but as for the UK I think that ship has really, at last, sailed in the quantities I expected 6 moths ago.
I think all this (govt related) work over the last year is for the next Pandemic, whenever it comes along. The manufacturing, the logistics, the rapid diagnostic test through affimer tech, all will be ready next time for a very rapid response.
So July then?
The reassuring news is that my analysis is usually crap so we should get the RNS on Monday!
Wydrum you claim to be balanced but you are full of carp sometimes.
The latest Innova award was outside of the DPS. So what’s that £8bn DPS tender there for, which we know Innova don’t qualify for!? We haven’t missed the UK boat at all.
It’s always been made clear too that Europe was a focus for AS. Europe is a mess - demand there will be huge.
CV is being done using clinical samples not artificial which the up side is that reduces the disparity between CV S&S and real world S&S which is exactly what we see with Innova and the other test. Real world S&S is carp. This is why AS wasn’t happy with PD using artificial samples.
Down side to doing this is it relies on real people with the right viral load who have to agree to be part of the CV. So it takes longer.
AS could have CE marked on the initial 56 samples but he hasn’t.
Does that suggest to you the boat has been missed anywhere??!?
Out again Wyn?
Have picked up some lfts from the local covid test centre. Made in China (is this insult to injury ?) at Xiamen Biotime Biotechnology. 7 tests per box. Questionable S&S this product, we continue to wait for something better. GLA
Oh great one, you've been in since last September (maybe earlier) when it was 166p(ish) so you are up 60% minimum even though Smith has failed you
No Tim, I'm wedded to this stock now. But I am reducing my expectation of the test income and focussing much more on the long term.
I'm in the very fortunate position of having sufficient funds to keep a big wedge in here but used 2 x ISA funds just this week to look elsewhere. Which I have done so now this is about 50% of my portfolio. and thats ok. (for me)
I got flamed for saying the test would be for sale in May at the earliest. but now I think its possibly July.
Well at the end of the day whether you have a negative or positive outlook. All we can all do is wait. Avacta have set out to deliver a world class LFT we will know if they have achieved that soon(ish). Latest interview was worded as what we WILL deliver so let's wait and see, it takes as long as it takes, we've not been in CV before with the other timescales mentioned, now we are that's the final hurdle before launch and sales.
Whndrum claims to be a holder of AVCT and yet writes as if he is not.
In summary, he is not a person to be trusted, I would not wish to spend the time of day with a person like him.
Therein lies the problem. "Soonish" or shortly or around etc etc etc
Last summer, q3, q1
See my last post.
Anyways I'm of to argue with a Jehovah's witness, you have a lovely weekend.
When you add the reliance on so many the third parties, A number of which are mildly incompetent. Then a virus which nobody understands properly and goalposts being moved left right and centre, you can see how timelines have slipped.
Don’t get me wrong I think AS makes a rod for his own back at times but look at all the negative LFT press. For Avct to emerge out of this unscathed, with a top quality test the likes of Deeks can’t tear to bits (because there is plenty of hard numbers behind it) and Affimer brand well and truly in tact. Is that not worth waiting for?
Wyndrum, why do u think July?
Yes JDT, I agree, it is worth waiting for. It's that simple really.
Those who don't agree should just back themselves, sell up an go. Preferably, quietly.
Yawn, the same old whingebags bleating on about the same old stuff. Leave them to it. It’ll turn up whenever and if the numbers are good all will be forgiven as they add to the profits they’ve already made from the company they enjoy moaning about. Utterly pointless discussion from start to finish.
We didn’t get a test out by the end of summer, well, blow me down with a feather! We haven’t had any contracts yet, no way! It turns out that investing in a small aim biotech is risky, well I never ever did! Thanks for the multiple daily reminders. Yet zero conversation about the potential and the reward side of the equation. The main benefit of the test coming out isn’t the share price rise, it’s that they’ll finally stfu. Anyway, I’m off to dress up as a Jehovah’s Witness and have some more interesting arguments