Member Info for Computer909

@Regulator,

So when they said "Omega is continuing to undertake tech transfer of the Mologic test and ideally that will be the test that passes performance evaluation and so would be manufactured under this contract, (however, in theory, it could be another test instead), I took that as the expectation was the Mologic test if approved would be expected to be Manufactured under this contract", there has been a whole discussion as to the impact if it isnt the selected test.

The query to walbrook around manufacturing contract or per test revenue was based on whether the contract was simply to operate the DHSC machines at a set price irrespective of output (a type of co-location contract) or whether the contract was based on numbers of tests produced, the answer is based on number of tests produced, not sure what your point around per volume or per test is making?

No one is suggesting we can sell the "NHS" test outside of the contract, but if it is the Mologic test, its the same test apart from the branding.

@Bakky, with £6M in the bank, very unlikely, and they have also recently stated no fund raising needed

For those wondering why Novacyt rocketed on news of a government order, you just simply need to track the difference in wording between RNS' , Novacyt clearly included revenue streams and figures,

"This first phase of the contract will involve the immediate deployment of 300 PCR instruments, related kits and support services with a minimum value of £150 million for the first 14 weeks. Based on this initial period, a further £100 million of revenue could be expected for the subsequent 10 weeks, however volumes can be varied up or down subject to certain notice criteria given by the DHSC."

Unfortunately ours leaves too much to the imagination, and we can only guess that the details we need aren't their yet?

Unfortunately there is no getting away from the fact that ODX have failed to make any commercial traction from its Covid products to date, and this is probably why the RNS today hasn't been universally welcomed by the market. Times frames have not been clarified (We wait for the test to be clarified), contract value hasn't been clarified, Looks like we could be april before we even sell a single antigen test, and that assuming its the Mologic test selected, anything else and we are looking at June based on the six month Tech Transfer window.

@Ton1c : "Visitect AB, in particular, I think that has a strong future but we just haven't had the capacity to produce at scale to date"

I disagree, when i asked ODX Sales Director (Jag Grewal) for distributor details for the Visitect AB test, he directed me to the ABC test and Abingdon, hence i don't think its on the ODX plan at the moment, Could change but IMV unlikely to gain much traction.

@Ton1C, not sure its that straightforward and plain sailing (as clearly demonstrated the other product lines currently have little traction) and switching manufacture to different tests isn't just a case of flicking a switch from one bin to another.

ELISA is clearly a waste of time and money, as is the Visitect Antibody test, Food Intolerance and CD4 are basically on hold until we get through this pandemic

So basically two products to concentrate on at the moment, ABC but i don't think that will get much traction anytime soon (We have yet to see what happens with the UK-RTC beyond the 14th), so that leaves the Antigen test, If Mologic is the test then great we can produce as many as we want and sell to either DHSC or elsewhere by putting them in an NHS box or Visitect box, If Mologic isnt the test we have the complexity of dedicating capacity to particular tests

"I doubt that ODX will be permitted to sell the government's 'sovereign test(s)' overseas. The deal is about supplying HMG with supplies and I would assume that DHSC will have control of sales to third parties in the same way if did with the UK-RTC agreement."

Walbrook confirmed that there is nothing in this contract that prevents the sales of Mologic Antigen (Visitect) outside of the contract, obviously the complexity comes if the DHSC test is not the Mologic test and that then becomes two completely separate production lines, rather than just a rebadging exercise.

Unfortunately it looks like the SP is falling after the spike this morning because when you take time to analyse the RNS, there is very little new in it, Yes confirmation of the FT article that we will be part of the Antigen Test Consortium, but we already knew that really, We don't have any details of what the value of this contract will be as yet, so more uncertainty. The details that the other product streams as expected have made nothing in the year (again a diagnostic company that makes a loss in a pandemic has to look at some strategic decisions).

ODX expect the test to be Mologic, but haven't confirmed that, if the DHSC source a different test we are into the Tech Transfer timeline again, does this also indicate that the Mologic test hasn't successfully passed a performance evaluation yet?

Hopefully we crack on with getting the Visitect Antigen to market and can sell some whilst the DHSC contract sorts its self out.

But defo not the news we were looking for,

Some Clarification from ODX/Wallbrook

DHSC contract revenue is based on per test not manufacturing contract,

It is expected Mologic test will be the one delivered under this contract

No exclusivity clause stoping us selling the Mologic Antigen test under Visitect to others

So a contract manufacturing agreement, rather than a test supply agreement? So what does that mean for the bottom line opportunities, are we not progressing with the Mologic Visitect antigen test?

Is this a different agreement than we hoped for, contract manufacturing rather than supply of tests, does this push the margin down?

@Retireby40, I take your point with regards placing at a discount and her making a quick profit, still doesn't excuse him ramping it with a DVRG RNS

@Chesh

"If Gerard turns the co. around, as he did with MW, and then we bring them into DV fold" , we pay through the nose, when he has now protected himself from any DVRG dilution relating to "lets not mention them ........."

@Retireby40, not sure the price makes any difference, its the % movement that makes the profit

@Chesh, i'll say it again, I don't care what she spent her money on, i don't even care she invested elsewhere, my issue is that GB used our RNS to make such a big point of it.

@Chesh, No one really give two thoughts to her selling, the issue is his almighty ramping of another company using a DVRG RNS.

Basically said, take your investment out of here and move it to MSYS, just as me and the wife are doing !

Unforgivable imv.

@AidanOwens

"Shareholder Alignment", all he is doing is protecting his/her investment, say we do takeover MSYS in an all share offer (as per MWG). The lower value of DVRG compared to a higher MSYS value means for each proportion that he moved to MSYS he gets a higher return. Basically reducing the investment worth of all the DVRG shareholders that don't follow him with the same proportion of their investment.

Has he calculated the proportion he needs to move based on the likely dilution of DVRG shares in the event of a takeover, IMV highly likely.

@Paulcon62

"There must be some folks at Deepverge shaking their heads. Unless of course there is something much bigger coming down the road!! - Time will tell."

There is no scenario i can come up with where your CEO ramping another company can benefit us, In a takeover scenario we lose, if its just a "sharetip" scenario we lose (people are obviously moving investment with him). He (and his wife) are free to move money to what ever they like, but don't use us to promote his own investments.

@mugginsthedog

"There are, of course, huge conflicts of interest in addition"

He clearly had no issues with using the DVRG RNS to promote MSYS, no clearer example of a conflict of interest from where i sit, he is clearly focused on MSYS at present

@bemmacolli1

"Im no experts in mergers and take overs if this indeed a deliberate play how can a lower DV SP be advantageous in takeover of Msys? Anyone care to offer an opinion?"

It isn't advantageous to us whatsoever, we end up paying more, or diluting DVRG by a greater proportion, two winners though, GB and his Wife

@Chesh, Is your keyboard broken, whats with the ........................... ?