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1) Profit (Loss) = Revenue - Expenses
2) Insanity is doing the same thing over and over and expecting different results.
If anyone can explain to me how DB and the board have acted to address cash burn and create a more sustainable business model, I'm happy to listen.
But keeping a cashburn rate of 400k per month and none related to stock manufacture is absurd now.
I need to see/hear commitment from the BoD and/or a revamped BoD.
LTH14 - if the 4.5m they can get from the OO was really to keep the business alive they would have gotten it from the IIs.
6m already secured from IIs and you are saying the company will go bust without more via PIs and OO??!! . You can't be serious OR you have an ULTERIOR MOTIVE.
The AIHL kit is included in the PHE framework tender which we were awarded. So don't think it necessarily requires individual orders - one large order can come through.
Its not a hard sell for other NHS trusts when NHS were directly involved and the lead author of the study is funded by NHS.
@Dave, Pacman is correct if he is talking about the first Genedrive device - this is what all the previous assays were based on.
The new Genedrive device (which is still to be CE marked) has been redesigned and improved for the AIHL test (and this most likely for all future developments and potentially current market tests).
Don't know of any 'British only' policy. But there is a change in approval policy for LFTs
https://www.360dx.com/point-care-testing/uk-government-updates-selection-criteria-validation-sars-cov-2-rapid-tests#.YSk2QFPRZkw
Hi Jimi, yes you are correct, I stand corrected. It is in fact £4.2m inc recent sales and tax credit (though in the slides DB says is US$0.4m sale to BC but Jonathan seems to refer to is as £0.4m - small differences, yes).
HOWEVER, that small change does not place us in any better position overall in my opinion - with a 10.5 month life on current cash burn.
@Jimi I appreciate your post but think there are 2 issues:
1) Assuming a value on HCV via WHO (Note: it is UNICEF with whom we have a contract with not WHO)
2) Cash available does not seem correct.
1) Yes, DB has said sales for HCV has resumed (in a recent 360DX article) but the scale/ value of sales to date were not given. To assume a 500k to date is 'throwing a dart in the dark', unless you have data/info to support this.
2) In the March 2021 presentation, you can see in the slides that they stated the un-audited cash as of 15 Mar 2021 = £2.8m, plus R&D tax credit of £1.0m, then TOTAL cash = £3.8m. Underlying burn rate of approximately £0.4m pcm, means 9.5 months of cash. Which means till the end of 2021.
Contrary to your beliefs, I would not call this a good cash position at all. For this reason it is ever frustrating to not know how we plan to keep the company as a 'going concern', with even very little comms on the 0-6 months targets as stated in the last presentation, which were:
1) Update on European MoH
2) Registration updates FDA, WHO and India ------ (we only know about India approval and import licence)
3) Launch of Genedrive ® SARS CoV 2 P.O.C. in calendar Q2 2021 ---------- (we know now delayed till Q3)
4) Commercial launch of AIHL and initial sales
GDR is in Lot 1: https://bidstats.uk/tenders/2021/W15/748945953
Anyone know if YGEN labs is strictly for their own covid tests?
@Pacman121, on the logic of the CE Marking (if this is accurate as per the EC website) being public knowledge, couldn't we say that any info from the company will become public knowledge at some point?! Then why were RNS' created.
RNS' is for formal communication with current and prospective shareholders, the wider market and all stakeholders. So we can't hide behind the vail of 'it's in the public domain' - this then strongly suggests the desire to suppress the share price. How does one argue for the RNS which curtailed the share movement on the Indian Import Licence news coming into the Public Domain. Applying this logic we didn't need one at all, unless what we have in play are ULTERIOR MOTIVES.
This is my thought and I'm happy for others to share their views/opinions.
6) We have what appears to be an early CE Marking approval for the Genedrive COV-ID Kit and we have not RNSd it??? (the only excuse I will accept is this is an error).
See info on European Commission website
https://t.co/xf65F7a3Eu
I have lost almost all trust in DB and the board.
To me it is clear, now 1.5 months since the anticipated Trading Update - which for the last 5 years has been released in July/August (02 August 2016/ 13 July 2017 / 13 July 2018 / 09 July 2019 / 10 July 2020) - that this company is not speaking so as to avoid telling what ever truth there is to be told. And for me once trust is eroded the relationship turns sour.
Here is where I stand on the issues with GDR, DB and the team:
1) GDR state BC don't announce sales - that's ok, because I didn't invest in BC. But why is Walbrook refusing to respond to queries regarding any shipments post the one to BC (that they RNSd) or any other distributor, yet answering other questions in the same email? Either DB is being silenced via takeover conversations or we have nothing sold (which is hard to believe given other products and their commercial status).
2) DB told me in an email that they can't announce the HCV/ UNICEF agreement until UNICEF give them sign-off. I now believe this is just an excuse to delay any official announcement (for what ever reason you decide) because our product has been listed on the online catalogue for months now and the contracts issued to GDR and others in March is already out in the public domain (listed online) since March - so why do we need further permission?
3) We get Indian ICMR approval and import licence and DB is quicker to degrade our chances than to talk about how they are working with the authorities and distributors there to come to a reasonable conclusion. Remember back in November 2020 and prior, the US and India were our main 2 target markets and now DB is not afraid to say that India may not plan out???? So as a company we don't negotiate, we just accept and let be???
4) In the 360DX article on Jul 13 2021, DB admitted that HCV sales had resumed. Now you tell me how can #WorldHepaptitisDay go by on social media and GDR, nor Walbrook nor any distributor promote/market our product. We just had 3 case studies from Georgia, Cameroon and Thailand released this year (2 of which were with FIND) and we say very little???
5) The EU MoH deal which DB said in Nov 2020 was at an advanced stage - where has this gone? Was this any real deal to be converted? How can we not convert a deal at advanced stages and why haven't we got a reason for this via Half Year results? DB said to me its not dependent on us its the MoH - what a poor excuse for lack of ability to convert a deal with a 'gold-standard' (and proven) test.
Seems like the new webpage design was still not complete. The 'Scheduled Order' call to action button is now gone.
https://www.beckman.com/reagents/genomic/viral-detection/genedrive-96-sars-cov-2?country=US
What I find really amazing is the disconnect of the Marketing and PR teams for #GDR.
All the posts today from FIND was due to the fact that today was #WorldHepatitisDay. genedrive did not send out one single post on any social media platform highlighting any of their 3 hugely successful HCV trials they completed!!!!!