Member Info for Muck165

I also noted that we’re in the process of recruiting a new CFO, and another NED. Both are no doubt needed, and will allow Yates to focus on his new goals, but they will also add cost.

Good results, albeit not much we didn’t already know from the July TU.

-Good to see margins increase.

-Good to see we will be opening a US office this quarter, with Yates focussing on that and other sales routes while Hand runs the business at home.

- Good to see further growth in US based revenue.

2 glaring omissions for me.

-Nothing whatsoever in the accounts about our FOFH investment.

-Nothing in the accounts about Eco-Flo.

At least as far as I can see.

Hopefully we will get more info at the presentation.

here’s the link for anyone interested

https://atacul.ro/2022/06/06/****ne-jr-joaca-la-nivel-inalt/#google_vignette

For anyone interested…

This is piece from 2022. It’s in Romanian so translator tools required if interested.

It’s interesting because it details the high political connections that Vasile Albulescu (our “third party” security) has.

It also says that he is a very significant shareholder in Formin SA, which I think has provided various resource reports to Vast.

Sometimes I forget that how business gets done in other jurisdictions can be very different, some might say more shady, than here.

If they had made sales along the lines of your calculation, then why have they confirmed they need yet more funds for working capital?

Payment terms under agreement 2 were within 5 days of each concentrate sale.

So, either nobody has yet bought the concentrate, or purchasers aren’t adhering to the terms. My bet is the former.

And in terms of creditor patience, I suspect they’re talking about trade creditors and not Alpha//Mercuria.

Just further on this, I also notice that on 26/9 CS filed their abridged accounts to 30/6/24. We only get the BS not the P&L, but it does show an improvement in the BS position, with net assets growing from £493k (the latest figure disclosed in the acquisition RNS) to £573k.

Of course, we bought the company after this trading period.

Also, if you look at the actual appointment forms you will see that Yates had previously been appointed as a a director with the name “Chris Yates”. This looks to have been the same with the main plc and Ivdeology. So I think all that happened with his recent “change of particulars” forms (filed both at the plc, IVD and CS) is to reflect his full name, now showing as Chris Henry Francis Yates. As I say, just a tidy up exercise I think.

https://find-and-update.company-information.service.gov.uk/company/SC344423/filing-history

Scrub that.

We do have a new subsid, but the main plc is already showing as manufacturing chemicals, so that activity isn’t new.

Chris is still listed as a Director. I suspect this is somehow a tidy up exercise...

Of more note, I think, is that a new wholly owned subsidiary - "Abingdon Analytical Ltd" has now been set up, with Candice (head of reg and QA) and CY being Directors. Its activities are listed as

20590 - Manufacture of other chemical products not elsewhere classified

72190 - Other research and experimental development on natural sciences and engineering

82990 - Other business support service activities not elsewhere classified

I understand the last 2 activities. The first is interesting. If we are going to start manufacturing chemical products then that adds a whole new string to the ABDX bow I think, and starts to move us into the realms of what BBI Solutions do. Have a look at their revenues....

https://find-and-update.company-information.service.gov.uk/company/15987418

Sorry to hear that Ant. Round my way it seems that every other day some sepsis related story is on the news, and warnings are plastered about it all over the back of ambulances. It’s a big problem. I just don’t know what competition Septiloop has, apart from another potential rapid test that hit the “google” feeds late last year, being trialled in Guys & St Thomas in London.

Just a snippet on Loop (for you really Ant!) but Loop posted yesterday to say ;

"We are very excited to share that we have been included in the list of Forbes: Spanish SMEs that are changing the world 2024!"

https://www.linkedin.com/posts/loopdx_las-pymes-espa%C3%B1olas-que-est%C3%A1n-cambiando-el-activity-7247249400769507328-itUj?utm_source=share&utm_medium=member_desktop

I have no idea how difficult it is to get on the list, but their post got a decent level of comment and reaction suggesting this recognition is a "bit of a thing".

I'm disappointed in the SP, like others I'm sure, but to be honest I am really really struggling to understand why its where it is. The most reasonable explanation is the real lack of commercial news flow, but then we have a great opportunity to find out more in that respect by asking questions at the IMC presentation next week. I've already asked 16 questions!

You'd think so Ant.

I don't know what the problem is there - may be a question for Yates next week?

If I recollect, Loop intended to launch in Spain (and had buyers lined up) but ultimately had to pivot to the UK. That may explain the stuttering commercial start here.

There's no doubt thought that an accurate affordable sepsis test providing much earlier diagnosis (when time is critical to care) should be a winner in the market, at least in my view.

Oh - and unless you have followed this Board you are unlikely to know anything about it.

As I've said before, this is the one thing in the pipe that excites me the most;

There is a real and verifiable need

We have a ready made customer in the NHS

The direct and indirect cost savings are massive

Conclusion of US trials (shortly) means Upfront are well on the path to FDA authorisation

The whole point of the test is to get patients to the right specialist stroke centre in time to save lives and protect against disability. There are few specialist centres (here and in the US), and no plans to increase the number.

If you could get a nailed on commercial success - this is it (in my view!)

And its just round the corner.

Further to my last...

Last week Odelle did a podcast with the Upfront CEO, Gonzalo Ladreda. I encourage people to watch it (its about 17 mins)

There are a number of things I could highlight but for now;

GL says ;

- they will be publishing US trial data "in the next few weeks" which replicates the date already published from UK trials.

- they already have a contract with the NHS, albeit for a one off payment.

- that they are very close to approvals and will be generating revenues from early next year

- that the test is manufactured by a third party in the UK with around 90 employees (that's US)

- that everything has been done in collaboration with the NHS and clinicians from the start, and that in fact certaiin grant funding was provided by the NHS an Stroke Association specifically to develop this test for the NHS.

Much more in the podcast - do watch it! Also really interesting to see Odelle taking more of a role in things, which I think can only mean everything is now very close to commercialisation for Upfront.

https://www.youtube.com/watch?v=1o55JhK1otQ

I think so Ant. No guarantees of course, but my little observation with Yates is that if he has good results or TU news then he likes to get it out early.

For ages the Salignostics.com site had remained unchanged, with a banner across the top simply confirming it was undergoing review and update.

Well, I notice that they now seem to be paying it some attention and have started to update it. The menu has changed, things have been added and removed (like the distributor list). A lot of the new pages still say they’re under construction.

The point, though, is that they’re now doing something with it. Might indicate something else could be getting nearer, like a US or wider EU launch. Might not of course!

As I say, just an observation.

https://www.salignostics.com/

Interesting comment from Matt Courtney in reply to a Yates comment

“ Thanks Chris Yates looking forward to developing this project with you in the USA, UK and beyond over the next 12 months!”

Just reinforces the current US focus we’re seeing coming out of ABDX at the mo.

Nice to see ABDX involved with the UKHSA on this…

https://www.linkedin.com/posts/abingdon-health_our-chief-technical-officer-nina-garrett-activity-7246836820624162818-pg0G?utm_source=share&utm_medium=member_desktop

https://assets.publishing.service.gov.uk/media/60c20a14e90e07438ee5748f/100_Days_Mission_to_respond_to_future_pandemic_threats__3_.pdf