Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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I am intrigued by the position TF finds itself in and what it’s next play is in this complex saga. I would also like some reassurance on their status in the NIPT market and their intentions regarding Premaitha.
It will no longer have a NIPT foothold in the PPA territories, which it will have to cede to Illumina.
It seems that Premaitha is now platform-agnostic, which suggests to me that in the PPA territories they will sell an Illumina product and outside the PPA territories they will sell either TF or Illumina products according to customer demand. That must irk TF and I am worried we are at risk of alienating them.
There is talk now of a debt for equity swap and even a debt write-off. Where will that lead us? TF could have 20% of the equity .What does it mean? TF could exercise their warrants at an overall price of say 12p and then we use the proceeds to repay the debt but then we have a significant shareholder who could effectively be supporting a major rival if Illumina take most of the business.
I don't think we can keep both TF and Illumina happy and we have to get in bed with one of them wholly. It seems it should have been Illumina from the start but we are where we are and we probably need to split the company in two as has been mentioned previously and work with Ilumina in PPA territories and TF outside. I don't think it would be so much of an issue if TF didn't have so much influence and control over us.
But it needs clarity and resolution because I don't believe the line that we can work with both and everything will be fine with the best of both worlds for Premaitha.
yes, fair points there Hemo.I would have thought that TF must have been in agreement with the settlement in the first place wouldn't they? The way management talk it seems that all is hunky dory but yes, I do get your drift about a conflict of interest so to speak, or is it?
We should appreciate that the fact that the CEO was in the states talking to TMO directly about debt relief which means that they approved the deal in the 1st place with Illumina. it would be frankly a strange endeavour to embark on a trip like that otherwise if they were against the settlement in the 1st place. the reason why premaitha picked tmo as a platform is the whole business model was to target a quick sale to tmo post land grab. IONA test is run on TMO's Ion Torrent Proton, Ion Torrent Chef and S5 sequencing instruments which, unlike some of the reagents, cannot be substituted readily by instruments from an alternative manufacturer. It uses a massively parallel sequencing (MPS) of whole DNA using ionosphere to amplify >100k times and so has a different technical approach to that of Illumina hence the need for a completely new illumine ce-ivd test hence needing fresh r&d.
in all the very, very overdone negativity by the same usual suspects here it should be appreciated that illumine have their own ce-ivd test already (called verfi). they have essentially settled with premaitha for a test they already have in part. this should have been a sign of confidence in the company. so illumine didn't need any reason to settle with premaitha the way the did which was to await 2 years till the new test for licensing fees. they could have requested this now and backdate it.
And some people are overly positive! It's good to have a balance.
I'm not talking about Illumina's own CE-IVD test or the technical issues surrounding the use of Illumina and TF instruments or TF's approval of the settlement.
I'm talking about what happens when we get a client outside the PPA territories when we have an Illumina test and a TF test? Do we sell them the Illumina or the TF test? We say we are platform-agnostic so the corollary of that must be we don't sell them either test, we let the client decide, which must surely upset TF if the client picks Illumina because we haven't sold them the TF test? On top of the fact they have only 20% of the sequencer market this deal with Illumina may make it harder to change that through Premaitha.
I'm saying I would like more clarity on the TF relationship going forwards and I'm sure this will come out of the meetings over the past week in the US. TF have such a huge influence over us operationally and financially that I would like more certainty over our future relationship with them.
Well, if they already have a sequencer, they buy the appropriate test ... if not, they can choose the sequencer that fits their price / throughout / other activities and buy our test whichever sequencer they choose!
The thing which us PIs sometimes fail to recognise is via YourGene, Premaitha has actually been a approved laboratory partner and reseller of Illumina NGS for the last 2 years outside Europe. So in the video the Yourgene Next Generation Sequencing (NGS) laboratory mentioned not only provides sequencing on Ion Proton System, The Ion Torrent PGM System and Ion S5 but also whole genome sequencing using the Illumina HiSeq2500.