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Whilst we await news from Penn, there is a study out today which shows the rapidly growing number of young people claiming disability benefits due to mental health issues.

It’s the sort of thing that should encourage government to invest greater resources to deal with the increasing costs.

https://www.bbc.co.uk/news/uk-politics-66592814

WH Ireland have SP target of 90p. Both way above current level.

Long overdue, but excellent news. This clears the only negative for me. On the assumption that a long running two way conversation with FDA has taken place and FDA now happy to accept submission, hopefully we will get approval. SP looking very cheap atm

The problem with this lack of FDA submission news is when I see a new RNS I feel disappointed it isn’t about the FDA submission.

I can’t help feeling that CEO Matthew Walls created a rod for his own back with these previous statements of his.

10th January 2022

“the filing of the Cardio inCode FDA Pre-Submission marks the start of the US regulatory approval pathway and ongoing preparation for the launch of Cardio inCode-SCORE later this year.”

27th September 2022

“The submission is expected to be filed with the FDA over the coming weeks.”

3rd January 2023

“CARDIO inCode® measures an individuals inherited genetic risk of coronary heart disease with the complementary FDA 510K submission for a CARDIO inCode® kit (for use by other CLIA labs) to be filed shortly.”

I did previously ask Genincode for clarification and was referred to their PR advisers. They never bothered to reply to me.

A Midas Tip Update was the catalyst for todays flurry of buys.

hTTps://www.thisismoney.co.uk/money/investing/article-12277811/MIDAS-SHARE-TIPS-UPDATE-Boost-mental-health-firm-Kooth.htm

In last 3 months we have seen Fipps 3 largest holders, Cannacord, Quilter, Octopus, all announce reductions in their holdings. I believe one or more of these are still selling and with no news and so few buyers about the price continues to fall away.

I have looked at all the companies today and whilst a couple of the 20 holdings look a bit grim there is nothing to warrant the fall to the current market cap. Indeed many of them continue to make good progress.

It was only in March they told us NAV was 88p and Singer rated them a Buy with target price of 125p. So even if NAV has fallen 10% we are trading at a 50% discount which seems oversold.

Put another way.

Exscientia worth £2.4M

Pulsiv 18% is £9.5m

Vaccine Group £5.5m

Cash about £6m.

So they’re worth £23.4m against a market cap of £22m.

So all the other companies are thrown in for free, including the 38% of Alusid which has been touted as having a value of £10m.

I’ve listened to last weeks PowerUp Expo conference where Pulsivs Darrel Kingham was on a panel.

He stated that companies are looking for maximum effiency performance and they have been working with partners to achieve this.

And that “they will shortly be releasing reference designs and news in the not too distant future where we’ll have some new topologies and partnerships where we will be showing even better performance “

Current market cap of £23.6m will look ridiculous when this news released.

Bit of feedback from the Pennsylvania pilot study. The fact that 65% of the students used the service is a strong justification for its need.

https://www.the74million.org/article/report-thousands-of-pa-students-asked-for-mental-health-help-last-year/

Disappointing delay, but at least they’ve kept market updated. Hopefully shortly does mean just that.

It looks like things could be happening at CamGraphic(20.8%). Remember this was said in an RNS last August.

“The technology has attracted interest from major multinationals in the semiconductor and telecommunications sectors. Customer testing is expected to begin in September.”

Now look at the jobs currently being advertised on their website.

hTTps://www.camgraphic-technology.com/jobs/

Significantly now appointing a CFO, under whose job description it says

“The company has just completed Round 2 funding (£2.2 m) and is midway through Round 3 to support design optimisation of the technology for multiple applications.”

Also the Contract and compliance lead.

“ This is a newly created role as a result of expansion of our activities.”

The current SP is really not reflecting what’s happening with the portfolio at the moment.

One of the European projects that Cambridge Raman Imaging (26.8% owned) are involved with, Crimson, posted a tweet this week that suggests the project is progressing nicely.

hTTps://twitter.com/crimsoneu?lang=en

hTTps://www.crimson-project.eu/2023/05/09/crimson-latest-findings-presented-at-the-2023-anakon-conference-in-vienna/

I was looking at the jobs available in the US. I was expecting to see vacancies relating to California and Penn but was surprised to see remote recruitment jobs available in the Missouri/ Kansas area.

Anyone looked at this before? Any thoughts on this?

https://www.paycomonline.net/v4/ats/web.php/jobs?clientkey=CA518AACD06747D958404929D26FA686#

I agree with David. I believe the granting of the CPT code is seperate from the 510K submission.
I did ask Genincode to clarify this but they refused to give me an answer, merely suggesting I ask Walbrook , their PR advisor. I asked Walbrook a couple of days ago but as yet they haven’t replied.

On 3rd January RNS this year Geni stated “ FDA 510K submission for a CARDIO inCode (R) kit (for use by other CLIA labs) to be filed shortly. ”
After submission the FDA have 90 working days to respond, so even if it was submitted next day I would not expect approval before mid May. Also I’m pretty sure if FDA approval given we would have had a stand alone RNS about it.

Kooths California contract covers the 13-25 age range.

By my estimate there are 6.5m people within that age range in California. Obviously as we are 1 of 15 providers we don’t know how many of them we will be serving yet.

The $3m pilot project for 150,000 pupils worked out at $20 per head.
The 500 school districts have 1,566,855 pupils.

Just saying.

“ Starting next month, the campaign will go live to hundreds of thousands of youth across Pennsylvania, letting them know that Kooth is there for them when it matters”

That’s another very interesting find. I’m not sure what to make of it though. Hundreds of thousands?
So far the market has only been told that Kooth is available to 150,000 youths in Pennsylvania.
So is that an overexcited marketing guy posting figures without much care for accuracy or has he let slip something not due to be announced until next month?

Remembering that this is what was said in results this month
“ Continuing to deliver on Pennsylvania pilot with a view to renewing and expanding our activities”

The clues are all there for what looks like could be coming.

Here is Paul Scott podcast in which he mentions Kooth. It’s mentioned in first 3 minutes. Doesn’t give any new info other than he probably has it on his watchlist but his colleague not keen.

https://qualitysmallcaps.co.uk/scvr-weekly-podcast/small-caps-podcast-with-paul-scott-episode-14-part-1-of-2-for-2023-company-results/

This was apparently mentioned in Scvr by Paul Scott yesterday. I imagine a lot of people who did a bit of research into it probably liked what they saw, hence the buys late yesterday and today.

That’s a really good find Shearclass.
It certainly suggests they are very happy with the 30 school district pilot scheme and that they are keen to extend it to the 500 school districts.

Going by lack of reaction to results this looks very much off the radar atm. And yet the company is in a lot stronger position than 18 months ago when it was about 400p. If the numbers on the California win are as good as hoped and Pennsylvania extends, I expect SP to reach new all time highs within 6 months.

Wishful thinking imho. I’d buy back in quick if I was you. Remember when you said this:
“60p does look cheap versus adjusted NAV, given management decent/good trackrecord of backing winners”

That was September 13th when Exai SP was $9.13. It is now about $11.

By my reckoning current market cap of £34m is about a 33% discount to our present NAV which I estimate is at least £50m now.