Member Info for JimiHendrix

As we haven’t drawn down the monthly instalments it looks as though there’s interest to pay, as the key terms state…

“No interest is payable on the Initial Prepayment and the £3 million committed payments, if drawn down in monthly instalments of £300,000 commencing from May 2023.”

http://www.genedriveplc.com/company-reports/Circular24Apr23andNoticeofGM11May23.pdf

99.9% sure it is this...

"If the Investors have disposed of all the Initial Placing Shares and amounts remain outstanding under the Facility, the Investors can issue subscription notices to the Company to be allotted and issued further Shares."

This is the same as we saw happen in August. We were below 16p then too and there were no drawdowns afterwards.

What I'm saying is nothing has changed, the wording is the same from the August RNS. The new shares issued are not a new agreement that will allow drawdowns below 16p, it is just RF asking for more shares as per the terms of the facility for outstanding amounts. In other words the shares they've sold so far have not been enough for them to recoup the amount of money they gave us, so they've had to ask for more.

Sadly this is not the CEO delivering anything, it is RiverFort requesting another 3 million shares due to amounts remaining outstanding, this can continue for another 18 months unfortunately.

I don't believe this implies the drawdowns will continue, this is simply RF requesting more shares. In fact it's exactly what you predicted Roger, that they would ask for another 3 million.

The RNS wording is the same as from the August 4th RNS when they also requested another 3m shares, it simply means they have to issue the shares as part of the facility agreement terms... if they don't then they would be defaulting.

"in order to support the further drawdown and delivery of its £5M Equity Prepayment facility"

To Riverfort issued

Share price seems to be dropping despite the buys which is usually a sign of either large background seller(s) or that mms know a discounted placing is on it's way.

Roger, these are exactly my worries at the moment.

I'm suspecting something big is happening behind the scenes...

"The COO role will help to formulate the Company's overall business strategy and play a pivotal role in driving its execution. The initial focus will be to strengthen the operational performance of the Company and in particular drive the key priorities announced during the Company's recent placing, namely:

· further expansion and diversification of its client base;

· expansion of its consulting business into the adjacent area of pharmaceutical biostatistics services; and

· exploration of opportunities around its personalised oncology software offering."

Market cap still minuscule considering the contracts coming in and the value of the near term pipeline!

James’s skills and experience is in commercialisation and selling to the NHS, not in organising placing funding for listed companies. It is pretty clear why he has been brought onboard at this time I think :)

Yes of course Carlos, but the process of finding and hiring a suitable and more experienced CEO takes time, it's quite possible that it was the Covid tests disappointment that has led to this. The decision to replace DB was more than likely made several months ago.

I wonder how long the board have been looking for the new CEO, could have been weeks/months. It is quite possible there have been sales during this time. Perfect timing to announce something positive over the next couple of weeks to coincide with the new leadership :)

I wish they were more transparent about staff members and their day to day roles. I suspect much of what they do is research. My company has a similar number of employees and they are hugely productive and each department regularly presents what they've been doing to the rest of the company.

Haha, actually ‘final recommendation’ were the terms I meant as per the RNSs and circular etc not ‘fully’.

Yes of course, as I’ve said… recommended to be used whilst evidence is generated (conditionally recommended if you like!!) …But that’s obvious, and it was always going to be the case as the whole idea of early access, is to give the NHS access to tech whilst further real world data is gathered.

One last post!

This bit about equality during the evidence generation period… and equal access…

“The test should also be implemented in a wide range of geographical regions to include patients from various socioeconomic groups to ensure equal access.”

‘Equal access’ in comparison to the amount of access the North West currently has?

Surely that implies all regions across the country must have the same amount of access to the test. That is quite a large number of hospitals and clinics across the country that will need to be using the test, to ensure equality standards are met.

Everything recommended for use by the NHS through the early value assessment (as far as I understand) is recommended with the condition that further evidence is generated whilst the test is being used by the NHS.

This is the whole point of the early access assessment :)

Remember the NHS have developed this test for themselves, with Genedrive’s help. They’ve developed it to meet their own specifications and standards. NICE have fully recommended they use the test now providing data is gathered over time whilst it’s being used, the evidence generated will support long term recommendation and routine adoption.

What we don’t know is how many trusts are going to be using the test in for example 6 months time. We know NICE want the test to be adopted in multiple regions over the UK as part of the evidence generation, we just don’t know how many and when (or how trusts will fund it - grants I presume but we have no details as far as I know yet).

Lol, sorry I meant recommendation.

This part of the NICE document is exciting in the sense that it suggests rather strongly that the test will be rolled out to trusts in multiple regions across the country during the evidence generation period (I don’t mean every trust in every region! :))…

“Data should be generated in centres with babies from different ethnicities to promote equality. The test should also be implemented in a wide range of geographical regions to include patients from various socioeconomic groups to ensure equal access.”

I’ve not mentioned the word approval, that’s not their role. They’ve given recommendation guidance (final guidance is the words from the RNS) to the NHS to use the test now as part of the early adoption scheme.

Separately evidence generation is required for long term recommendation. It’s all in the RNSs and documentations.

I think some people are misunderstanding NICE.

As per the RNS from 30th March…

“Genedrive® MT-RNR1 ID Test receives positive final recommendation by NICE

NICE issues final guidance for use in the NHS through Early Value Assessment programme”

Regarding selling, the sales team and distributors have been working flat out on selling for months. It’s their sales process that is seeing the test rolled out further in the north west. They are not going to give the test away for free during the evidence generation period, NHS trusts will have to find funding for it one way or another (if they want to use it).