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I suspect there's a backlog of potential news which due to the legal issues they have been sitting on. This all has to come out now due to window dressing requirements. Good news by only frustration is why this wasn't released before the Second Tranche was issued on Monday. Good industry news on Roche's acquisition of Fatiron Healthcare yesterday. March is starting to look like an interesting month. Chin up all

It would be a bit arse about face to issue warrants at 5.77p only then to issue news which would spike the share price. TMO would essentially be given a massive discount. Hence some of the weakness today. However there are conflicting signals and so my head is going in circles trying to work out how close or far away we are from an end to this purgatory. Essentially the $5m funding was split among 2 tranches and the First Tranche of 28,938,797 shares (@ a 10.725p from ) gave 70% of the warrants 41,356,165 agreed in the July 2017 RNS. So perhaps we should not overplay the significance of today's news The issue of warrants today is a very small percentage of the overall warrants issued to TMO. Essentially it represents 13% of the overall 95,688,706 shares under warrants. Although the RNS suggested that the 95,688,706 represented 21% of the equity base on a fully diluted basis this assumes that all options (even those at 50p) will vest. This is far from certain and puts in context the % that TMO has gotten at a significant discount these last few years.

It represents the release of $1m funding which was agreed in July 2017. The release of the $1m was contingent on certain performance milestones being met. Whether they were or if this has now been relaxed I am not sure. It is interesting that they did not look to extend this financing arrangement further to cover the funding of a potential new product? However it could point to further news. Main questions for investors will be Will there be a settlement and when? Will break-even be achieved and when will this be announced? When will a sale happen and at what price? I was hoping for news of a settlement last week or early this week given some of the large trades (and spreads) being undertaken. Unfortunately we are still waiting. Hopefully some positive news shortly and this is getting a bit tiresome now.

Cheap shots aside I take the key point is that an appeal would not have been lodged unless Premaitha were sure that a settlement was possible. The required timeline is clear. Priced at the moment though to go bust so significant upside if settlement made. If it happens I hope some of the many investors who've materialised their losses come back to make it back. Although I suspect many will have sold out before then I'm sure we are all hoping twix gets his 50p target.

I discounted any US entry completely, sorry. It would suggest that Illumina are willing to offer licensing in the US for a trade-off in Europe however it should be noted that Illumina has its own NIPT CE-IVD now and may not want or need to make such a deal. If US entry is not part of this negotiation it would just be inviting more litigation at a higher price down the road if Premaitha did enter after finding a commercial partner. My reading why this was written in an albeit clumsy way was to give some rule of thumb as to the licensing fee penalties payable. An optimist would suggest that the company has allowed for a 10% licensing fee and this suggests that this could be reduced 4%. Cynics could otherwise suggest that similar to the TW article it helps to muddy the waters and keep PIs guessing whilst a compromise is scrambled together without obligating the company via a RNS. Al that we know is that the company by appealing at the Form of Order hearing is seeking a more favourable settlement terms through private negotiations. One does hope that they understand, finally, the urgency of a settlement being done. Although the company is keen to promote itself via the latest RNS to be a global company there are existing UK clients which are in a somewhat uneasy position today. A settlement, if forthcoming, would ideally be found prior to the patent hearing in March, though everyone would prefer tomorrow. Break-even, if achieved, would as a minimum have to be announced in the Year End Trading update however this can be anytime in Financial Quarter 1. If a settlement is achieved shareholders should be mindful of the lessons learnt of the sale, in a relatively amount of time, of Sequenom following its court case loss which caught a lot of LTH SQNM shareholders off guard.

I have no internal contact with the company so for me it is only a theory however I hope that a settlement does come � comes soon FFS - and that it covers existing contracts and draws a line against further litigation in other territories. It was strange that the February Hardman report mentioned the Ariosa vs Illumina trial. I have not tried to understand how Ariosa could lose against Illumina when they won against Sequenom. I am equally not sure about the guidance that Hardman received on potential US expansion or whether this is part of their negotiation strategy. As per the press briefings on new products sometimes these are alluded to in times of difficulty with little substance behind it. In the Dec 2015 and the Sep 2016 RNS the company did allude they wanted Premaitha's screening technology to supplant the technology used in pre-natal products marketed by Brahms, a subsidiary of Thermo Fisher but as you can see this was some time back.

To be fair the purpose of these RNS is so that the company is deliberately trying to shift it’s perception to be a global company with an established global brand image and product. Which to be fair it is with circa 70k+ test volumes in a billion dollar industry. NHS NIPT roll-out will be this year so in addition to the pressures to find a resolution before the ‘321 hearing in March there will be these pressures as well. I suspect there were a few anxious private clinics and NHS hospitals in the UK who seem to have been placated and are still supplying the IONA test. They too will be looking for resolution before Year End. For example St George, as the Centre of Excellence, has been put in a bit of a somewhat awkward position. Training materials will be prepared, hardware purchased and training roll-out well advanced. The market, both AIM and the real-world, seem to now have an expectation that the IONA test will still be available on a commercial basis in the UK and that Illumina will instead take advantage of Premaitha’s existing partnerships (55+ clinics/hospitals in UK) and major European distributors. So hopefully perhaps a resolution will be found in the next few weeks.

Today’s announcement underlines the need to have a commercial partnerships and funding in place for the introduction of a new product. In addition to a Chief Scientific Officer (CMO) and a Chief Medical Officer (CMO) Premaitha also has a Director of Innovation & New Technologies (Francesco Creo) so this is not an unreasonable expectayion. At present there are neither cost nor sales forecasts to accompany our investment. This will now been outstanding for 3 months and may only come by Year End at this rate. The critical milestone is a settlement the continued delayed absence of which is a very, very large and constant concern given the significant (though unlikely) downside risks of the current position. Shareholders should be mindful of the timeline, and market capitalisation, of Sequenom’s sale to Labcorp following its legal loss.

For me all that the Hardman January report says is that with an 8 man strong BoD and a 10 person strong Management Team (they have one senior female Director) all for an organisation of roughly 50 employees they're still not able to provide any costs or sales forecasts. The reason for mentioning the November report is that this is the latest forecast supplied and if the "speculation" that Break-Even has been achieved by January it would give some indication of the available headroom and expected out-turn of sales etc. Perhaps the February report will suggest how YourGene (acquired for £7,344,911) was used as security for only £2.1m funding however I hoping that some relatively large trades indicate a settlement is coming soon. That all said I suspect with a favourable settlement a June Hardman report will not be required for various reasons. All the best to all LTHS (VIY & NIPT)

Tick up coming Seems like someone is buying in background. Should see 5.25 today Have a look at Hardman's Nov newsletter page 34 ATB all LTHs

50p would value the company at �160m when it is currently valued at �14m and the company is unwilling to supply any current sales or cost forecasts for the coming years to make an informed judgement at present. As explained it would however seem myopic to applaud any new product and discount that unless properly funded it would not deliver projected sales. That funding, if not in place, would require further dilution. There has been reputational damage which would also act as a drag in introducing any new product and has damaged to our inherent IP value. Further to the settlement costs to Illumina (legal costs, license fees etc.) it is hoped that said settlement would be indemnify existing customers and will not be retrospective. The indemnification of existing customers would be key. It is further hoped that there is headroom for the increased hardware costs for retrofitting the existing labs (e.g. in Manchester) which would inevitably follow. It is hoped that this retrofitting is already planned otherwise may effect throughput even if a favourable settlement is achieved. That that negativity aside I seem to recall that in Hardman�s November Newsletter they had predicted �51m in 2020 FY and �28m in 2019 FY in sales from EXISTING contracts which would suggest that 50p is pessimistic. Regardless of my expressed frustrations we are all LTH�s here I wish for a successful and speedy conclusion to a very long journey. If the 50p is achieved and Twix achieves his break even target I would be personally overjoyed for him regardless of my own balance. My immediate and most pressing hope is for a settlement shortly. All the best to all LTHs (NIPT & VIY)

No chance mate but all the best

Nobody would have said this share would go to 5p from 30p because the Shareholders were told there is no chance Premaitha have infringed. That we had patents of our own. That we have a Freedom to Operate. That even if things don't go our way it will be at worst a mixed verdict. That even if we lost, we could move the processing offshore. That this would not take over 3 years to come to a conclusion. The HOSR characterization that this is a mature stock without risks is misleading. Similarly till a current sales forecast can be offered by the BoD, settlement terms agreed and damages quantified and ring-fenced it would seem suggesting that we are at break-even seems premature. We need to get a settlement. This has to come in the coming weeks if not now and before the '321 claim which will be heard by the end of March. Even a favorable settlement can still have operational consequences for the business. Any new product launches may I suspect turn out to be cover for further share dilution so I hope that this is just further backroom hurrah to pump up the sp before a take-out. This I suspect should see most of LTHs get their money back.

Just because the Directors gave themselves options of 20p to 50p doesn’t mean the company is worth it or ever will be. Sure thing let’s say just say we can launch products with no extra budget for sales and marketing, customer financing for hardware, reagents, assays, tendering or commercial partnerships. Let’s just continue to lumber along, bloated with BoD and Management team which have the same job titles for essentially a 1.5 product company. Never delivering any sales targets and contracts but still humming 50p to ourselves. I am more concerned about when there will be a settlement. We are in an incredibly weak position and need a settlement in the short term and before the further patent infringement hearings. Ideally a settlement should have been delivered BEFORE Ariosa lost in California – now even that leverage has been lost. A settlement should have been sought long ago. We have wasted 2 years on a failed patent defence when it was clear we should have settled. We now stand to lose another year on an appeal which has little chances to succeed. A settlement needs to be delivered now.

There's no chance to achieve 50p. None whatsoever. There�s been too much backroom bullshit which has wasted a lot of capital to get to this point. A lot of opportunities wasted by backroom confidences all mislaid on contracts never materialised, products never launches, sales targets never met. The BoD and Management Team, doubled in last 2 years, cannot even supply a current sales forecasts. I cannot understand some of the interpretations of a new product potential can be. A new diagnostic product needs a huge investment in products, testing arrays etc. All which has no current funding at present. Also discounting the reputational damage that has been done in the last few years. There are customers out there sitting on labs with equipment they potentially can no longer use...You think they will be queuing up to buy new products? Settle, sell and rinse.

Premaitha derives three sales streams from its IONA pre-natal screen: a) IONA test kit � sales of the kit to clinical testing labs and overseas distributors for an estimated �100-150 per kit b) Full service sales � where blood samples are sent to Premaitha�s labs to be analysed for an estimated �200-250 per test c) Pass through sales � Premaitha pays for the equipment required to set up a clinical testing facility and recovers this cost. The margin on this will essentially be zero, with Premaitha making money out of the subsequent supply of test kits The company has been very cagey about Gross Margins - probably in expectation of a commercial settlement - however in the Oct 2016 RNS the gross margin on the IONA test was 33.7% however this has since improved with increasing volumes and the validation on the TMO's s5 sequencer. EBIT margin in March 2017 RNS was 12.3% for 2019FY. I have already given some calculations of the revenue in first 2 years of trading which at max are �1.5m. In terms of commercially viable settlement of license fee you have to look at what the rival NIPT costs are. So for example Harmony NIPT costs �399. The company has headroom for a license fee. We hold our nerve till a settlement and sale in the short term I hope. We have close to 10% of NIPT market , 20 partnerships and 55 plus NHS hospitals and clinics hence suggesting circa is still realistic in next few months as TO.

Settle, sell, rinse. The appeal was always doubtful so this doesn't change our chances. It was hoped that an Ariosa win would give us more beneficial terms which would have put pressure on Ariosa to also accept. BoD have extended timeline with appeal to get more beneficial terms than the judge would give so let's see what happens in next week's. Size of damages and licensing fee more clearer this week so the company still has future with close to 10% of billion pound market. We just keep that perspective Settle and sell and let's move on. I suspect that should they get commercially viable settlement terms then the company will accept and soon after sell as opposed to drip feed to TMO further.

The RNS statement “Premaitha was granted leave to appeal against the Court's first instance findings of infringement and validity on a range of grounds, including obviousness, lack of priority and two alternative processes for carrying out the IONA test that Premaitha considers to be non-infringing” reflects the BoD’s contingency plan in this scenario which is that they are looking to move the processing of the IONA test to Taiwan in the event that the appeal is unsuccessful.

Illumina, Ariosa Seek Tens Of Millions As IP Trial Ends By Cara Bayles Law360, San Francisco (January 23, 2018, 10:13 PM EST) -- Illumina and Ariosa Diagnostics delivered closing arguments Tuesday in their two-week-long California federal court trial over noninvasive fetal testing technology, with Illumina arguing its rival infringed two patents while Ariosa countered that the lawsuit breached their contract — and each side saying it was entitled to tens of millions in damages

Sequenom, as the owner of the Lo I patent, was entitled to 50% of its costs of the Lo I action due to the November finding that the IONA test infringed a dependent claim limited to sex determination. I am not sure however as Lo 1 was for Patents HC-2015-001175 / HP-2016-000001 where Premaitha were co-defendants with Ariosa whether this may be shared though. That said the key point is that dependant on H2 sales and potential settlement value Break Even for this year should still be possible. We should be mindful the value UK Sales have not be In FY16 results Iona sales were just over �2m from 17,000 tests in its first year on market derived mainly from just two clinical laboratories, being sold at an average price to Premaitha of �120. Despite recent events Genoma then was a very important contributor to IONA sales in fiscal 2016 � estimated to be 60-65% of product sales in March 2017 RNS. Genoma had an established lab network and was able to act as a hub and draw samples in from several European countries, predominantly in the Mediterranean basin � e.g. Spain and Greece. This suggests that UK Sales in FY2016 was �0.7m. In FY2017 test volumes increased by 40% to over 24,000 (2016: 17,228) and revenues up 24% at over �3.1m (2016: �2.5m). By FY2017 the UK represented only c.25% of Group revenues at present (14% on a pro forma basis for the enlarged group). This suggests that UK Sales in FY2017 was �0.775m. So in total say �1.5m across first two years of trading for UK Sales.