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I also expect Illumina to squeeze for every last penny they can and a cease of operations in Europe., ruthless! Whilst TMO are backing Prem they won't agree to a license deal either, unless the old judge orders it. Just my opinion of course!
Could also apply for punitive damages Also applying for an injunction to prevent sales altogether
if it's a European patent won't they be liable for royalties from revenue in the whole territory rather than just the UK?
I am expecting the claim from Illumina be a lot more than �5m..You only have to look at our costs then add plenty.All depends if the judge sees fit to allow a % of any figure other than the full amount.
There will be a lot of numbers about in the next few days and weeks. Some higher. Ultimately the damages will be limited to the legal fees and any revenue withing UK jurisdiction. This would be the worst case scenario. This could be limited by licensee arrangements, ceasing operations, changing technology basis or not appealing.
Where are you hearing that? What is the basis?
This is looks very ugly sadly, I am hearing that damages could be in excess as �5M as well as additional penalties.
Slipper - They can have the 800k bad debt from Genoma!
Yes Twix there will be a cull in the BoD and Management Team now. Which would reduce operating costs. I expect also William Denham (CMO) to be added to the list. With any luck there will be a flurry of RNS in the next few days and a resolution in the next month.
I would agree that the BoD's preferred internal option would be to settle and license. Any potential damages etc. would be limited and negotiated as part of this. Any share dilution to cover this scenario I would suggest has already been priced in at this sp. Ariosa can continue on their own with the appeal. Sure they'll be the regular bluster but I think given the past negotiations they should be able to pull of a deal before Christmas. The best thing thereafter would be a quick sell which should see a return to LTH.
SAN DIEGO--(BUSINESS WIRE)--Nov. 21, 2017-- Illumina, Inc. (NASDAQ: ILMN) announced today that the High Court of Justice, Chancery Division, Patents Court in the United Kingdom issued a judgment in its favor in the patent infringement suit filed against Premaitha Health plc, et al. and the patent infringement suit filed against Ariosa Diagnostics, Inc., et al. The Court found that Premaitha�s IONA test infringed EP 1 981 995, EP 2 385 143, EP 2 183 693 and EP 2 514 842, which are generally directed to the use of sequencing in non-invasive prenatal testing (NIPT). The Court also found that the gender testing component in Premaitha�s IONA test and Ariosa�s Harmony test infringe EP 0 994 963. These patents are licensed by Illumina or its wholly owned subsidiary Verinata Health, Inc. �We are pleased that the Court ruled in our favor,� said Charles Dadswell, Senior Vice President and General Counsel at Illumina. �The Court�s judgment validates the investments Illumina has made, the value of this technology and the significant contributions of the inventors in this field.� Illumina intends to seek all available remedies for the infringement, including damages, injunctive relief, and attorney fees.
Pretty difficult to win any appeal on a ruling this comprehensive and negative. Always possible I suppose, but rather than fight on it seems time to be pragmatic with reality. License deal and move forward
No landgrab. No writ expected. Court win expected . No settlement negs agreed. That has all brought us after 3 years to fourpence! Time to acknowledge we must do better. The science and product is great. imv SL is not right to run strategy etc.
So TW is asking his followers to buy at these prices TF will fund any appeal. But who knows a license deal may get agreed with Illumina very soon imo. Which will stop any EU anti competition claim so everyone moves on
Defence has been led by SL and he takes the responsibility . we could have settled but fought and lost. That's the price for the strategist who doesn't command my support now in that role. It's not as if the result could be any clearer or that it didn't take over 2 years of ....please refer to share price graph. Just like the original writ surprised from litegious illumina. It was expected we had a win and the verdict was a loss. Not a scoobie and so wrong footed that credibility is gone for me with SL . aimho
Twix, you could try getting out of the other side of the bed, but it may not help much today! Ok, so it’s not what we were hoping for ... IMO, whoever issued the FTO is much more at fault than the BOD/SL. Anyway, we have the initial judgement and the timescale for the next step is a couple of months. My feeling is we’ll (well ultimately a TF loan) will pay a proportion of the fees and the judge will guide towards a licence fee for patent covered regions so we keep the business but on less profitable terms. The diversification that the BOD have focused on should help salvage the situation! Any bets on the next RNS?! I don’t expect a huge fundraising - why would you put money in the bank account before any penalty / fees charge is determined / handed down?!
Did that really happen! Weren't we supposed to be kicking illumina's arse? So, nobody got to hear tw bearcast and why he's not selling? I hope our bod start making the right moves in quick order to salvage their reputation and I wasn't joking about SL as his leadership needs to be nothing more than the science and product development. This has been the final nail after a missed landgrab and years of delays .
merely the messenger dear boy, I did say courtesy of DJ and I know many don't view ADVFN so that is why I put it here. Make amends for what exactly? once again merely the messenger for what Hardman's said, not me chap! I offer the comments of an experienced accountant who knows far more you than either you or myself and you throw your dummy, jeeez! I also merely asked if anyone would partake at those levels, so what,
Don't be a twit. You cut and paste a comment from earlier this evening already reviewed on ADVFN and acknowledged in private in desperation. You suggested a placing of 3p and in desperation provide me something to comment on a placing of 5p when the share price is 4.6p. You spent months espousing your private conversations with Hardman which you have yet to make any amends for. Please shut up
comment whenever you like? or maybe you have a tight grip on your own balls eh?
courtesy of DJ...I believe a chartered accountant or similar; Here you go - summary Market Cap �14.5m @4.5p TF loan �12m repayable in 2023 interest �0.7m/annum +warrants and charge over assets. Current cash likely to be sub �1.0m (+Creditors) and critical imo - see below Cashburn running at over �0.5m/month? with damages and other legal costs imminent Need to raise further cash now imo - Options 1) Further TF loan + warrants at 5p? (possible rebase of existing warrants to 5p?) 2) Discounted placing (discount dependent on quantum of funds raised) All imo dyor DJ Trading 5 Nov '17 - 10:53 - 4937 of 5019 0 0 Edit Revenue and cashburn �m/6month for past 2 years .......1H16 2H16 1H17 2H17 Revenue 0.6 1.8 1.45 1.6 Cashburn 4.4 3.8 3.7 4.2 Year end cash 31/3/17 was �1.3m and since then they have extended TF loan by $4-5m So assuming burn rate still running at around �4m/6month they will be looking for a further loan/funds before Xmas dyor" And "the cash burn for 16/17 included £2.1m relating to litigation (see movement in provision) At year end the provision stood at £3.3m and all within current liabilities so they expect all of this will be expended in 2017/18FY with I assume the bulk in 1H as court case was in July. Whilst this has been provided for through the P&L there isn't a cash reserve so cash burn in 1H likely to be higher than the typical run rate - offset by increased Revenue/GP." TF loan now �12m repayable in 2013 (edit 2023) with interest now running at �0.7m/annum And of course TF have security over Premaitha's assets see Charges here:- hTTps://beta.companieshouse.gov.uk/company/03971582/charges DJ Trading 5 Nov '17 - 10:57 - 4938 of 5019 "hjb15 Nov '17 - 10:34 - 4936 of 4937 0 0 Why would they have a problem with legal fees when they have put �5/6m aside and they say they have enough to cover costs?" The legal fee provision has been put through P&L but they now need the cash to pay the outstanding bills as I have tried to explain above. I think that will have all gone by now/Xmas based on historic burn and legal costs (cash not P&L as provided for) for work done in 1H - we shall soon see
I think you need to get a hold of yourself. Do it now please. Yes there's an issue of cost of appeal and damages (if damages are allowed and for what in next hearing). But this would only cover the remit of UK high Court jurisdiction. So the dames could only be at maximum the legal fees plus the revenue earned to date. Look through the last year's AGM statements. The UK has been a declining market share than in the past. There will be no general placing. I suspect there will be an issue of Warrants to TMO but @ what price who knows. At present the market capitalisation is £14.5m vs sales of £10.8m (a la discredited Hardman) @ 2018E. Even with all the bad news. Let's say they have to give a X to Illumina the sp vs market capitalisation will still be less than what most companies trade at. The bad news is here and priced. Get a hold of your balls or grab your wife's.
must be due anytime now.Will Thermo step and help the cause, or will they not? If offered would anyone partake in a fund raise at say 3p or 3.5p a share?
Ok wake me up at 8 I am ready to buy back in after nursing about a 15k loss.... oh that looks really bad in text. 2 pounds by Christmas!
1; maybe not tomorrow, but this week sometime I reckon. 2; No, I don't think they will. hope I'm wrong though 3; defo no license ready to go. why would Illumina do it, that would be assisting Thermo machine sales 4; yes I agree you will have a mega hangover,lol