The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Computer909, at it again? Why? It would be just as easy to explain why you don't want to be in this stock by sticking to facts instead. No-one would mind.
"Antibody testing is out of favour ..."
But that article says "DHSC did not deny it had scrapped the option when asked by City A.M. but said it would continue offering antibody tests “in a phased way” via home finger-prick kits."
Not "out of favour" but still being offered by DHSC, and Superdrug for two sources just from the same article. If our test is not even mentioned in the article, it takes a leap of faith to assume it's our test which has been discontinued.
"...and are eggs are in the antigen basket, until Colin drops that as well!"
Apart from the eggs we have in the CD4 advanced disease test market, the food intolerance microarray "basket", the food intolerance ELISA "basket", the food intolerance POC "basket", Adrenal function Lab test "basket" and, your favourite and now mine, the "imminent" ELISA Antibody test "basket"
Don't be despondent, ODX are not a basket case!
Yes, they seem to get it wrong as often as they're right but then make it look like they got it right afterwards. There's usually a few turn up here that haven't been here for a while when they change their signal, keeps the board interesting if not always particularly factual. Hope the vets bill for the white horses doesn't come in too soon!
Chuggley,
I think Mologic could go for it, I think we'll have tech transferred and CE marked by 5th Feb but not by Friday (no proof, just cautiously pessimistic) so I think they'll be able to factor our production capacity in to whatever their bid is.
If I understand this framework correctly (longshot) it is similar to our existing antibody framework so the tenders might have to be able to prove that they can fulfil the full capacity within the timeframe, £912m worth of tests in 2 months might be a stretch for Colin and team.
If the tender is split I don't see any reason Mologic ergo we would be excluded for part of the total amount, but honestly, I have no idea.
I just felt sorry for you as no-one was replying.
What do you think?
SneakySimon, yes, the ELISA Antibody test is CE marked waiting for MHRA approval for in house laboratory testing, expected "early in the new year" Interim Results Presentation 30th September minute 13.52
greenhighlander,
we don't but if we don't have it we'll need the UKCA mark for use in Britain which is "broadly the same" but doesn't allow for use in Europe (including in this case NI).
https://www.gov.uk/guidance/using-the-ukca-marking
Can Mologic bid for the tender? If so, why would we need CE mark by that date? As long as CE marking comes before we manufacture does it matter if it is pending for us when Mologic are awarded a tender?
"There is hope from a TA perspective, real hope, not that made up stuff, ODX is oversold, there will be something which drives the SP up soon, but be warned the rise will be heavily sold in to and there will be resistance around 80p (10%), 85p (15%) and 89p (20%) due to traders buying the recent lows and it will take a long time to get back to 94p+ let alone higher."
-Saseefeldt, Nov 3rd 2020
Satallite,
I agree, it would make marketing sense if they were in the business of marketing their shares (which currently it is apparent that they are not). I don't think they are legally obliged to RNS until CE mark (a new product becomes available) and so I'm not expecting one, we'll probably both benefit either way, Good Luck!
Magical_Trevor,
I found this someone posted last year about the time of the Sky interview which may help to answer your question
https://www.youtube.com/watch?v=croUKrggms8&t=23153s
From minute 12:35 onwards
Hani1,
maybe there's nothing going on which affects share price, that's why they're not telling us anything.
The next time I expect to see an RNS from Omega is to tell us the Mologic Antigen test is CE marked.
I don't expect this for another week at the earliest (assuming TT was complete by Tue 5th Jan when they returned from the break and CE mark takes 2 weeks).
There may possibly be further orders of our existing products but I don't expect to see an RNS for them unless the scale of them is expected to materially effect our share price (+/-10%). The fact that the company is disinterested in updating us on expected news (all of which currently is expected to positively effect SP-orders, CE mark, expansion, overseas sales) is a positive and means to me that SP is less important to them at present, meaning, there's less possibility of them announcing a rights issue to raise cash (last years Sky interview-speeding ticket-RI combo.)
I know it's frustrating waiting for the Jam but I'm sure the Jam factory is in full swing and the Hot Air balloons that deliver it are inflated and ready to fly (judging by the amount of hot air on here).
FFB
Never mind, there'll be another boat along in a bit.
The first boat in a flotilla attracts the most enemy fire.
At an intended test rate of 10m/week 2m tests lasts 1 working day.
That's not missing out a lot but I understand your point, best if this doesn't become a habit.
Good Luck!
JRDC, I agree that the govt will not be trying to control the virus with antibody testing now that vaccine rollout has begun but I think antibody testing will still be used in numbers to track antibodies in a vaccinated cross section over time (perhaps 5% of population over 2+ years.) whether it's ours (cheapest and high accuracy) or not. It would seem a pity to not gather this data for such a small relative cost. Omega produced Mologic Antigen LFT expected to generate £2.50 profit per test (finnCap Company Note Nov 30 2020), capacity 2m/wk by April budgeted for.
TonyRowe,
"I have done my own research thats why im concerned, they've already got 2 mologic products available in the market place and they've sold zero of these tests to date."
Check the finnCap company note of 30th November2020 p. 1
"?COVID-19 update: first shipments of AbC-19 Rapid antibody tests have been made"
& p.6 "Mologic Lateral Flow Antibody Test":
"Omega confirmed that it has commenced sales of Mologic’s lateral flow antibody test
(VISITECT COVID-19), which Omega CE-marked in September"
There's also the expansion of the lab based ELISA antibody test facility which was mentioned in the November interim results presentation, close to completing MHRA requirements for it, expect to launch early in the new year. So far sales of this have been "lower than anticipated" but sales none the less which have not been RNS'd.
MIKODX.
"...whether it's a pandemic or not is highly questionable." and also irrelevant to tackling it. The situation doesn't change no matter what we call it.
"The amount of people that have died from actual Covid is questionable" Yes it is. So is everything.
"It's well documented that people who have died from other illnesses have Covid as cause of death on their death certificates" True, the stats in the UK however are derived from a positive Covid test within 28 days of death. I'm surprised that if you worked in a hospital at the moment you'd really care about splitting hairs in this way, or have time or the motivation to post about it.
"Another thing that has me very dubious...some level of immunity" Actually there are about 200 confirmed cases of reinfection to date. 200 out of 87,273,380 as of today (WHO Website). I think Antibodies are doing just fine mate.
"Why has antibody testing been pushed to the curb...vaccine" Antibody testing, whilst its proximity to the curb is in doubt, is actually being done globally for Data collection and monitoring of the pandemic (or whatever you want to call it).
"Surely antibody testing should be being used...test track and trace" It is. Not everyone gets an antibody test, it's currently used for data collection and analysis. The vaccine provides 100% protection against serious illness requiring hospitalisation to date- the important factor in protecting healthcare provision.
"The way the govt is handling this disease...deliberately trying to kill people off" No, they probably don't know what they're doing, and they're probably not competent enough to deliberately kill people off either. Hindsight will be 2020.
"They could be using the virus to accomplish some other hidden agenda"Again, that would require some level of competence. Lots of things will definitely change during the course of this, many things will be hidden. The governments primary (possibly sole) aim is self preservation. I don't think they'll manage that very well either.
You come across as being a bit sceptical. Hope you're ok, Good luck!
itshenderz, good info about the jobs at BBI. That tells me they're seriously undermanned and will therefore take time to get up to speed to be able to produce their 25% production share of any UK RTC antibody test orders. This would possibly explain why Colins stance changed recently from being 'we'll produce up to 25% of any orders' to' we will produce "at least" 25% of any orders'. Also indicates an expectation of sizeable orders inbound.
909, yes I agree, it would've been just as easy but I expect "updating shareholders in the New Year on how the technology transfer and CE mark is going" will mean we'll hear nothing until they're complete. I'm not sure we even need to know by RNS if TT is complete, in itself it is not SP sensitive as we still cannot confirm orders until the CE mark is obtained.
SimonShares, I'm not sure you're right.
"...25% to the UK government..."
We're going to provide "at least" 25% of any UK government orders for the UK RTC Antibody test to a maximum of 200k per week. Other than that we can sell as many of the rest of our tests to whoever orders them under our own brand. Our capacity will be 2m per week by April and is currently moving up from 500k per week. By April the very most we will be expected to provide to the UK government will be 10% of production .
Computer909, you're wrong, there was confirmation of tech transfer commencement during the webcast by BR media of 30th Nov, obtainable through the Omega Diagnostics Website on the Corporate information page using the "Omega Diagnostics Group - Interim results presentation 2020" link (second from the bottom under Links and Downloads)
Antigen LFT "...technical transfer commenced into the Alva facility..."
"key focus during December"
"expected complete early in the New Year"
"sales expected to commence early in the New Year"
"Significant opportunity"
It's all there. You just have to interpret what "early in the New Year" means.
Computer909, I agree, securing the teams to enter into continuous work should have been a priority, however, Colin has no control over securing technical support from manufacturers of the equipment or the Tech Transfer teams from Mologic.
I assume, perhaps wrongly, that the equipment manufacturers were unavailable over the period. Both they and the Mologic Tech Transfer team would have been required to have been available during the process. Pointless paying Omega technicians to install and program kit if they have no tech support from Mologic or OEM .
If I am wrong (quite plausible) then Colin has unnecessarily delayed the process by quite some time, especially if there was sufficient manpower to support 24hr shifts.