The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
Also, if 4D is so very cheap, why don't these smart savvy sophisticated investors open up a UK brokerage account and buy up shares in DDDD.L? I mean its easy enough for me to buy NASDAQ shares, but is it extremely onerous or something for our American friends to do the reverse?
https://www.prnewswire.com/news-releases/longevity-acquisition-corporation-announces-increased-cash-contribution-for-the-extension-301175104.html
This news came out earlier today. Original deadline was Nov 30th, and propose to extend to May 29th 2021 - should give plenty of time to complete the 4D NASDAQ merger and listing. The Extraordinary Shareholders Meeting will take place Nov 20th to formalise the extension.
I'm trying to understand the whole SPAC merger process. Is there any resource, or prior discussion on exactly how this works? I understand that LOAC will contribute $14.6m cash (perhaps more with warrants exercised), but how is the £1.1 merger agreement price linked to the 13.1% effective ownership of post merger 4D Pharma plc? Trying to work out the maths here as existing shareholders will own the other 86.9% of 4D Pharma plc. So we are giving up 13.1% of the company for $14.6m cash?
I'm also out of GDR now. I bought this at £2 back in April and although traded around most recently buying at 64p, enough is finally enough for me. Towards the end it was more a punt given how NCYT has risen (I'll be adding to my position there) and LT still offers value to those wanting to hold for the AIHL test which could drop at any moment. GDR's covid test I would have thought, given fewer preparation steps, should have found demand, but it is disappointing how little sales/pre-orders they booked since getting CE mark and approval in SA. Indeed, if they were serious about selling it and saw demand, they would have invested some of the placing money to develop sales channels, hire more staff (like NCYT incidentally). What also concerns me is now they are pushing the POC Covid test that is due to get CE marking next March. The idea sounds appealing but looking at the YouTube videos of how the similar HCV POC test machine works, I'm not sure it will be that quick to prepare and use. Much more likely to use a lamp/qPCR or more probable a simple LFT for schools, care homes, hospitals even.
I do hope I'm very wrong and somehow GDR pull it out of the bag, and reward all you LT holders. Best of luck to you all.
Accountant speak, but says securing sales is NECESSARY in the coming months, otherwise GDR "WILL" have to fundraise again. I surely hope the approvals come through quickly.
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Going concern
We have experienced delays commercialising the Genedrive® 96 SARS CoV-2 test and the lack of revenue has impacted our cash position. However we continue to focus on obtaining product approvals and securing sales and we are managing the cost base until revenues are assured. We are confident in our sales forecasts but securing cash generative revenue in the forthcoming months is necessary otherwise the Group will haveto reduce costs and raise additional funds. We continue to adopt a going concern basis for the preparation of the accounts, but the combination of the above factors represents a material uncertainty that may cast significant doubt on the Group and Company's ability to continue as a going concern.
https://www.gov.uk/government/publications/assessment-and-procurement-of-coronavirus-covid-19-tests
I've bookmarked this page and noticed its been updated today with:
23 October 2020 - In 'National technical validation process for manufacturers of SARS-CoV-2 (COVID-19) tests', updated information about technologies in the pipeline.
Seems only update is the "Products in the pipeline (TVG)" page. Not directly comparable as the status/categories have been changed this month but it's interesting to see 28 other tests have concluded/paused, and currently being validated tests dropped from 172 to just 15.
OCT UPDATE:
Products in the pipeline (TVG)
The following table provides a snapshot of the number of products currently in TVG pipeline (as at 19 October 2020) and their status:
Status Number of tests
In early stages of validation 41
Currently being validated or evaluated 15
Validation concluded or paused 32
Total number of technologies in the pipeline 88
PREVIOUS SEPT UPDATE (via google web cache):
Products in the pipeline (TVG)
The following table provides a snapshot of the number of products currently in TVG pipeline (as at 22 September 2020) and their status:
Status Number of tests
Currently in the TVG pipeline 61
Assessed by the expert panel/TVG 37
Products to be assessed by the Expert Panel/TVG 12
Products being desktop reviewed 12
Products assessed by the Expert Panel
Status Number of tests
Currently being validated/evaluated 172
Awaiting further information 14
Early stage of development 3
Qualified out or withdrawn by company from the TVG Process 4
From the May placing, it clearly says they expect to *LAUNCH* the POC test in December 2020, but now its a 1Q event. I'm still holding regardless.
===== May RNS =====
genedrive is also developing the Genedrive® SARS-CoV-2 ID Kit, which is a closed platform single patient point-of-care test that will run on the Genedrive® instrument. The Genedrive® SARS-CoV-2 ID Kit could provide rapid acute care testing for hospital staff, care homes, mobile facilities and emergency outbreaks with a target turnaround time of under 90 minutes. Other closed platform point-of-care tests include Abbott's Abbott ID NOW™ COVID-19 test.
Cytiva will manufacture the test cartridges, which will be able to be shipped at room temperature in a stable test-pack. genedrive intends to apply for a CE Mark for the test and seek relevant approvals in other relevant markets. The Company anticipates launching the Genedrive® SARS-CoV-2 ID Kit circa December 2020 through distributors at an estimated price of £20 per test and the Directors expect to achieve similar gross margins to the Genedrive® 96-SARS-CoV-2.
===== Today's RNS =====
The Company is targeting the end of the calendar year for completion of preliminary product evaluations, with full release of the final CE Marked system in Q1 2021 allowing for thorough clinical testing requirements.
https://www.gov.uk/government/publications/assessment-and-procurement-of-coronavirus-covid-19-tests/lateral-flow-devices-results
Other lateral flow tests being validated by the government. It's a couple weeks ago since last updated but I think the initial trial will be one of these. Note they all 'pass' the government requirements.
Given the open offer can raise £7m, that's 4m shares available to existing shareholders. The current shares outstanding is 149.433m, so the ratio I would expect it to be around 1 placing share for every 37 existing shares held.
MWG just +2% vs DVRG now +15% after Myles buying in..
Yup passport bit done. BBI just tweeted this:
https://bbisolutions.com/en/blog/novarum-smartphone-diagnostic-reader-and-the-fda-s-covid-19-eua-requirements/
https://www.statnews.com/2020/09/08/astrazeneca-covid-19-vaccine-study-put-on-hold-due-to-suspected-adverse-reaction-in-participant-in-the-u-k/
Not sure how accurate this news is..