Member Info for Eureka01

From the Finals last November: "As well as equity or debt financing we are also actively seeking non-dilutive funding such as grants, funding partners for the FDA approval and charitable organisations willing to support the adoption of our quality-of-life enhancing innovations."

According to the presentation last November 30th the following were due to to happen or at least hoped for.

MT-RNR1

1)"Other sites going live...very, very soon."

2)"Special commissioning...working to make it happen sooner rather than later."

3)"US contracts...hoping to bring news towards the end of 2023 or the beginning of 2024."

4)"NICE full recommendation: Things should have happened by end of September, early October, now pushed out until January."

CYP2C19

4("Has been delayed. Hoping to get info out in early January which should recommend our product."

Three and a half months on and none of these things have happened. The interims are due in a couple of weeks time. That will be an opportunity for James Cheek to salvage some credibility.

But there was also another forecast: "The Board is planning for an equity or debt raise in early 2024. expects to receive £800k in Q1 of 2024which would extend our cash runway towards the end of Q1 2024." So to me it looks likely that a debt raise will be announced at the interims. The question is will that be tempered by some long awaited good news??

Some may recall that I had put some questions to the company re continuing delays. I have now had a response to those questions as well as to yesterday's announcement and to the reason for the low sp.

1)They can't provide specific answers to my questions on delays as "there are a lot of moving parts".

2)The CEO is committed to more clear and transparent communication and will continue to update the market when they have news to share.

3)"The NICE EVA funding is positive news but the sp did not react favourably".

4)"All growth companies are struggling at the moment".

5)They are hopeful that as the year goes on, there will be more positive SP reactions to good news.

Apologies. My time lines a little awry. Two and a half months since the presentation, not two and a half months into the year!

Indeed, I have done so DP.

I am a very patient man but, now that we are half way through February, I would appreciate if the company would answer these questions:

1)MT-RNR1 in the UK

"I hope to be able to update you in the very, very near future of other sites going live".

So how soon is the very, very near future (now three and a half months)?

2)Special Commissioning of MT-RNR1

"The next bit for me is to see that it will happen sooner rather than later and that's the bit I am working on right now".

So how soon is sooner...or is it now later?

3)3)MT-RNR1 in the US

"One of my focuses is going to be the US....I have had a lot of time talking to different partners...I hope to bring you news on that hopefully towards the end of this year or the beginning of next year".

Now two and a half months into 2024 so when does the beginning of this year end?

4)4)NICE Full Recommendation of MT-RNR1

"Work has been going on with NICE around gathering data for the full recommendation of MT-RNR1. Things should have happened earlier in the year, by the end of September. early October and now things have been pushed out until January"

January has come and gone so why no update?

5)NICE Review of CYP2C19

"The NICE review for CYP2C19 has again been delayed...hoping to get the informat6ion out in January which should recommend our product".

Same question as for 4).

I did contact a company spokesperson about the delay. The response: "The Company has only been advised that the announcement has been delayed for operational reasons. This doesn’t change the information already provided by James that the original announcement due at the end of September had been delayed."

A five month delay and ongoing does seem problematic but it seems that the company doesn't know more than we do!

The point of having options is that you can buy at a cheaper price when the sp is higher, not when it's lower!

The postings of Bankruptstock:

"Fill your boots as we are heading to 15p on magic Friday." (6/12/23)

"Something big about to be announced. Don’t miss out top up." (11/12/23)

"Two more hospitals will be announced end of next week watch this space." (12/12/23)

"Explosive news coming on 6th feb

Put it down in your calendar for a huge RNS."

"...finalisation of some contract negotiations are completed by next Friday so the 6th is the date I have been advised if this has come to fruition or not. I’m hoping it has and we could see anywhere between 15p to 35p on just that news."

"Told you guys announcement coming on 6th . Directors owning shares should have pushed the price up."

"I told you the 6th the market just didn’t react like it should have"

Yes, the name is appropriate. Following Bankruptstock's predictions and advice you would soon be bankrupt!

"Timescales are always notoriously difficult to predict in the medical world" Sadly the NICE final report timeline for CYP2C19 is a good example of what you state Jlc.

."The Company is anticipating UKCA marking of the Genedrive CYP2C19 test prior to NICE's final report, currently scheduled for October. " 19/5/23

"...momentum for adoption is expected to be influenced by positive final NICE recommendations for CYP2C19 testing, which are expected in December 2023." 6/9/23

"....hoping to get the information out in January which should recommend our product". 30/11/23

Feb 2024 Still waiting!

January's come and gone and there's been a lot of disappointment, in my view rightfully so, that we haven't yet had news on any front. So I thought I'd go back again to the presentation from the end of November and set out the actual words of the CEO so there is no ambivalence.

1)MT-RNR1 in the UK

"I hope to be able to update you in the very, very near future of other sites going live".

2)Special Commissioning of MT-RNR1

"The next bit for me is to see that it will happen sooner rather than later and that's the bit I am working on right now".

3)MT-RNR1 in the US

"One of my focuses is going to be the US....I have had a lot of time talking to different partners...I hope to bring you news on that hopefully towards the end of this year or the beginning of next year".

4)NICE Full Recommendation of MT-RNR1

"Work has been going on with NICE around gathering data for the full recommendation of MT-RNR1. Things should have happened earlier in the year, by the end of September. early October and now things have been pushed out until January".

5)NICE Review of CYP2C19

"The NICE review for CYP2C19 has again been delayed...hoping to get the informat6ion out in January which should recommend our product".

So no news yet but potentially a lot of news coming soon and I remain hopeful.

Not quite. James specifically mentioned two events that were "due in January".

4)NICE full validation for MTRNR1 "due in January".

5)News of NICE review of CYP2C19 "due in January".

Ok. so they're now overdue but I'm still hopeful we'll get news soon.

Although the present share price, at an all time low, is horrendous the market cap in historical terms is not quite as bad. Taking a present mid price of 6.5p I have set out what the market cap would have been for the preceding 5 years at that price.

Nov 2018 34 million shares Market cap £2.21m

May 2020 44 million shares Market cap£2.86m

June 2020 52 million shares Market cap £3.38m

Sept 2021 92 million shares Market cap £5.98m

Sept 2023 105 million shares market cap £6.825m

Jan 2024 130 million shares market cap £8.45m

Of course the sp has generally been much higher. However, taking the lows over the pre the covid bubble period the market cap has reached lower levels.

November 2018 low sp 20p Market cap £6.8m

January 2020 low sp 9p Market cap £3.06 m

So, in summary, we've been there before. Let's hope that, now with two great products on the table, we can bounce back once again!

I did contact a company spokesperson re the 5 timelines that the CEO outlined in his Investor Meets Company presentation last November.

1)Other neonatal units in Kent, Surrey and Sussex "could go live soon".

2)Taking steps to make Special Commissioning for the hearing loss kit happen "sooner rather than later".

3)Contracts being drawn up with potential partners who can help with the FDA application on the hearing loss product in a cost effective manner. Hopes to bring news by "early this year".

4)Nice full validation for MTRNR1 "due in January".

5)News of NICE review of CYP2C19 "due in January".

The answer came back:

" Although I’m unable to confirm anything fully, we will hopefully stay within the timelines that have been set."

So here's hoping!

"Eureka has gone from saying every baby born in Brighton was going to have the aihl test now saying just in the neonatal unit lol , clown"

Ah, when a person can only resort to name calling that clearly shows their moral deficiencies and their inability to conduct a civilized debate. So today I'm in the frame. Tomorrow it will be someone else. Sad really. And would you mind telling me where I said every baby in Brighton was going to have aihl?

Indeed and if that course of action is followed by other trusts for their intensive care baby units that dramatically increases the number of test kits that GDR would sell.

"Why do we need to use Genedrive?

Babies admitted to the TMBU OFTEN need antibiotics. One antibiotic we use is called Gentamicin, which is a drug belonging to a family of antibiotics called Aminoglycosides."

hTTps://www.uhsussex.nhs.uk/resources/information-about-genedrive/

It doesn't say only those requiring antibiotics!!

Guy, Instead of your incessant negativity why don't you take the time to research a little.

From the Trust website:

"The team looking after your baby will test your baby as soon as your baby is admitted. It will be part of your baby’s routine care, like having blood tests or x-rays, and all babies admitted to TMBU will receive this care."

hTTps://www.uhsussex.nhs.uk/resources/information-about-genedrive/

Indeed Jimi. His words from the Investor Meet Company presentation at the end of November: " There is an acceptance that special commissioning for the hearing loss test WILL happen. The next step is that it will happen sooner rather than later and that is what I am working on right now."

Excellent post from Stephen11 on Special Commissioning. Just to add a bit more meat to the bones, some pointers from the NHS website on Specialist Commissioning:

1)Specialised services support people with a range of rare and complex conditions.

2)These services include a range of treatments, from interventions that most of us have heard of, such as chemotherapy...through to pioneering procedures that are currently only carried out in small numbers.

3)We have a legal duty to fund certain new medicines and devices recommended by the National Institute for Health and Care Excellence (NICE), but we also make available additional funding each year for other new treatments.

4)For these new treatments, we have to make complex decisions about which represent the best value for patients and taxpayers. We have a duty to ensure that new treatments are supported by convincing evidence of safety and effectiveness, that they are affordable and offer value for money, and that decisions about them are fair and transparent.

5)All the proposed new treatments are independently assessed by the Clinical Priorities Advisory Group (CPAG) on their likely relative clinical benefit and relative cost.

IMHO, going by the above criteria, Genedrive's MT-RNR1 ID Kit would seem to be a no brainer for acceptance.