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Because its available information on the UKVI website!
In any forward planning of the companies revenue / income, DEVOTE funding will not be part of it (say a max of 200k). The funding value (still to be publicly announced) is 'in-kind' so will not be going anywhere near the companies bank account. The vast bulk of the 4.2m devote programme will be going straight to the Uni of Manchester.
Erm isn't the clue 'to support FURTHER drawdown?
Why is all this buying going on if there is about to be a placing?
They've appointed a serious big hitter now as CEX. Do you think he would have accepted the role if he thought the company didn't have a great future?
If you hate to say it, why say it at all?
If the company announced 'significant sales' why would they then need funding?
His LinkedIn profile for the company specifically mentions his role is to improve the share price amongst other things. He looks to be the perfect match for the company on their road to profitability and successful commercialisation of the two products.
I guess this news also puts to bed all the talk of a imminent take over!
Am fully expecting soon the company to update on the stroke rollout/ devote funding details.
Plus we are due month the Nice report on stakeholder feedback delayed from July.
Hi to clarify....devote funding is 4.1m for three projects, of which Genedrive is 1. The company will receive very little direct funding (c200k) as the vast bulk will go to the University of Manchester. But this is brilliant news on the runway to commercialisation.
Article I just posted mentions devote funding of 4.1m
This is a big day for the company as they released their second pharmacogenomic test for emergency care, the Genedrive® CYP2C19 test. Anyone that doesn't recognise the significance of this, really doesn't understand how all this works. We should expect further news flow shortly on the roll out, beginning with the Manchester hospitals. Well done Mr Budd and the whole Genedrive team.
The Devote funding is excellent news for the company as it gives them funded access to real time evaluation of the Stroke product in critical care settings, which will hopefully allow a full NICE recommendation in December. They will only receive a small amount themselves but that was never the point of the grant .
Also EMQN (https://www.emqn.org/about-emqn/) are the companies partner in the Devote project and receive some funding too . The three projects are:
* Development of a rapid genetic bedside test to guide treatment for patients after stroke (Genedrive plc & EMQN).
* Using new and emerging biomaterials to develop an ultra-rapid genetic test, capable of detecting genetic changes to guide antibiotic therapy (Chromition Ltd and Epinal).
* Creation of a comprehensive pharmacogenetic testing panel with an informatic solution to ensure results are available to clinicians at the point of need (APIS Assay Technologies Ltd & EMQN).
Sorry but I've done more digging and the 2.1m grant is for the three devote projects of which Genedrive is one - the bulk of the 2.1m is going to the University of Manchester and the remainder is split between 4 organisations (Genedrive being 1). So it is going to make little impact on their cash but it will allow clinical evaluation of the stroke product in critical care units, which will be vital for NICE. approvals. To be fair to the company they did tell us in June that the bulk of the funding would go to the University of Manchester.
I think it looks like 2.1m to March 25?
https://gtr.ukri.org/
Put Genedrive in and it lists funding they have received - Devote is at the bottom. 2.1m or have I misread?
UKVI put me onto this Gateway in my recent FOI request.
Thoughts??
His salary in 2022 was 238k, bonus 30k and pension contributions 7k.
Won't he need to 'spike' the SP first?