Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
ChickenPi
gizmo555
Posts: 2,226
Price: 62.00
No Opinion
RE: TimesFri 11:34
Immensa health covid contract award yesterday...... Immensa health testing scandle.. Good law case..... Immensa health owners
Do you have a link for this Gizmo?
I've seen a contract published recently but it was from services in 2021
Novacyt are having meetings with various UN agencies over the next few days.
https://twitter.com/kilkennyted/status/1597499276971880448?s=46&t=XJojuM_lhNNtjBjITV1RhQ
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/878121/coronavirus-covid-19-testing-strategy.pdf
Another link from 2020 with a forward from that bloke off the "I'm a Celeb"
"We also have to ensure that any new test products are up to the job. Our experts are clear that having no test is better than an unreliable test, and several of the tests we’ve already checked have been too inaccurate to be used in this crisis. I will not send NHS staff back onto the wards with the false comfort of a false negative result."
So Novacyts products were accurate enough to win a concract (or 2) . But are now in breach of contract as the products didn't achieve 100% accuracy as stated. No diagnostic co would state this level of accuracy.
From 2020
https://www.gov.uk/government/news/industry-responds-to-call-to-arms-to-build-british-diagnostics-industry-at-scale
"The fifth pillar is the most ambitious. We want to build, in a short space of time, the large-scale diagnostics industry that this country currently lacks. Just as our top-end manufacturers have joined the national effort to build ventilators, so our life sciences companies will do the same for testing. UK pharmaceutical giants, which don’t have a tradition of diagnostics, are now working with our world-leading but smaller diagnostics companies to build a large-scale British diagnostics industry at scale. This new national effort for testing will ensure we can get tests for everyone who needs them."
The Government changed it's mind and went down the cheaper, faster, less accurate LFT route.
Agree Sir Digby, just a shame that so much money being wasted on legal services. Taxpayers included.
Part 2
Abingdon was founded in 2008 and was floated on Aim, the London Stock Exchange’s junior market, in December 2020, when it raised £22 million placing shares at 96p each. The funds were raised to help to increase contract manufacturing of testing for Covid and other conditions. Abingdon is now concentrating on its work as a contract manufacturer, making tests for non-Covid conditions.
The breakdown in its relationship with the government and the reduction in demand for its Covid tests have led to revenues falling to £2.8 million in the year to the end of June, from £11.6 million a year earlier. It made a loss of £21.3 million, compared with a £7 million loss in 2021. It had cash of £4.4 million at the end of last month.
Abingdon’s shares, which peaked at more than 125p in January 2021, fell ¾p, or 12.5 per cent, to a fresh low of 5¼p, valuing the company at £6.4 million.
A spokesman for the health department said: “We have worked with UK manufacturers to support the resilience of UK diagnostics. We have been always been clear that government contracts must deliver value for taxpayer money and we will take action in instances where this does not happen.”
A health testing company that responded to the government’s “call to arms” at the height of the Covid-19 outbreak has questioned ambitions to build a British diagnostics industry.
Abingdon Health reached a settlement with the Department of Health and Social Care in June over payments from the government for antibody tests and services provided.
The York-based, Aim-quoted testing company has received £6.3 million, but its profits and prospects have been damaged by the dispute, which has led to the redundancy of 80 employees, more than half its workforce, at its sites in York and Doncaster.
Speaking out alongside full-year results, Abingdon’s bosses said: “It is disappointing that we, alongside many other UK diagnostic companies, have had to spend time and money recovering monies owed despite responding to a ‘call to arms’ by the UK government.
“The group believed at all times that there were no legal grounds as to why these monies were not being paid in full by [the health department], but the reality was that it was important to reach a settlement with a counter-party that effectively had unlimited time and financial resources at its disposal to prolong the dispute.
“Given the UK government’s initial aim at the start of the pandemic was to build a British diagnostics industry, their behaviours have been quite the opposite, both in terms of how they have dealt with established UK businesses and their preference to order significant quantities of tests, through recently established intermediaries, predominantly from Chinese companies.”
In April 2020, as Britain was launching its emergency response to the pandemic and amid concerns about the country’s capacity to quickly diagnose coronavirus cases, Matt Han****, the health secretary at that time, called for companies “to build a British diagnostics industry at scale”.
In addition to the government’s dispute with Abingdon, the department is also embroiled in High Court litigation with Novacyt, another diagnostics company operating in the UK. The government launched a £135 million breach-of-contract claim against Novacyt, which the company has rejected. In June the company launched a counterclaim against the department of £81.5 million for goods and services and damages for breach of contract.
Abingdon reached its settlement with the department in June for outstanding invoices for lateral flow tests and component stock. The professional use, finger-prick antibody test was designed to let people know and monitor their antibody status before and after vaccination, as well as following infection with the virus.
Abingdon was founded in 2008 and was floated on Aim, the London Stock Exchange’s junior market, in December 2020, when it raised £22 million placing shares at 96p each. The funds were raised to help to increase contract manufacturing of testing for Covid and other conditions. Abingdon is now concentrating on its work as a contract manufacturer, making tests for non-Covid conditions.
The breakdown in its relationship with the government and the reduction in demand for its Covid tests have led to revenues falling to £2.8 million in the year to the end of June, from £11.6 million a year earlier. It made a loss of £21.3 million, compared with a £7 million loss in 2021. It had cash of £4.4 million at the end of last month.
Abingdon’s shares, which peaked at more than 125p in January 2021, fell ¾p, or 12.5 per cent, to a fresh low of 5¼p, valuing the company at £6.4 million.
A spokesman for the health department said: “We have worked with UK manufacturers to support the resilience of UK diagnostics. We have been always been clear that government contracts must deliver value for taxpayer money and we will take action in instances where this does not happen.”
A health testing company that responded to the government’s “call to arms” at the height of the Covid-19 outbreak has questioned ambitions to build a British diagnostics industry.
Abingdon Health reached a settlement with the Department of Health and Social Care in June over payments from the government for antibody tests and services provided.
The York-based, Aim-quoted testing company has received £6.3 million, but its profits and prospects have been damaged by the dispute, which has led to the redundancy of 80 employees, more than half its workforce, at its sites in York and Doncaster.
Speaking out alongside full-year results, Abingdon’s bosses said: “It is disappointing that we, alongside many other UK diagnostic companies, have had to spend time and money recovering monies owed despite responding to a ‘call to arms’ by the UK government.
“The group believed at all times that there were no legal grounds as to why these monies were not being paid in full by [the health department], but the reality was that it was important to reach a settlement with a counter-party that effectively had unlimited time and financial resources at its disposal to prolong the dispute.
“Given the UK government’s initial aim at the start of the pandemic was to build a British diagnostics industry, their behaviours have been quite the opposite, both in terms of how they have dealt with established UK businesses and their preference to order significant quantities of tests, through recently established intermediaries, predominantly from Chinese companies.”
In April 2020, as Britain was launching its emergency response to the pandemic and amid concerns about the country’s capacity to quickly diagnose coronavirus cases, Matt Han****, the health secretary at that time, called for companies “to build a British diagnostics industry at scale”.
In addition to the government’s dispute with Abingdon, the department is also embroiled in High Court litigation with Novacyt, another diagnostics company operating in the UK. The government launched a £135 million breach-of-contract claim against Novacyt, which the company has rejected. In June the company launched a counterclaim against the department of £81.5 million for goods and services and damages for breach of contract.
Abingdon reached its settlement with the department in June for outstanding invoices for lateral flow tests and component stock. The professional use, finger-prick antibody test was designed to let people know and monitor their antibody status before and after vaccination, as well as following infection with the virus.
Crl123 61 posts in 8 days. Take your own advice and take a break.
Yes am aware of the machine.
If they have copied there's another court case coming. If that's the case why do Novacyt employees like TATA MD posts showcasing the expressPCR.
https://onsetsolutions.co.uk/
Another company using Q32's and genesig assay for mobile testing on Film and TV productions.
https://www.ukas.com/wp-content/uploads/schedule_uploads/987854/22408-Medical-Multiple.pdf
My wife has stopped saying those 3 little words.
"Novacyt is Tanking"
Wilson. A bit of info on Extraction instrument. Note the machine.
https://www.victoryscientific.com/post/why-should-you-use-magnetic-beads-for-dna-and-rna-extraction
Ventura. Large scale covid testing has stopped. I'm pointing out that the health authorities still believe the products are accurate. Whereas the dhsc are trying to state they weren't.
I'm sure for accuracy they'll use some dodgy test's they've been sold.