Member Info for PSB123

Oh, and the board bought 11m shares last month, what more could you look for

Half year EBITDA was $67m

Reiterated forecast cash generation after all opex and capex in 2020 is circa $85m

Stable balance sheet and current cash balance of $85m

Growing rapidly

Phenomenal untapped assets on top of the above

Market cap is still only £100m, barely the equivalent of one year’s free cash flow.

Blows my mind the size of the investment opportunity here

I saw this in the Yorkshire Post yesterday and they later changed the article to say ‘in discussions with’ ODX. The below suggested there had been something in the Times???

Sorry, where did you see this?

I’ve done the same. I have a much, much bigger holding here that I’ve ever had in any share before and didn’t want / expect to add more but the price today is insane and too good to miss so I’ve sliced out of a couple of others for another modest top up this morning.

Yesterday was full of great news and today we have signed an agreement with a major investment bank yet the SP is down, I would not have been surprised to see us at £2+ on yesterday alone with anticipation of £3-5 in the near term and a view to closer to £10 in 2021 yet we’re at £1.40. Highly irrational and you just have to take these opportunities when they present themselves

Here you go:

https://presentations.investormeetcompany.com/investor-meet-company/interim-results-for-the-6-months-ended-30-june-2020-2?bmid=be99f7fce6b6

Hi, any idea when they interview you referred to last week is likely to be published? Thanks

US is quite a simple pathway once we have CE mark

Looking to license the reagents themselves but also opportunity to licence the affirmer to allow others to develop their own LFTs. Give access to third party manufacturing scale. I want affirmers in their tests.

Reason is to get around limits on manufacturing

'Could be MANY 10's on millions of test per month produced' (in UK)

Without doubt in my mind capacity to meet hundreds of millions of tests per month with overseas partners

Putting in place manufacturing overseas, mainly Asia and SE Asia

'Detailed discussions with governments are ongoing but are strictly confidential'

Several ongoing conversations with other OEM manufactures

'Competition doesn't bother me in the least'... all about ramping up supply

To be fair it says based on current manufacturing partners with upside for additional partners.

So I would read that as having huge scope to increase as other manufacturing partners are added

Also SP rising whilst the sell side briefing is going on bodes well

This for me is one of the key passages in the RNS, easy to miss the implications, suggest everyone goes back and reads it again and thinks about what it really means:

‘The commercial opportunity created by the SARS-CoV-2 spike Affimer binders is substantial...The Group is working hard to put in place multiple manufacturing partnerships so that it can fully capitalise on the launch of a rapid coronavirus antigen test. Multiple other commercial opportunities have been created by the SARS-CoV-2 spike binding Affimer reagents, such as the collaboration with Adeptrix to develop a mass spectrometer based laboratory test, but also including a A NUMBER OF CURRENTLY UNDISCLOSED potential licensing opportunities for COVID-19 testing. The value of all these developments is impossible to quantify at this stage, but it is clear that global demand for COVID-19 rapid testing solutions is potentially worth BILLIONS OF POUNDS

Ha ha, that’s hardly the point is it? (And you should work out how to calculate a PE too).

Look at it another way, if you’re going to use a 15x multiple it’s hardly unrealistic to think that AVCT could be generating £50m profit a month in the very near future. If you want to apply a 15x PE to that then we’d have a £9bn market cap and a £30 share price, the small matter of a 20x increase from here. Sounds crazy doesn’t it? But less crazy that your post.

Why not think a little before throwing around meaningless comparisons with the sector.

We’ve got a summary of great progress, updates that we are VERY close and new news that there are diagnostic licensing agreements in place but undisclosed.

That last point is a big one to me. Suggests the millions of tests a day may be met by licensing Affirmers to the big boys which is way less risky that trying to scale up lots of different manufacturers. I suspect we will do very well out of the Cytiva LFT but the licensing may be where the billions and billions come from, especially if that is what lets us ramp up to millions of tests per day.

Fin cap essentially saying they EXPECT >100% increase from here in the short term and wouldn’t be remotely surprised by a five bag.

To be honest I actually think this is quite conservative, especially if the partnerships alluded to this morning are about scale of LTF and therefore getting to millions of tests a day / hundreds of million of revenue a month