Member Info for Eureka01

Gloria, "when was that discussion before or after Mr cheeks contract wasn't renewed?" Last month, before James's departure.

Stephen, " i did think JC gave a very peculiar reaction when asked about a potential takeover at the last investormeetcompany meeting ." Interestingly enough that was the one subject in our discussion on which he would not be drawn. He advised me he had been told not to discuss that subject. Make of that what you will.

In a previous post I mentioned the need for meaningful sales. As the price fluctuates up and down, with today's announcement I am more hopeful that the overall trend should now be up. Although the sum involved in today's announcement is equivalent to little more than a week's cash burn there are grounds for increasing optimism.

1)The company now has two world beating products, the CYP2C19-ID test and the MT-RNR1 ID kit both of which have received UK regulatory approvals.

2)Sales are now underway for both tests. Today's announcement is the start for the stroke test and there have been previous announcements of sales for the hearing loss screening test both in the UK and abroad.

3)Future sales announcements should now appear with increasingly frequency, boosting not only the finances but also sentiment.

4)In the US, the MT-RNR1 ID kit has received Breakthrough Device Designation from the FDA. Although there is some way to go, this is an exciting start for eventual entry into the US market.

5)The potential dampener is the need for another fund raise. However, I was assured by the company in a recent discussion with them that this would not be needed. So clearly the expectation is that sufficient funds will be coming in from sales to keep the company solvent before the £6 million runs out.

Following the NICE full recommendation and the FDA Breakthrough Device Designation a lot of hype has been going on here. LTH's will recall that GDR had a couple of seemingly game changing announcements in 2020 and 2021.

February 2021: " genedrive plc (AIM: GDR), the near patient molecular diagnostics company, announces that it has now shipped its first 96 SARS-CoV-2 Kits to the USA. This shipment will allow Beckman Coulter to commence initial sales activities and prepare the market for wider commercial rollout." The sp soared to £1.50.

And when covid testing hype was even greater, May 2020: "genedrive plc (LSE: GDR), the near patient molecular diagnostics company, announces that the Genedrive(R) 96 SARS-CoV-2 Kit is now CE-IVD marked and is available for commercial sale across the European Union, including the UK, whilst also accelerating market access to countries that accept the CE-IVD mark." The sp soared to nearly £3.

Unfortunately meaningful sales failed to materialize and the sp declined to where it is today. Don't get me wrong, the two latest announcements are great news and as a holder of course I hope things work out but let's keep our feet on the ground. What we need are meaningful sales!

😴😴😴

Is that in addition to the 365 other RNS's he predicts almost daily?

Note the differences in the RNS's and circumstances of Budd's and Cheek's departures:

The manner of the departures:

Budd: "... has notified the Company of his intention to step down from the role with immediate effect."

Cheek: "has left the Company with immediate effect by mutual agreement."

The thanks:

Budd: "I would also like to thank David for his dedication and leadership over the past seven years, as he transitioned the Company from a Contract Research Organisation to being an innovator in the development of molecular diagnostics for use at Point-of-Care. David has agreed to support James as required during his transition into his new role."

Cheek: "I would like to thank James for his contributions at genedrive and, on behalf of the board, wish him well for the future." Note the absence of any specifics.

The ongoing support:

Budd: "David has agreed to support James as required during his transition into his new role"

Cheek: No mention.

The successor:

Budd: Cheek was an outsider so it would have taken considerable time to find a successor to Budd.

Cheek: Miele was an insider so the board would have been able to make the change at short notice.

That last 500k was a sell if you look at the prices. Ignore the bid/offer columns...look at the prices! Also the sp went down as a result!

"Dr Gino Miele, previously chief scientific officer, has been appointed as the new CEO.

Miele, who joined Genedrive in 2011, has contributed to the development of the company's pharmacogenomic testing products.

He has overseen regulatory approvals in the UK, Europe, and the Middle East, and secured NICE approvals for the Genedrive MT-RNR1 and CYP2C19 ID Kits.

Miele also played a pivotal role in obtaining the FDA breakthrough device designation and is focused on expanding revenue opportunities in the UK and internationally."

https://www.proactiveinvestors.co.uk/companies/news/1053444/genedrive-shares-down-10-after-ceo-departure

One further pointer that I did pick up was that James also mentioned, pointedly I thought, that it's very expensive being listed on AIM.

Funnily enough, I actually spoke to James last month. When I touched on the subject of the company going private he responded that he had been told not to talk about that. Similar to what those who watched the IMC presentation in April will recall. What isn't clear is who gave the instruction, the board or the NOMAD, and was it part of general advice or down to something specific?

"It was actually just under 10p when Cheeks took charge" It was actually 12p and that was before dilution. That 12p is the equivalent of a little over 3p now.

If James had been there for a reasonable time that might have been ok but the fact that he's gone, with no explanations, after less than a year in charge doesn't look good. Whether he was pushed out or left of his own accord we just don't know.

I contacted NICE with a few questions on the stroke test which have been the subject of speculation on this board. I have now had a response.

Q1 What was the "resource to support the implementation" that had been mentioned to me as the reason for the delay in final publication.

A. NICE is working with NHS England, who will initially deliver a national pilot to inform future implementation of the guidance. We will notify stakeholders when supporting information on implementation is available.

Q2Now that the test has been recommended by NICE will all hospitals be obliged to adopt the test and if so, how long will they have to implement the procedure?

A. These decisions are made at a local NHS level and usually on a case-by-case basis. This guidance represents the view of NICE, arrived at after careful consideration of the evidence available. When exercising their judgement, healthcare professionals are expected to take this guidance fully into account, and specifically any special arrangements relating to the introduction of new interventional procedures. The guidance does not override the individual responsibility of healthcare professionals to make decisions appropriate to the circumstances of the individual patient, in consultation with the patient and/or guardian or carer.

Q3 Will each trust have to fund the tests and the acquisition of the testing machines or will funding come from central NHS funds?

A. Hospitals will have their own policies about getting permission to perform/fund procedures and monitoring the results.

News report: "Shares across the world tumbled Friday - as investors panicked over signs of weakness in the US economy.

The S&P 500 was sinking by 2.5 percent in midday trading, on pace for its worst day since 2022. The Dow Jones was down 954 points, or 2.4 percent.

At one point in the morning, the tech-heavy Nasdaq was down 3.2 percent, meaning it has lost more than 10 percent from a record high on July 11."

I came across this from January 2021: "Genedrive PLC (LON:GDR) CEO David Budd joins Proactive London's Katie Pilbeam to discuss their strong momentum and latest collaboration. Genedrive and Beckman Coulter have accelerated their relationship as the duo are to target the US and Europe with their coronavirus testing technology. The agreement allows the American biomedical company to sell and distribute genedrive's COVID-19 PCR test, the 96 SARS-CoV-2 kit which is ideally suited for use on Beckman’s high throughput robotic Biomek i7 instrument."

Well, old timers will remember how far that one went.☹️ Will genedrive’s CYP2C19 ID testing kit go the same way? I don't think so.🙂

"Does GDR have a competent and adequately staffed sales team?" When I spoke to them recently, they had one salesman for the UK and one for abroad.

Erh yes, it was only posted 27 minutes earlier!

As has been pointed out many times, a transaction can be marked as a buy when actually a sell and one marked as a sell may be a buy. It all depends if the transaction is over or under the mid price. I often do dummy trades and see it all the time! So don't go by the official tally of buys and sells!

Talking of key milestones and sales have a read of this article in UK Investor Magazine:

"Genedrive achieves major milestone with NICE final guidance"

"With this recommendation and existing UKCA certification, Genedrive plc is now poised to commercialise its product in the UK and select Middle Eastern countries."

https://ukinvestormagazine.co.uk/genedrive-achieves-major-milestone-with-nice-final-guidance/

Btw, just in case anyone is prepared to take popeye 62 seriously, I did an expose on him previously based on his previous posts:

"There's a lot of rampers on here that are in for a rude awakening." 20/07/24

"I very much doubt they will raise the necessary minimum £6M." 14/05/24

" I really can't see how they're going raise cash via a placing." 26/03/24

" A raise at this stage would not be available to GDR."13/03/24

"I think that the next RNS will be to announce that the company has filed for administration. 13/03/24

But we need to go back to last November for his motivation.

"I've started to build a sizeable position" 14/11/23

Sp then around 8p. So forced to sell at a loss and now another disgruntled ex shareholder??