Member Info for Eureka01

Hmm. New poster, coming out straightaway with non attributed rumours on social media. Sounds like a bit dodgy to me.

I did previously highlight the missing amount from the tax rebate. The company spokesperson tells me that the company is liaising with HMRC about the balance so potentially, at some stage, another £200k to keep the lights burning for a couple more weeks....unless Rachel Reeves decides the government needs it more than Genedrive!

Also, as was clear from their silence on the matter, there will be no IMC (Investor Meet Company) presentation to follow these results. The reason?..." there is a lot going on for the team to focus on commercially".

Sounds quite promising.🙂

The likely one is Peel Hunt. They are not here to invest in GDR but to facilitate the fund raise. Even if they sell at 1.5p, the same price as they bought in. they are still making a profit as they get their commission.

EmeraldCarrots: 15 Jul 2024 "The market cap is so low it is I N S A N E (£20M !!!) TOTALLY MAD IMHO".

19 Jul 2024: To potential bidders it must be like walking into a sweet shop and finding a solid gold bar next to the Mars bars for the same price. What in the World is wrong with the market? Something seriously wrong if you ask me.... The market is NUTS! Totally INSANE."

Market price then between 3.6p and 4.1p, now 1.51p. I can feel his pain.🙂

EC, You're getting a little bit ahead of yourself. The CE-IVD was given to the MTRNR1 ID Kit In September 2021 and look how slow the take up on that has been in Europe and the Middle East. Hopefully the take up for the stroke test will be quicker but don't expect results overnight!

The tax credit was supposed to be £700k. So where has the other £200k gone? Certainly the market seems underwhelmed today.

"I couldn't buy any through EQi,". Yes, I have my GDR shares with Halifax who were not participating. I also have an account with HL but because my GDR shares were not with them I couldn't participate.

"Less than 25% of the new shares were bought by existing investors". Slightly misleading, Gloria. £226,000 in the RetailBook offer was raised out of a possible £250,000 so a 90% take up of what retail investors could participate in.

I have been puzzling as to why the directors decided to buy some 3 million shares at prices from 2.189p to 2.344p in late December if they knew that a fund raise might be needed a few months later. I have come up with 4 possible reasons.

1)They simply wanted to instil confidence in shareholders and get the sp to a higher level so a future fund raise could be done at a higher price. "Pour encourager les autres," as the French would say.

2)Sales have not taken off to the extent they hoped and therefore they needed to come up with a fund raise which they did not foresee at the time. "We are actively pursuing a broad range of growing commercial opportunities in the UK and internationally". Yes, pursuing is one thing, but achieving is another!

3)There have been delays in expected events. We have been told the CE-IVD for CYP2C19 is on course for April

and that MT-RNR1 is progressing as planned with the FDA with first-engagement under programme initiated. Also the 5 additional sites for MT-RNR1 will go live in May we are told. Finally we are told that the tax credit is expected "in the coming weeks". Yet there are two glaring omissions on timelines (unless I've missed something!). First the specialist commission due next month. In last year's interims we were told "We continue to pursue all avenues to ensure we achieve specialist commissioning before the current timescale of April 2025". But in these interims no timeline is given. Just a vague reference to what would happen "In the interim to national commissioning." I did find it strange that no mention of specialist commissioning was made in the final results in November yet in the IMC presentation a few days later Gino seemed confident that it would happen by April. Secondly there is no confirmation that the CYP2C19 pilot programme is on course for completion by today!

4)Aside from specifics there are references to possible challenges which previously they may have underestimated. We are told: "Reimbursement routes for implementation are poorly defined in the NHS, particularly in NHS England" for instance. Re the FDA progress they tell us it's going to plan yet mention that there are "complexities to navigate that are inherent to planning for FDA-required evidencing of safety and performance for a novel diagnostic test such as ours".

So there we have it. If anyone has further ideas please let us know!

Gloria, You could be right. The dynamics are interesting. What I would assume is that GDR would have wanted the existing shareholders being involved but that PH, who have control of the fund raise, would have put a limit on the amount and the condition that the retail fund raise be limited to existing shareholders. So, yes, they could be testing the waters

On dummy trades, now 1.5194p to buy, 1,52p to sell. Backwardation!

I, like most on here, was shocked by the fund raise news, However upon reflection I think there is a silver lining here. The company has limited the amount it is raising to effectively provide a further two and a half months of working capital beyond the few months it would already have had.. Why? It would seem ridiculous for the company to then come back to its shareholders in a few months time for yet another fund raise. So I can see three possibilities:

1)They believe with the forthcoming news (CE IVD for the stroke test, end of the stroke pilot, specialist commissioning for AIHL etc) that things will take off.

2)They are in negotiations for a strategic alliance which would keep the company going.

3)They are in takeover talks.

The contrary case, of course, would be that Peel Hunt simply insisted on limiting the offer so that it could unload more easily.

But potentially it may not be all bad. Time will tell.

Just a word of advice for those trying to take up the retail offer. I tried earlier, through clenched teeth admittedly but on the basis of the good news expected in the next couple of months. HL, where I have an account, will only deal if you hold shares through them even if you have an account with them. That's not made clear in the announcement where it simply says "applicants must be a customer of a participating partner and, as at the date hereof, must be a shareholder in the Company." So I went to the broker where I hold my GDR shares and they hadn't got the notification of the current offer. In fact they got confused with the 1.5p offer from last year! So I still haven't been able to take up the offer and am now waiting for advice from RetailBook.

*1.55p to sell

Buys /sells are not what they seem. Did a couple of dummy trades just now....1.5485p to buy, 1.5 to sell!

*jam tomorrow

I am reminded of the White Queen's words in Through the Looking Glass: "Jam yesterday, jam yesterday but never jam today!" The company's credibility is on the line. There were many optimistic sound bites in the Finals. "The Board continues its commitment to maintaining its own efficiency and competence". "We...have a pipeline of opportunities that, if converted, would see a significant step up in revenues during calendar year 2025 and a reduction in the level of cash burn." "The Company also continues to actively seek non-dilutive funding". "The Directors have reasonable confidence in their ability to raise additional financing if required, to bridge the funding gap to a positive EBITDA position."

Well previously we were told that the company's own internal forecasts were for break even by June 2026. So the question is how will the gap from when this money runs out until then be filled? The company has great products but can it deliver?

Also very disappointed. With the existing cash plus the tax rebate plus income from sales that would have taken them well into the summer. Never expected a cash raise now. So much for their aspirations for non dilutive funding! How about the directors take a pay cut to lead by example!

"It’ll be the most exciting outlook and presentation yet imo"

"I think there'll be quite a bit of disappointment here once interim results are released"

Two contrasting views from posters here on what will unfold any day now. Personally, I am hoping for much good news in the interims. We have already had the Peterborough and Scottish news but there is so much more positive news that we COULD see. Here is my list of possibilities...apologies for any omissions:

1)Confirmation that the 5 additional sites under the NICE EVA programme have gone, or will shortly be going, live. (AIHL)

2)Other sites in England gone live or expected in the coming months. (AIHL)

3)New sales in the EU and/or the Middle East (AIHL)

4)Confirmation that specialist commissioning is still expected next month or soon after.(AIHL)

5)News on FDA progress. (AIHL)

6)Confirmation that the pilot programme is on course for completion by month end or soon after. (Stroke)

7)CE IVD still expected for early 2025. (Stroke)

8)More live sites in England, after Peterborough, expected to follow in the coming months. (Stroke)

9)Confirmation of receipt of the tax rebate.

10)Significantly increased revenue already or forecast for the full year and/or reference to non dilutive funding.

I do not expect to see all of the above but I would hope to see many. My assessment would be: Less than 5 disappointing, 5 to 6 good, 7 to 8 very good, 9 to 10 excellent. I am going for 7 of the 10.

What would others reckon on the number of the above being announced or reconfirmed in the forthcoming interims?

Re the CE-IVD marking, the door can take a long time to open fully! MT-RNR1 received the CE-IVD marking in September 2021 and the take up elsewhere, as well as in the UK, has been slow. Gino clarified the situation in the IMC in December in answer to a question as to why the CE-IVD marking had not led to sales in the EU. His response was that it had but that it was a slow process. The CE-IVD registration was the very first step in the process. Following that there were a number of steps: appointing distributors, generating the in country clinical guidelines, identification of adopting sites etc. He added that many countries recognize the NICE guidance and 2023 was probably the true base line date, not the CE-IVD registration.