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"there's absolutely nothing we can do....... Contsant moaning of the same carp will change nothing'
I thought we were told by the Company, that they were listening to Social media (Tesla Tweet) and acted on price movement based on incorrect information circulating on twitter, Or did they only mean when the price was going up?
@sentinel85uk: If you look back to the period of Feb and March 2021, with what we know now it shows that the company communication was intentionally misleading, There was no way on earth they could have been in a position to deliver 2M tests a week in april, as we now know Colin only two days earlier had signed a commitment to the DHSC to have the capacity available by the end of May, and was still commenting on the commissioning work into the second week of may, and as we all know the test selection had not been made, and the estimated Tech Transfer time was 8-11 weeks, again in the contract Colin signed on the 12th february.
"Is waiting for 1 year a short time?"
Regarding the placing that secured £11M in July 2020
Colin King, CEO of the Company commented:
"This Fundraising marks another significant moment in the Company's development and we are pleased with level of support shown from our existing shareholders and new investors in the Placing. The Fundraising will allow Omega to capitalise on the current opportunities it has regarding COVID-19 and build a strong position in the global health diagnostic market by using its existing skill set and experience with lateral flow devices. Furthering these opportunities will allow the Company to continue delivering on its mission to improve human health and well-being through innovative diagnostic tests and global partnerships.
"We look forward to being able to update the market on the progress made on our COVID-19 testing opportunities along with the opportunities available to the core business with VISITECT® CD4 and Food Intolerance."
I think we all look forward to that Colin, just didn't think we would be waiting the full 12Months !
@Wadogara: If we are talking about changing formats, lets ask why when at AXIS-Shield Colin was very keen to release actual figures on the amount of tests they produced, You can find his signature on the yearly statements
at ODX he wont tell us what they have produced but only what capacity they have to produce.
Colin King : "He was the Managing Director of Axis-Shield Diagnostics" Until October 2014
Year : 2012 2013 2014 2015 2016 2017 2018 2019
Revenue:(M) 20.1 20.2 18.5 21.5 23.9 25.5 23.9 30.1
Tests (M) 25.5 27.4 29.4 38.7 36.5 43.6 47.1 56.79
Pretty much flat until he left and has kicked off since then, ODX have not been in the black since the day he took over.
We all still wait for the transformational year !
"Compensation vs Earnings: Colin's compensation has increased whilst the company is unprofitable."
Mr. Colin King, MBA has been Chief Executive Officer at Omega Diagnostics Group PLC since December 14, 2017.
Date Revenue Net Income* G+A Expenses R&D Expenses
30/09/2020 8.52 -6.79 6.55 -
30/06/2020 9.17 -6.81 6.71 -
31/03/2020 9.82 -6.83 6.87 -
31/12/2019 9.41 -3.55 6.65 -
30/09/2019 9 -0.27 6.43 -
30/06/2019 8.88 -0.3 6.33 -
31/03/2019 8.76 -0.34 6.23 -
31/12/2018 8.39 -0.93 6.39 -
30/09/2018 8.02 -1.52 6.56 -
30/06/2018 8.17 -1.36 6.64 -
31/03/2018 8.33 -1.21 6.73 -
31/12/2017 10.14 -0.49 7.23 -
30/09/2017 11.95 0.24 7.74 -
30/06/2017 13.1 0.48 8.15 -
31/03/2017 14.25 0.71 8.56 -
31/12/2016 13.84 0.68 8.33 -
30/09/2016 13.43 0.64 8.11 -
30/06/2016 13.09 0.61 7.92 -
31/03/2016 12.74 0.57 7.74 -
31/12/2015 12.65 0.72 7.59 -
30/09/2015 12.57 0.87 7.45 -
30/06/2015 12.34 0.81 7.31 -
31/03/2015 12.11 0.74 7.17 -
31/12/2014 11.9 0.68 7.06 -
30/09/2014 11.69 0.62 6.95 -
30/06/2014 11.64 0.66 6.9
If you feel that the company representatives have manipulated the market for their own gains, you should
i) Write to them setting out your belief and ask them to respond
ii) If the response you get back (if you get one back) is not sufficient in your mind, then report them to the FCA, its as simple as sending an email with any supporting information you have
I have reported the "This April we will deliver 2M tests per week" tweets whilst the directors were selling.
@LTH73: Well unfortunately we take Colin at his word, that if they had any worthy orders they would update us, and remember the only "worthy" order we have yet to hear about was for 175K ABC-19 tests, (which. the government now seem to be using for free !). Either we believe him or don't, nothing adds up with this company, which we hope will become clearer in the July update.
@thecontender : Please don't encourage the "dog walker" again, Colin will feel he needs to rollout the "Order some blinds quip" again, it was funny originally until we realised that was the only order the company had seen for 12 months !
"He personally can't be blamed for governmental incompetence"
Well he certainly can be blamed for not even starting regulator engagement for over six months after they started Tech Transfer of the Mologic antigen test, so they would know what protocols the company would need to jump through to get the company to market.
Colin has been played by the UK government, as a holding card, and unfortunately took his eye of the visitect ball, which now we are urgently trying to get back in the game.
Jag Grewal (Commercial Director) - What the hell has he been doing for 18 months
Angela Robertson (Group Regulatory Affairs Director) - What the hell has she been doing for the last 6 month ?
Innova Lateral Flow device, which missed 60 percent of SARS-CoV-2 cases (if PCR testing is taken as the ‘standard’). The take home message is that open access Lateral Flow testing for symptomless people is very unlikely to provide a cost-effective additional element in managing the covid-19 pandemic.
I'm waiting for mine to respond to ...
"Can you please let me know your personal view on the issue of the Innova tests continuing to be used under the NHS Test and Trace brand, in light of the US FDA findings regarding them and the statement that the FDA consider them a risk to life and should be thrown in the trash?"
Mine has never stood against the government in three terms so i'd be surprised if he doesn't tow the party line, but we wait to see.
I'd encourage everyone to write a short note to their MP (https://members.parliament.uk/members/Commons), and ask them for their personal view on the Innova / MHRA situation, and post their response. I'd be interested on how many a) respond b) give a crap
"delays and the stonewalling potentially behind the delay in announcing a sovereign test and giving the green light for production"
You have to ask why the government would stonewall the approval process of any potential Sovereign test, but then you think about the conversations the must be having with the MHRA regarding home use EUA extensions and the words "no viable alternative at present" will surely be thrown into the mix by the DHSC to support continued use of the Innova crap.
@Schalfenplanet: “It's my belief that with the RNS we received today stating contracts are in place”
Have you studied the DHSC/ODX contract, beyond pre-production its a lemon, depending on the government to make a test available and to ask ODX to make it, If Innova remains an option for the DHSC the numbers just dont support any likely hood of any call for ODX to supply any actual tests,
The only thing for Omega to do now is to concentrate on EU and US sales, and take the money from the DHSC for what it’s worth whilst showing them the same respect they have shown us, ie none