The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
Isn't their a rule that directors can't buy in if significant news within 14 days or something?
yes, the overdraft was interesting.
At last placing they paid off the £2m overdraft that they had, keeping the £2m facility - now want to increase it to £8m.
I am trying to reassess ODX with fresh eyes and the fact their was no explanation did make me wonder the reasoning - were they anticipating that they would need short term lending of that magnitude?
true - pocket change vs what we should be earning but keeps it going to when we finally get the approvals......
I literally just checked
It though does not pop as before as the top search in either people or 'Top' - something is going on thats for sure.......
The extending the overdraft was interesting - you would do that to cover short term cashflow, so suggests they are potentially expecting that if they have a prolonged period without approval or DHSC want their £2m then they can flex that.
I don't expect a placing unless we reach March and no approvals / sales. The DAM £750k and the OG £500k keeps the lights on in the interim......
renamed it to @omega_ODX
Considering how low GDR was - the May 2020 placing was at 80p so they were a 1/4 of that price and another placing at 25p recently.
I comparison, thats like ODX dropping to 10p and then getting up to closer to 18p.......
"The Alva plant must be like the ‘ Mary Celeste‘ today."
No, we are busy packing for a competitor again - we are good at that!!
Good product but cons
- expensive
- while it can do a result in 7.5 mins, it has a certain capacity so not suitable for mass testing unless you buy multiple of the units and have multiple resource - I could see its use in say a hospital etc
Sounding more positive on the SOA front - the dilution was always going to happen with FCA wanting the shareholders to share the pain - just depends on how much, but med to long term, this is still a great potential.
and this time customers have to isoate until they get result - won’t be popular - I know a few people who have trips in December, already paid for LFT - can’t get a refund and now having to buy pcr (£45 each) as well as isolate until they get result.
unknown at present - someone posted on Twitter that ours focuses on the N-protein so hypothetically should be ok but until Mologic confirm, its an unknown.
I felt it was more of a seperation of the business - ODX focus on non-covid and Lansdown / DAM deal with Covid which Colin all but conceded he struggled with.
This is set-up perfectly for Lansdown / DAM to appear to get the train back on the track and win the day (and the new BOD members).
Trying not to be too be ‘rose tinted spectacles’…….
You wait, they will add whether tests can detect Omnicron to the validation piece adding another month or two ????
I disagree
Surescreen were to manufacture their test (they have been)
GAD & ODX manufacture Mologic test
Hit a brick wall when our test failed at Porton Down.
Either the commercials or something didn’t work out, who knows but it boils down to Mologic test not being approved in the UK for HUA.
Commercials then needed to be agreed between ODX and the other companies but since those companies have decent caapacity, would you let ODX manufacture your test for less profit for the same customer than doing it yourself (ie ODX would want a cut of the profit)
Thats my take on it anyway………
As we keep saying, it all boils down to approvals again and again and for whatever reason, that is taking time.
Positive I do take is that we still have govt machines and DHSC hasn’t confirmed expired.
Also, despite Colin downplaying covid element of the business significantly, the approvals for CTDA and HUA sounded like close to completion
I noticed that - I presume that until the DHSC situation is concluded - ODX seem to be playing more to the book - I wonder if that is Colin following getting burnt from earlier in the year or new BOD faces getting Colin onto the straight and narrow? Maybe he has had his wings cut, hence the presentation around covid was so muted vs previous presentations?
As shareholders, this more factual approach is better, but a tough pill to swallow with an SP that was arguably raised based on a lot of the promises / hints that to date have no delivered?
Situation is either
- yes, it has expired and ODX are confident it won’t be renewed
or
- it has expired and now they want to play by the book in relation to comms having previously been rather flippant with facts
Could you imagine if the 6 monthly they said all was fine, but then a week later have to say it was cancelled and expired previous to the 25th Nov - now that would not be a great look ??
My guess, we can use the govt machinery and if/when Mologic/ Visitect tests gets approved, the govt start buying.
But they have not renaiged on the contrat
- it was extened (maybe muliple times?)
- extension has ended, ODX asked if DHSC would extend - they wouldn’t confirm yes or no
- odx decided therefore contract expired and ended
Maybe their is more conversation going on, but the expiry of the contract is Omega’s take on it - maybe their is more to this that would indicate it was ended?
Agreed, I suspect the extension ran out rarlier this month. Day before interim they check if it will be extended - DHSC won’t confirm, thus legally its ended.
Suggests eitger:
* ODX are not hot on managing contracts - this doesn’t sound a very Colin type action tbh
* exrensions before have been added later, thus meaning a short period where no contract technically in place
* DHSC waited for months for Mologic test to be approved and still nothing
The FOI request will be interesting but not sure you will learn much that can be used against ODX legally.
Bigbangs: the crucial parts are
1. when was the latest extension dated until
2. how regulalry have they been getting extensions - monthly/ weekly or has their just been one
3. If multiple extensions, has communications and work been done during periods previosly where the extension has ended previously
Only part I don’t understand is Colin saying ‘don’t count on it, focused on commercial opps’ yet on the otherside, DHSC have not formally expired the contract, it is ODX taking the view legally it has expired due to not being given a test to manufacture.
Must be something to ODX state is has expired despite it to all intents and purposes still be in discussion. Presumably their is more to this than they are letting on for them to assume expired?