RE: Next week14 Aug 2024 12:06
Hi Muck, wonder if I've read the RNS from the 25th March re design freeze incorrectly?
Firstly that 500k will eventually enable ABDX to acquire equity ownership of Find Out From Home (FOFH)- up to 23% of FOFH's newly formed company. The 500k is the sum of the fees that FOFH must "pay" to ABDX in exchange for their CRO, CDMO services provided to FOFH during the last 12 months.(in shares and small stake ownership of their new company) Thankfully FOFH have been making good progress as 4 of the 5 STD tests ABDX have been supporting FOFH with, have reached "design freeze" and ready for transfer to manufacture (which I'm guessing must be pretty positive lol) The 4 tests doing well are for Hepatitis B, HIV, Hepatitis C and Syphilis. Pretty significant.
At present(I think) Devyn LLC own 100% of FOFC and it is a "subsidiary of Devyn LLC" ? We have a "service for equity" agreement with FOFH . I like that the 500k will be "invested over time" as I'm guessing the contract will have some performance related aspect to it. All going well ABDX will take on 23% of FOFH as part of the agreement.
The RNS clearly states that FOFH is "a newly formed entity" meaning it has no record as yet of profits, net assets etc and I'm guessing the record of the Intellectual property is probably in Devyn's name? So thanks to you Muck lol, I'm more curious about Devyn LLC because I can't find out much about them and they are an established company.
According to that RNS, we are already part of "The global sexually transmitted disease testing market which is predicted to grow to 145 billion by the end of 2035. Sounds good to me!