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Just wondering if anyone can hep me understand something.
As I understand it, only those with direct market access can place market orders during an auction. Before and during the mid morning auction today we had a 0.10 - 0.11 book, yet someone came in with a small order to buy 1,000 at 0.1105, ie above the Ask, and following the auction this 1,000 went through at 0.1105 as a UT.
I just don't get why someone would offer to buy stock during an auction at above the Ask? Can anyone explain, and whether or not any useful insights might be drawn from it?
Thanks in advance!
Thinking about investing ISA money here? Well, here’s a few things to consider.
Covid thrust LFT diagnostics into the limelight, even though anyone who has done a pregnancy test knows it’s existed for decades. Now we’re through the pandemic the sheer number of LFT developers has exploded globally as they search for ways to quickly, accurately and cost effectively achieve diagnosis across a huge range of applications including human, animal, plant pathogen, and environmental testing. These developers are scientists that create biomarkers, the chemistry that attaches to a target to show a result, but they are NOT experts at putting it into a commercial LFT that can be manufactured at scale, nor do they have ready made distribution channels through which to sell.
This is where ABDX comes in, by taking great scientific LFT applications through to commercial success. And this is all against a backdrop of a move towards decentralised, personally managed healthcare which is necessary to release the strain and cost on national health systems.
For the last couple of years the BOD have had a clear plan, and they’ve stuck to and succeeded with it. Build your developer customer base, scale their projects, help them get regulatory approvals, and offer mass manufacturing and established industry and retail distribution channels. All the while it has remained at the forefront of LFT innovation, advancing much more accurate testing methodologies that combine the best of molecular (PCR) with the speed and cost effectiveness of an LFT, as well as advancing far more eco friendly, non plastic, test cassettes.
The business has gone from having just 13 ongoing projects at the beginning of last year to 29 now and of those, 50% are US based, a territory into which the company has also just planted a foothold. And we are now moving into the really interesting phase where the first of our customers developed and approved tests are commercialised and moving into mass manufacturing. More, including those already fast tracked by the NHS for widespread adoption, and targeting significant markets, are coming through the hopper.
It won’t be long at all before we are making millions of tests each month for this diverse customer base across a huge range of applications, and supplying a growing market. And we have few competitors.
And then there’s the management. Well, they own nearly a third of the company and have prudently navigated the company, and its finances, through difficult times to where we sit today. They’ve turned the tanker and now sit ready to put into full throttle.
And if you’re worried about a raise, don’t be, at least not to keep the lights on! The BOD have been crystal clear they don’t like the idea and don’t need to raise in 2024.
So, IMVHO, this is a well run, stable company that has positioned itself superbly to take advantage of an exciting paradigm shift towards rapid testing.
Not a bad place at a
It’s also noteworthy that Yates/Hand bought c1m shares between them (being the only significant Director buys, and the only time Yates has bought since listing) for c£75k between during a 9 day spree starting just 3 days after Devyn converted to an LLC on 11/9/22.
Could easily just be coincidence I accept!
https://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=DEVYN%20L220005084000&aggregateId=flal-l22000508400-4eb7a6cf-05f4-4291-9c72-703b60fb5229&searchTerm=Devyn%20llc&listNameOrder=DEVYN%20L220005084000
https://www.lse.co.uk/DirectorsDeals.html?shareprice=ABDX&share=Abingdon-Healt
Interesting…thanks.
Devyn converted from Devyn Inc to Devyn LLC wef Sept 22, so it would appear we’ve been working with them ever since that conversion. Does make you wonder if an equity partnership in a Devyn subsid (FOFH) was always the plan.
April looks potentially good news heavy.
My bet is;
1) for a Loop/ABDX announcement re UKCA early next week.
2) an addition to the Boots own brand suite very soon - thyroid I’m guessing.
3) fair chance of Upfront UKCA and/or successful new funding round for them
And as a more off the wall prediction, I think we may see something more concrete about our relationship with Senzo, perhaps that the FOFH tests are based on its ALF platform, and I also have suspicions that something might be going on between ABDX and a company called Drummond Scientific in the States. Whether or not that turns out true, it is a simple fact that our involvement in US based entities, and reactions ABDX is getting from US based people, is increasing. Worth noting again that Yates said only in January that the US market is important and that 50% of our customers hail from there - that means 14/15 of our current projects are for US customers.
Pleasure Apre. Next one I’m looking out for is Upfront MRHA registration, which they are strongly signposting as being imminent (note, this may well be registered under Pockit DX when it comes).
I don’t really know how these things work, but Loop have been waiting for UKCA for a while and would, I’d have thought, been setting up sales for when it arrived. If that’s the case, it might better explain Yates decision to waive fees for equity in FOFH. Would seem a lot less strange if he knew he had a nice Loop manufacturing order waiting in the wings.
One other thing - incorrect Sepsis antibiotic treatment isn’t helping the massive global AMR problem, so that’s another value add for Septiloop.
BTW, FOS publish all decisions that are made by its Ombudsmen, which is the final “appeals” part of their process (so doesn’t cover all complaints it receives.
You can see all the Vanquis ones here, including if they were upheld or not.
https://www.financial-ombudsman.org.uk/decisions-case-studies/ombudsman-decisions/search?BusinessName=Vanquis+Bank+Limited&Business=178
Long overdue consultation I think. I know plenty of people who work at FOS and I think it’s fair to say that they’re almost as sick of spurious and generalised claims from the CMC try it on merchants as we are. Vanquis alone are suffering from the sheer number of these, so imagine the sheer amount of workload FOS will ultimately have to deal with from across the industry unless the FCA puts a formal redress scheme (which we won’t be involved in) in place.
Final one from me, but just to note that after checking it’s clear that as part of the MRHA registration process a company MUST provide a copy of its conformity assessment. So there is no doubt that Septiloop, having now been registered, must have UKCA and can now be sold in the U.K.
Also worth remembering that the Health Ombudsman published a damning report on the state of U.K. Sepsis care in the Autumn, nicely titled “TIME TO ACT Severe Sepsis: Rapid diagnosis and treatment saves lives”, and in that report identified that NHS cost savings of £196m p/a could be achieved if that were to happen.
A great time to be launching this 3x more sensitive and 10x faster diagnostic into the U.K. market, and I think a great opportunity to get in or add here if you can before formal announcements are made.
https://www.ombudsman.org.uk/sites/default/files/Time_to_act_report.pdf
Really excited by this - to give a flavour of the market you need only look at this from the U.K. Sepsis Trust
“Every 3 seconds, someone in the world dies of sepsis. In the UK alone, 245,000 people are affected by sepsis with at least 48,000 people losing their lives in sepsis-related illnesses every year. This is more than breast, bowel and prostate cancer combined. Globally, sepsis claims 11 million lives a year. Yet, for many patients, with early diagnosis it is easily treatable.”
https://sepsistrust.org/about/
On 16/3/23 Salignostics/Salistick became registered with the MRHA, leading ABDX to say in a 31/3 RNS - “ We were pleased to see Salistick™ achieve Medicines and Healthcare products Regulatory Agency (MHRA) approval in March 2023 and will therefore be available for sale in the United Kingdom and we remain on target for an exclusive launch of Salistick™ on the Abingdon Simply Test™ website and on Amazon before the end of this financial year.”
I am excited to see, therefore that on 14/3/24 Loop Diagnostics/Septiloop achieved MRHA registration, which I am VERY reasonably assuming means that Septiloop, like Salistick, has now achieved UKCA and can be sold in the U.K. market.
Neither Loop or ABDX have said anything about this yet, but I’m sure it won’t be long and I would imagine it will give a very nice little shot in the arm of the SP! Remember, Septiloop is one of the products that ABDX has taken through tech transfer, scale up, and into manufacturing.
https://pard.mhra.gov.uk/manufacturer-details/110414 ((Salistick registration)
https://pard.mhra.gov.uk/manufacturer-details/117995 (Septiloop registration)
https://www.youtube.com/watch?v=4Z32joS9aD4 (See slide at 11 mins in)
Further on this, but a week or so ago Upfront presented at the Cambridge Enterprise Venture Partners Investor showcase, and this would seem to be their full pitch presentation (which is far more detailed than anything I’ve seen before).
It makes for interesting reading!
https://www.enterprise.cam.ac.uk/wp-content/uploads/2024/03/240305-Upfront-LVOne-full-deck-1.pdf
For those interested, a bit of reading from the European Centre for Disease Control from earlier this month, highlighting the increase in STI’s (including Syphillis, one our new tests), and commenting about how early testing is crucial. Just seems to me that the “embarrassment” factor might stop many from going to the docs, another reason why discrete at home LFT testing might benefit.
https://www.ecdc.europa.eu/en/news-events/sti-cases-rise-across-europe#:~:text=In%202022%2C%20the%20number%20of,and%20chlamydia%20cases%20by%2016%25.
If these new tests are built on the Senzo ALF platform, then that might well explain Yates decision to invest because everything I’ve read suggests that historically LFT’s have struggled in the STI market because achievable sensitivity was too low and that is precisely what the ALF platform addresses.