The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Aspiring young scientist with a first-class degree in Biochemistry and Genetics as well as the Jim Parry Prize for Outstanding Achievement in Genetic Toxicology.
Massive congratulations to Oliver and good to see that Novacyt are rewarding the talent within.
https://www.linkedin.com/posts/oliver-stubbs-b769011b9_im-happy-to-share-that-im-starting-a-new-activity-7026940169198940163-_o_P?utm_source=share&utm_medium=member_desktop
Could this be our new CEO? Perhaps the next chapter, to which he refers, is Novacyt!
https://www.linkedin.com/feed/update/urn:li:activity:7023646616683184128/
Pure speculation on my part, however we already employ a number of ex Thermo Fisher executives and Stuart departed at the end of 2022.
Maybe, however we retained the Pathflow range of products, yet still listed upon the Microgen website.
I guess that they have purchased the domain with the name, however as yet they've not replaced the webpage.
Novacyt Microgen Website remains and we can view their existing product offering:
https://microgenbioproducts.com/
WBAFC, Not necessarily, some of that revenue was inter-company, for instance Microgen manufactured tests for Primerdesign. Also, there's a cost associated with closing a business and I'd imagine Novacyt removed the parts of the business which they wished to amalgamate into Novacyt. For all we know Eurofins purchased the name and what was left after Novacyt had taken the parts out that it wished to retain. Interesting that they acquired our business address, I suspect that they are renting the premises, but don't know for sure.
Reference the Independent article, although Novacyt declined to comment, seem to recall that the DHSC did respond and effectively dismissed the claims within the Independent. Easy with hindsight, however at the time teething issues were to be expected within certain trusts, trust that had no previous experience with such equipment.
DHSC entered into a contract with Novacyt for the purchase of instruments and tests, it was the height of the pandemic and the DHSC was under immense pressure to increase their capacity for testing. At the end of 2020/early 2021 the DHSC changed their mind, performed a u-turn, in my opinion, many parts of the NHS did not have the resources to accurately perform POC testing, therefore these tests and instruments had been stockpiled in certain areas. DHSC suggested that the tests were not fit for purpose and asked for their money back. Q1 Novacyt now supplied PROMATE, which was outside of the contract and was being used successfully within the NHS, unfortunately DHSC decided to withhold payment pending their requested refund, Novacyt offered to replace product under warranty as per the contract, the dispute was born!!
Vindictive is not a word that I would use.
Although upon LinkedIn Novacyt report that they are now a Distributor for the Clonit, to visit the website for the full range and further information, yet I visit the Novacyt Website and can find no reference to Clonit. I have been able to locate some PCR tests for STI, although they appear to be the RUO under the GENESIG brand.
Disappointing, has the person posting upon Linkedin attempted to navigate the Novacyt website? Not easy!
Come on Novacyt...must do better!!
Top of the agenda should be a new CEO, someone to drive the business forward, clearly the interim CEO isn't capable. We are approaching 3 months since the departure of DA, therefore hopefully some news soon about his replacement.
Lets hope so, although I wonder whether we have the capacity to respond and how quick? We've be stung before with stock having to be written off, can't imagine they shall make that mistake again.
'A large amount of stock, which had previously been provided for, was written off and disposed of during late 2021, with the cost being charged to 'Cost of inventories recognised as an expense' and a corresponding release of the stock provision being made.'
Perhaps they should close the company down for Christmas more often, or maybe they could take a longer break, does wonderful things for the share price.
Should COVID be making a comeback, although I'm sure it never went away, surly the UKHSA/DHSC shall be forced to purchase testing products from their own CTDA Register.