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Good morning Paul,
I hope you are well. I was just looking for some clarity regarding the wording in today’s RNS:
"we are rapidly developing new tests, together with our partners, for COVID-19 that will need to be made and sold, ultimately, in the hundreds of thousands of units, if not millions."
Are these figures mentioned in a weekly scale like the previous RNS would suggest?
Thanks and kind regards,
*****
REPLY:
Hi *****,
Thanks for your email. I’m happy to clarify as below:
Clarification of COVID-19 production capacity
Omega has always taken a cautious approach to forecasting future potential sales for COVID-19 ahead of receipt commercial orders or supply agreements, which is reflective of the wording in today’s statement.
The Company has consistently referred to production expectations on a weekly basis and is happy to confirm that it is gearing up manufacturing capacity for the Group to initially produce hundreds of thousands of tests a week, and this is expected to increase to 1.5m tests a week and potentially extended to 2m tests a week.
Nothing has changed in terms these manufacturing capacity figures outlined in our most recent investor presentation and it is our aim to ensure that demand matches this capacity. Delivery of this will only be demonstrated through the signing of key supply agreements and through contracted orders, rather than just manufacturing capacity projections.
Kind regards,
Paul
Paul McManus
Managing Director
I am really excited about the weeks ahead just like many people on here. I hold just over 60,000 shares with an average price of 65p so this is my main holding at present. A few years ago when I first started investing, a reaction similar to last weeks RNS would probably have scared me and I would possibly have panic sold. This time I held. I believe in ODX and the studying I have done behind the scenes and comments I have taken onboard from this chat room (from the sensible ones who have clearly done their research) gave me reason not to panic and trust in why I bought into the company in the first place. I’ve never held a share where I have believed so much. This next couple of weeks is certainly going to be massive for ODX and I am sure we will all reap the benefits. Design freeze here we come £. Good luck everyone.
Pumpky......
In the same RNS in the UK-RTC press release it quotes:
‘We expect to reach design freeze in June, which will allow us to move onto scale up, verification and validation activities, prior to the test being made available for manufacture.‘
Press Release from UK-RTC (issued on 3 June 2020)
The UK-RTC has made significant progress in developing a COVID-19 lateral flow antibody test that can be used by people in their homes, since its inception 7 weeks ago. In addition, we have also made progress with the regulatory and logistics challenges needed to be overcome to support the Government in deploying the test directly to individuals across the UK.
With regards to the test progress, we are now consistently picking up positive samples across the range, including weak positives, whilst ensuring negative samples are not detected. We have conducted a small-scale study of 66 samples and results suggest the test is performing in line with design requirements. We expect to reach design freeze in June, which will allow us to move onto scale up, verification and validation activities, prior to the test being made available for manufacture.
In parallel with the above activities, we are working with Government and regulatory authorities to ensure proper approval of the test as quickly as possible.
The consortium is working with NHSX to develop a test specific app and digital service that will facilitate use and reading of the test device. This will have the ability to integrate with NHS systems and update records.
Finally, given the scale of the potential demand for the test within the UK, critical planning around supply chain logistics is also well under way, which will ensure a smooth introduction of the test directly to the public.
This is a very complex project that is being completed at extraordinary speed, compared to a normal test development programme, but thanks to the creative and hard work of everyone involved we remain on track to deliver a test to the UK that will make a significant difference to the approach needed to manage Covid-19 infections.
Great update and confirmation that this is on track for any doubters out there. Design freeze RNS update in June is going to be mega and you’d be an idiot to be out of it before then.
Hi all, I am new to GDR. Been browsing this chat and have done my research and after seeing that interview I will definitely be buying in. Hoping I manage to sneak in this morning before the £2 mark is broken but if not, I’ll still be getting a bargain by the sounds of it.
Absolutely nothing to worry about here lads. This will pay off big time for us all. Roche test is completely different to what we involved with so no need to worry. When announced, this test kit will be the most convenient and easily accessible test kit going. You don’t need a genius to be able to work out that this share price will fly when this is published.
Only just registered but have been following this share chat for a while now. I am no genius when it comes to predicting the stock market and certainly no genius when it comes to PMO. I used to look out for your opinions Mrd5432 and liked your optimism that this share would reach 124p. I have to say that I feel the total opposite when I see your name appear these days. PMO has not progressed the way you wanted it to and many people share your frustrations. However, many people choose to conduct themselves in a professional and positive manner unlike yourself who seems to constantly post with a negative attitude. There will be many outsiders like myself who browse this chat and who can be influenced by people’s comments on this chat. For somebody who appears to be invested quite heavily in PMO, you are doing yourself and the company no favours at all with your negative posts as I am sure there will be many people on the fence looking to invest who could be put off by what you are saying. I myself am invested. For info, I have lost money previously on PMO but this time round I have gained (bought in at 75p).