Member Info for Computer909

The biggest concern looking back over the last 20 months is this ....

In June 2020 they told us as part of the placing that they needed £3M in order to scale up production of LFT capacity, we were told that this would take our own capacity from 200K to 1M per week.

Now we are being told that to commission 1M capacity for the DHSC, Omega have spent £2.5M of the DHSC prepayment plus some of its own cash, and this didn't include purchasing any equipments that reportedly cost £17M.

So £3M to add 800K capacity or our own but £20M+ to commission 1M capacity for the DHSC ?

So it looks like the £3M figure in the placing didn't come anywhere near the funds that they would have needed to scale their own capacity, Looks like more incompetence by the BoD, back then no one not could have worked out that they were using the finger in the air method of cost calculation, with all that has gone on, details just show their incompetence.

@Topcat1953: "Unfortunately for all the loyal ODX share holders we should have smelt a rat when the directors started to just ship and sell there shares at 4 times of what they are now"

The Directors will be measured at the end of the month when they have the option to take shares under the EMI scheme at 15.4p, let's see how many of them do so this time around.

"Why no announcements of investigations or deals to manufacture LFTs to detect other conditions, or infections....they have all this kit"

June 9th 2020
The Company intends to use the net proceeds of the Fundraising as follows:

-----
COVID-19 – ELISA Testing Purchase of manufacturing equipment to scale up production - £1.1 million - Utter waste of money, wrong product at the wrong time
-----
COVID-19 – Lateral Flow Testing - Purchase of manufacturing equipment to scale up production
£3.0 million - Utter waste of money, we are still haven't increased our own production capacity to the 1M per week goal, sat on a £2.5M bill for wasted effort, and baby sitting £17M worth of equipment that is doing nothing but gathering dust
-------------
VISITECT® CD4 Margin Improvement Validation work on new raw materials and processes to lower the cost of goods for VISITECT® CD4 -£0.4M, - Has this been completed, pointless exercise improving your margin when none are bing sold.
-------------
Expand Lateral Flow Product Portfolio - Intention to develop two tests over medium
term: 1) A test for Cryptococcal meningitis 2) A TB-LAM test to diagnose T.B. in people living with HIV - £2.7 million - Nothing further mentioned about progress in 20months
---------------
Repayment of overdraft facility £1.0 million
----------------
Working Capital Estimate £2.3 million
-----------------

So basically the only thing Donkey has been able to achieve with £11M in over 20Months is to pay off the overdraft and pay his salary

"I wonder if they have done something sneaky like asking the company to resubmit stage 1 with Omicron performance?"

Lets hope not, based on ODX's agility with the regulator if they have to resubmit for every variant, they will constantly waiting on the brink of approval

"CEO looked about 15 years old and was a right hoo ha Henry. Looks like another dodgy contract has been handed out to an old Etonian chum"

Lol, That was surescreen (https://news.sky.com/watch-live @5:25:40)

When you have a cheque from the government for £500M+ you really dont give a sh t if people think you are a Hooray Henry !

"Just received an email from my kids school saying they cant provide LFTs due to shortage from the government."

We know that Surescreen had 10M in storage before christmas, waiting for someone in the DHSC to approve the colour of the box, this government is shambolic to to core, no one in authority wants to put their name to any decision for the risk of it coming back to haunt them, which was clearly the situation with the ODX contract expiration

https://www.gov.uk/guidance/covid-19-test-approval-how-to-apply

20 days !

Looks like Boris has taken a lesson from Donkey on dealing with the public

https://www.mylondon.news/news/uk-world-news/boris-johnson-caught-lying-down-22721411

@Silles: That presentation Q&A is from October 2020, unless you have been living on the moon the you should know ODX is in a very different place now from what it was then.

Perhaps you want to jump forward to the November 2021 Q&A

Q159 Can we expect a placing since the covid sales didn’t materialise?

At the end of September 2021 we had a net cash balance of £4.70m and an unused overdraft facility of £2.0m and would never provide comment on any speculation of future corporate activity.

Much different tone than "Lets put the rumors of a placing to bed for good"

"With regards the equipment they were loaned, this will be too much trouble for HMG to organise a return"

I'm sure Surescreen will be happy to collect it !

https://www.gov.uk/guidance/covid-19-test-approval-how-to-apply

Complaints: Applicants who want to complain about the process should email ctdacomplaints@dhsc.gov.uk. You must include a full summary of the complaint and any supporting information you consider relevant.

Dear Sir / Madam

Colin the Donkey here, with regards to the Omega diagnostics application for approval of the visitect Antigen test under the CTDA regulations, can you please confirm that the second class stamp I attached to the application was sufficient and you have in-fact received the application, Sorry to be a bother and no rush, if you can get back to me when your don't have any chinese applications to process i would be most grateful.

Many Thanks
Donkey

Ps: Keep up the good work !

This is AIM, there is always the shadow of a placing, and especially if a company shows as much contempt for its shareholders has ODX does

It’s pretty much guaranteed if they cant secure large orders in H1 of 2022

Donkey has already switched from

March 23: “Let’s put those placing rumours to bed. For good.”
November 24th: “would never provide comment on any speculation of future corporate activity.”

The guys a communications buffoon!

"how low does the SP have to go before everyone realises that Colin has to go"

Donkey is an idiot, and a deluded one at that, he spouts scapegoat after ****ing £13.5M against the wall, blames everyone else and will undoubtedly fall back on the fact that he has doubled the SP since the start of the pandemic.

The only way he goes is if he is forced out, i think that time will come only if they are forced to do a placing anytime in H1 of this year.

"WHY DOESN'T HE PICK UP THE PHONE !!!!!"

Because ODX for some reason are like kids playing at being in business, they don't want to actively chase what they need for the risk of upsetting someone, or don't feel its the right thing to do !

Well Donkey wake up and smell the coffee , you need to do something to reverse the sentiment or we will be at pre-covid levels and looking at a wasted £13.5M,

20 days it should have taken and £14K cost, they need to be ringing everyday, making a nuisance of themselves, what else are they doing and what do they have to lose ?

Even the other bloodsucking BoD members must be concerned at their 15.4p options at the moment ! Donkeys and Jags performance threshold of 30p looks far in the distance now unless they pull their finger out.

"A Sleeping Lion"

Lions led by Donkeys

The massive issue was also that ODX never made any attempt to address the fact that Mologic failed PD assessment, I quote wallbrook in saying

"Omega are not involved in the performance evaluations process and they are currently waiting to hear which test / tests have passed. There has been no guidance from the DHSC on how long this process with take. Given Omega is not involved in the process it is not able to give and update on the process and I would expect shareholders to be updated when Omega is informed which test it is to produce."

We know that if Mologic had passed PD and with GAD and ODX on standby to make tests surely the government would have used that IP for the contract.

But ODX did nothing again the favourite "not in our control" statement, and it now looks to have cost them £374M worth of contract, they could have/should have addressed the issues and resubmitted ASAP, if Mologic didnt want to then the should have submitted under the Visitect brand (as they have done in the EU)

Donkey was oblivious to his world crumbling around him !

"I'm sure the BoD, much like the rest of us, never expected to get screwed over by our own government."

They were the ones that were privy to all the goings on, and that are paid the big money to anticipate the goings on they aren't privy too, it was clear the DHSC contract wasn't worth the paper it was written on from the start.

I have always thought that the contract was a "standby" nightingale type arrangement, incase the government couldn't source tests elsewhere, and as such were holding back on the test selection based on that, but now we know they weren't able to secure a test (and if they were willing to continue to pay a premium ex-works for tests, why on earth would any of the test manufacturers want to offer up their IP, it makes no commercial sense.)

The £374M question is when did ODX, Colin and his BoD first get wind of the fact that the DHSC were struggling to license a test, my guess is just before they all sold out in March !

"Everyone blaming Colin King, Omega diagnostics or an anonymous user on this board is simply looking for a scapegoat"

Let us examine the Colin King is a scapegoat question?

We now know from Sir John Bell ("the Roche lacky") that unsurprisingly no test developer was willing to share its IP with the DHSC, and therefore the whole structure/intention of the DHSC/ODX contract was flawed from the start.

Yet Donkey King has spent all year (even 6 weeks after we know the contract expired) insisting he was in constructive dialogue with the DHSC regarding test selection.

The guy is unscrupulous, incompetent, and basically useless, not a scapegoat but fully responsible for the shi tshow of the last 20 months.

And still he tweets about commercial opportunities emerging on approvals, exactly the same narrative we had last year with MHRA approval for the AbC-19 test.

This week we must urgently be updated on what steps ODX are taking to address the delays in regulator approvals in both EU and UK, (Avacta submit for EU approval at the same time as us, but receive approval and then remove their test from sale before ODX even get approved)

It would just be nice to see some believable evidence that the senior management of the company have a clue as to what they are doing and are actually giving the shareholders a second thought.

£13.5M cash wasted in less than 18 Months and still he argues he hasn't done anything wrong

"Two weeks walking the Camino from Porto to Santiago"

Perhaps you may spot some of the commercial opportunities that Colin is encouraged about in his last tweet

The greater spotted ODX commercialisation !

Another bit of news that throws the dampener on all the pressure from last week on the government.

Boris today, good job we bought the Chinese tests as the UK developed tests don't detect Omicron, you can here the idiot smirking into his cornflakes.