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Part two
Now this is important as the second test #promate which is patented by @NovacytGroup was an extraction free method, much simpler, quicker and safer for the people involved that were conducting the testing as it did not require a class 2 lab set up and could be performed closer and quicker to the patients or wherever the testing was required, which is when katalyst/versalab/suitacase/mobile trailer all came about and this was used for testing on film sets, cruise ships, and many other events and places around the world.
Novacyt even later donated 1 milllion tests to @UNICEF
So my ‘opinion’ is that #promate wasn’t ready or developed fully so the government or @dhsc pushed the company for the early version #exsig
They then realised it was difficult, cumbersome and staff errors lead to mistakes in accurately diagnosing patients with Covid correctly. We all saw and heard stories regarding #randox contamination and inexperienced staff making mistakes so it’s of no surprise!
During the time before the announcement of the dispute after the initial 1st contract the two parties obviously agreed to change the tests used on the q machines to #promate which is where the dispute has come to light via a rns.
@NovacytGroup assumed it was a new order for the second stage of the contract (rns in the January update) and the @dhsc assumed it was a replacement for the test they felt didn’t work and then they decided not to pay for any of it including the equipment, #exsig Qmachines or #promate and filed a claim etc…. But continued to use and ordered more later that year
The question I guess for the courts to decide is whether there was human error in conducting the first cumbersome test #exsig or were mislead by Novacyt on the ease and accuracy to perform the test or whether the accuracy is in question. 🤷♂️
The second #promate order which was used world wide and validated again by @dhsc and used by many world wide healthcare agency’s was not in question, it’s just the government wanted that ‘free’ to replace the first order under the contacts they both signed.
🤝 👨⚖️
Https://x.com/gasman2o/status/1779623468104819145?s=46&t=4uh3yFa2QEw1PGSUvHMnsg
regarding the dispute between @NovacytGroup and the @DHSCgovuk
This is my interpretation of the dispute, my personal understanding which could be wrong and not to be taken as investment advice or factually correct but is my opinion of how the government came to destroy Novacyt reputation and why the dhsc has Not Paid.
So here goes..
After the first contract to supply large labs a second contract was agreed and rns to the market to take testing to a more local level, to make it quicker and simpler and more available to the public …”On 29 September 2020, Novacyt announced a second supply contract with the DHSC for exsig(R) COVID-19 Direct kits and other products” ie tests, Q machines and associated support for the roll out.
This was stage one and if required there was a second stage built into that contract to continue and supply more at a later date dependent on demand and path the pandemic took.
This is my opinion…..The first test exsig(R) was rushed out and pressure put on @NovacytGroup to develop a test quickly that could be used with their recent acquisition of ITS Intenational Q machines (remember Rishi Sunak visited the factory a few months prior) the test #exsig required an extraction process that was difficult and new to many nhs staff who had no time for training and lacked the class 2 laboratory experience as notified by Norfolk trust nhs firstly and exposed by I think the private eye…
Then fast forward a few months and this was rns by the company…….
“In the full year trading update announced on 29 January 2021, Novacyt explained it was in active discussions with the DHSC regarding an extension of the supply contract. Unfortunately, an extension has not been agreed, although the Company supplied PROmate(TM) in Q1 2021 in accordance with DHSC demand. Regrettably, the parties are now in dispute regarding the contract,”
tbc below on the next post as too long for one message link to twitter thread at the top of the message
Just seen the news regarding completion of the takeover subject to a few votes etc and all going well. That’s it done and dusted now, hopefully the larger corporation can now sit down and work together to bring back some shareholder value and grow this business into the innovative and globally competitive diagnostics leader we have the capability of becoming. Exciting.com
https://x.com/gasman2o/status/1700105835555213411?s=46&t=4uh3yFa2QEw1PGSUvHMnsg
Obviously your entitled to your opinion as that’s what makes a market of course… however for me Novacyt are in a unique and very good position financially with zero debt and millions to spend, unused tax credits “lots of” and a outstanding bill to be paid by the dhsc, yes it’s going to court etc etc to be decided but as long as the judge remain impartial and not paid off by the crooked government in power today then we should receive our payments in full. Obviously that’s a long way off and both parties could settle out of court way before but time will tell. Gl all
Don’t you worry, this is not Novacyts first rodeo here, they know how to control costs and cut dead wood. Ygen will be trimmed up like a fine leg of lamb ready for roasting this Sunday, roasted with home grown potatoes just like anyone short here over the next 12 months.
Seems the cliff drop is more of a plateau, article and link below, Will novacyt follow and announce similar or are the dead in the water now. Dispute who knows anymore but personally think a mutual agreement will be made. Board got their pay rise now so should be a little more upbeat writing the next rns at least looool
Big pig, go easy on Larry, he’s a genuine guy just sharing his thoughts and certainly doesn’t deserve the bashing your giving him imo
It appears that when it comes to COVID-19 test sales, the reports of their death have been greatly exaggerated—at least for the moment. After predicting a sharp decline in revenues earlier this year, Abbott is saying the cliff’s edge might be just a little further away than previously thought.
In April’s first-quarter earnings report, the maker of the now-ubiquitous, paper card-based BinaxNow and other coronavirus tests said their income may have reached a high point—with a record-setting $3.3 billion seen in the opening three months of the year.
At the time, Abbott said that figure would make up the lion’s share of 2022, as the U.S. began to move away from a pandemic mindset. The company projected it would collect a total of $4.5 billion over the remainder of the entire year, and largely before the end of June, before slowing to a trickle in the fall and winter months.
But as it has done many times before, COVID-19 upended those predictions, with testing sales dropping to something of a plateau, more than a valley.
For the second quarter of this year, Abbott posted $2.3 billion in test sales—the same figure it reported for the final three months of 2021, and about the same amount the company would have made in the first quarter of 2022 were it not for a $1 billion contract from the U.S. government in the face of the surging omicron variant.
https://www.fiercebiotech.com/medtech/abbott-holds-billion-dollar-covid-test-sales-little-longer-pushing-decline-predictions-fall
Absolutely agree with you, Novacyt have all the ingredients and their achievements to date are not only in the U.K. but globally….nothing short of outstanding!!!. Strong long term hold for me as there’s a lot more to come both short and long term. They just don’t stop innovating and the products they develop are licensed quickly and on sale before other companies have even put pen to paper…!
Happy to buy more down here and added 19k shares yesterday overall, no advice to others of course but suggest people do have a good read up outside of the bb forums where I see such negative posts by individuals. Gasman
Absolutely I agree, seismic changes in the way we view and pay are not as simple as some may think. Also not forgetting that I assume the thg launch will be down to their developers also to integrate so timelines may slip from what people are expecting end of august. Huge achievements so far this year are not really being recognised in the share price today and think some of the comments I’ve read here are little short sighted. I can imagine getting fca regulated was no easy task when the likes of Binance are being shut down lol
Afternoon all,
I’ve put together a thread compilation of investors research,articles and pictures of developments in Novacyt. Nothing fancy but hope it’s helpful to others. https://twitter.com/gasman2020/status/1371056988721967106?s=21
Can’t be too much longer now good luck all, our time will come soon. Gla lth
https://twitter.com/larry64450205/status/1347132285787791362?s=21
Funds continue to Increase holdings
Well said, this is about beating the virus back and a combination of different tests will be used. A combination of swab, lamp and lateral flow tests will be used to test Liverpool.....please read this thread I have created and understand it is not about 1 test being the best but using all the tools in the toolkit.
https://twitter.com/gasman2020/status/1323399890479841280?s=12
Great post, completely agree with everything you say. One thing I can say is Novacyt have never failed to surprise me and some of the research I’ve seen by Tay from twitter this morning has blown me away. This goes a lot higher I think in time than any of us can imagine. Novacyt will be front and Center of the U.K. diagnostics market for many many years to come.
Amazing company with superb management leading the way.
I’m sitting very still and watching this unfold for a long time to come.
This week was an important week for new and old investors here in Novacyt . We have had a glimpse of Graham’s plan for the company in our first acquisition this year and I believe also, this is just the beginning, as Graham quite rightly said at the agm.
The U.K. government placed an enormous order putting huge amounts of money and faith in our technology and tests by way of awarding one of the biggest contracts an AIM share has ever seen. Amazing...and I believe that we are now well placed going forward and are going to be a huge part of the U.K. diagnostics Growth plan for years to come.
We have become a cornerstone of the UK’s defence against pathogens, viruses and biological threats to our health and economy. It was no coincidence that the chancellor visited IT-IS back in August to assess for themselves it’s all!
Graham stated that the USA is a huge market for us and the very next week we see 3 new trademarks registered.....coincidence no! We just have to wait and research More to find out what his grand master plan is.
All the chatter and talk about Ut trades, Broker notes fakes etc and google prices Is irrelevant in my opinion and just adds noise which is detracting from the important work we are doing. Those that know how to value this company are buying in on any weakness, as they can see growth and potential for years to come as well as excellent value here at this exact point today.
I will highlight some important pieces of news that have already been detailed in rns gone by over the weekend and us long term holder have come to realise....graham and his team are always that one step ahead of the curve and it’s hard to see what’s next, but we will soon.
Have a great weekend, relax with the family and rest happy in the knowledge that there’s much much much more to come from graham and his team.
This is an Amazing company that have shown superb innovation throughout alongside exceptional leadership and I’m proud to be a part of it.
Share of the year 2020 and into 2021 I have little doubt of that .