Member Info for Eureka01

The sp was reasonably steady from April to the end of July, fluctuating between 1.4p/1.5p and then the sp declined after that. So it looks like Mr Nugent's buying may have been propping up the sp at that previous level. Once his buying stopped the sp went into steady decline.

NUGENT (SW) LIMITED

Nature of business

68209 - Other letting and operating of own or leased real estate

Certainly doesn't sound like a company that would be interested in a takeover.

Emerald Carrots, nearly 50 posts today. Is this your full time job?

Second 3 million buy in the last 20 minutes.

Many of the "sells" going through are in fact buys. 0.6645p to buy, 0.65p to sell.

GDR, second top gainer of the day:

2 GDR Genedrive Plc 0.675 42.11% 0.20

I'm back in.

British Bulls, fwiw, has after nearly 2 months of recommending a short position has now changed its stance to BUY.

https://www.britishbulls.com/SignalPage.aspx?lang=en&Ticker=GDR.L

Maybe the Chinese walls have been breached. 🙂

I did email the company spokesperson with three pertinent questions. Here are the responses:

Q1) Why did they leave it so late to put the company on a sound financial footing until the break even that we have been told would come by June of next year?

A. The Company has shown improvement in income, with FY25 total revenue doubling to around £1 million from £0.5 million in FY24, they also project good income already in FY26 (as of month two). The hope was a reorganisation would not be necessary but delays have led to this decision. The Directors remain positive about the longer term opportunities for the Company.

Q2)What has happened to the pilot test results and national commissioning of CYP2C19 that were supposed to have happened in April??

A. As stated in the reorganisation RNS, Scotland’s phased national implementation of the Genedrive® MT RNRI ID Kit and the CYP2C19 Point of Care Pilot (an assessment against laboratory testing pathways) are both expected to commence in or around October 2025. The delays are outside of the Company’s control.

Q3)In view of the company's dire financial situation why has the board not taken a cut in their generous remuneration??

Operational costs for a publicly listed business operating internationally in a highly regulated medical device and in vitro diagnostic sector are low and continue to be managed tightly, with all options for minimising cash expenditure continuously reviewed.

For decades, millions of people have been advised to take aspirin to reduce their risk of experiencing a serious cardiovascular event. A daily low-dose aspirin makes blood less sticky and helps prevent heart attacks and strokes. But now a new study, presented at the world’s largest heart conference, has found that clopidogrel, a commonly prescribed blood thinner, is more effective than aspirin and with no extra risk.

So Genedrive's CYP2C19 kit which tests the effectiveness of clopidoogrel in individuals could become even more widely used.

Although I am out at present I am keeping a careful eye out on when to get back in.

AIMHO

So the inevitable has happened. The company is having to reorganize its share capital in order to be able to raise funds at below the present 1.5p nominal value. To speak frankly, I had already sold out earlier this month having held on for way too long. The catalyst for me was the continuing delay on the publication of the pilot results and national commissioning of CYP2C19. It was clear that the company would run out of money fast.

But I see positives and negatives following today's announcement.

The positives

1)Total income for FY25 of £1 million.

2)Previously announced break even in second half of reporting year (ie by June 2026).

3)Two great products which are already selling.

4)Possibilities of good news announcements in the future such as successful pilot test results.

5)National commissioning for CYP2C19, which though delayed is likely to come next year.

5)Eventual FDA submission and approval for MT-RNR1.

The Negatives

1)The urgent need to raise fresh funds with the likelihood of considerable dilution.

2)The over optimistic time lines previously given by the company with the possibility of more delays.

3)The continuing failure of directors to take a pay cut in spite of the dire financial straits the company is in.

However, on balance, I believe the company has a great future once it gets it finances sorted out. So I shall be looking to get back in...but not quite yet.

AIMHO

I previously emailed the company, as I am sure others have done. My two biggest criticisms were:

1)The over optimistic timelines, witness the present situation.

2)The failure of the well paid directors to take a pay cut when the company is clearly in financial difficulties. I remember James Cheek telling me last year that he was not a rich man. Well if £300k+ doesn't make a person wealthy I don't know what does!

At least the company is getting some attention in the US

NEW YORK — The Scottish government has earmarked £800,000 ($1.1 million) to support the introduction of a Genedrive test to help prevent antibiotic-induced deafness in newborns within the country, Scotland's National Health Service said Wednesday.

The point-of-care Genedrive MT-RNR1 ID Kit is designed to identify a genetic variant associated with predisposition to permanent hearing loss from treatment with the commonly used antibiotic gentamicin.

With the money from the Scottish government, the test will be rolled out at the Royal Hospital for Children in Glasgow next month and at other neonatal units throughout Scotland over the next year and a half, the UK-based company said.

In late 2024, the UK government provided £1.4 million to support a two-year study of the Genedrive test at 14 National Health Service neonatal units in England, Scotland, Wales, and Northern Ireland.

The year before, the UK's Institute for National Health and Care Excellence recommended adoption of the MT-RNR1 ID Kit by the country's National Health Service.

https://www.360dx.com/point-care-testing/scotland-commits-ps800k-rollout-genedrive-newborn-hearing-loss-test

Ten posts so far today, following 17 posts yesterday. Are you employed by the company as their online PR man, EmeraldCarrots?

I guess the sp action was predictable today. A little flurry of buyers, then the sellers moved in and the sp back to where it was.

I am reminded of the Grand Old Duke of York...He had ten thousand men. He marched them up to the top of the hill, then marched the down again!🙂

I've just spoken briefly to a company spokesperson. Apparently Gino is aware of johnlay****'s post and believes that the info provided in it was already in the public domain and that no RNS was needed!! The sp tumble today would indicate otherwise!

Thanks for that update john. Presumably the company is also aware of the delay if private shareholders can get this info.

So why aren't they informing shareholders??

Stephen, "the pilot study results "should be about now". What Gino actually said in the One2 One Investor Forum on June 27th was that the "conclusion" should be about now. But then, as johnlay***k previously pointed out, the results then have to go through a process of stakeholder comments, the 15th August being the final day for those comments on the NICE implementation roll out guidance . The plan should be then made public shortly afterwards.

So it's one delay after another compared to the previous optimistic words of the company, as long ago as March of last year, that national commissioning was expected by April of this year at the latest. It appears that the company badly misjudged the timeline and was hoping that the previous small fund raise would tide them through until national commissioning came about and the revenues started rolling in from that.

AIMHO

I have taken a few examples of predictions from respected posters to illustrate the danger of making unqualified predictions, especially about dates of expected events and the share price!

After the last fund raise in March: "The pattern is the same as the last fundraise at 1.5p....it went down to 1.46p but a few weeks later was over 4p. There is a lot of positive news due in April/May so I for one am hopeful we will see a repeat of last year." 07/04/25

The implementation guide: "From the info I've managed to dig out the guide is just waiting for signoff which can take a couple of weeks apparently." 02/07/25

Referring to the next possible RNS: "I think it'll be the implementation guide and that it'll increase the share price initially by about 60% and then over the days and weeks that follow it should multibag as the market starts to realise how much recurring revenue the company will receive." 10/07/25

"I contacted NICE who confirmed the 15th Aug date. Should see a steady sp rise then over next few weeks." (Sp at the time 1.40p) 18/07/25

Someone mentioned about job vacancies. Here's one of them, advertised in the past few weeks:

Product Manager £35,000 - £40,000 per annum

Positive points that I gleaned from the ad:

1)Part of growing team, indicating they are recruiting more, not less.

2)New development projects. So, as indicated previously, expanding their portfolio of products.

3)Clear progression opportunities. So looking at the longer term.

4)Requiring up to 25% international travel. So continuing the sales push abroad.

5)Experience launching products into the UK and international markets. Again an eye on markets both in the UK and abroad.

It certainly doesn't sound like a company in danger of going under. 🙂

https://www.reed.co.uk/jobs/product-manager/55474879

AIMHO