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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Novacyt S.a. | NCYT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.60 | -3.11% | 49.90 | 16:35:18 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 53.00 | 48.90 | 53.00 | 49.90 | 51.50 |
| Industry Sector |
|---|
| HEALTH CARE EQUIPMENT & SERVICES |
| Top Posts |
|---|
Posted at 18/6/2024 20:11 by criticalthinker1 In the autumn [of 2020],” Cummings said in his written statement, “Sunak’s team supported me with the mass testing team as we tried to overcome horrific Whitehall bureaucracy, secretly buy hundreds of millions of fast tests before other countries realised their value and there was a PPE-like panic.”The UK Health Security Agency has confirmed in response to a freedom of information request that the “secret” buying of tests was the first contract awarded to Innova. Agreed in September 2020, it was worth £103m. The government went on to spend billions more with the company. The information raises further questions about the UK government’s widely criticised decision-making during the pandemic, and the huge sums of public money spent after normal procurement processes were suspended. The apparent support of Sunak’s team also raises questions about how far the Treasury was involved in the government expenditure of billions of pounds on test and trace and personal protective equipment. Sunak has repeatedly presented his work during the pandemic as a landmark success, telling workers at an event on the first day of the 2024 general election campaign: “You know you can trust me when it comes to the economy: I got our country through Covid.” ‘Risks to value for money’ For Innova, landing any UK government contracts at all was an extraordinary bonanza. The company was only formed in March 2020 by Huang’s California-based financial vehicle Pasaca Capital Inc, said by some of its own investors in the legal claims to have had little money behind it. Huang, a serial entrepreneur, had limited evident success in his track record, according to the legal claims against him. After the pandemic hit, everything changed. Another investor in Pasaca had a connection with a company in China, Xiamen Biotime Biotechnology, which like many others around the world, including some in the same city of Xiamen, was beginning to manufacture LFT kits. Kimberley Thonger, Innova’s UK representative, who had previously worked in marketing for a series of shoe companies including Dr Martens, emailed Cummings in Downing Street in July 2020. In that email, published following a freedom of information request by the Good Law Project, Thonger promised that the tests were “a true gamechanger”. Cummings told the Covid inquiry he saw the rapid tests as key to the proposed mass daily testing that he believed could enable “superspreader The authorisation was based on tests carried out at the government’s high-security Porton Down laboratory, which had been asked to evaluate a number of LFTs and indicated that it had prioritised Innova’s product because contracts had already been awarded to the company. The Department of Health and Social Care identified Innova at that time as the only supplier with a validated test that could produce the large volumes needed and work flexibly. A worker in PPE processing a lateral flow test A worker processing an Innova lateral flow test at Hull University in January 2021. Photograph: Paul Ellis/AFP/Getty Images By March 2021, Innova had already been awarded contracts worth £3.2bn, according to a critical National Audit Office report published in June of that year. The public spending watchdog noted that Innova was still “the only supplier of LFDs [lateral flow devices] for self-test approved by the MHRA”. The report warned that there were “risks to value for money due to a lack of competition and normal regulatory processes”. Cummings said the government needed to buy these tests secretly, “without alerting the rest of the world”. But countries across Europe were already evaluating rapid tests, and Italy was using them in ports and airports from the summer of 2020. In September 2020, the World Health Organization issued guidance, noting that nearly 100 companies were developing or manufacturing rapid tests. It announced a “global partnership” to supply 120m kits to poorer countries, made by companies in the US and South Korea. In February 2021, the EU published a list of 82 different suppliers, but not including Innova or Xiamen Biotime Biotechnology. Innova did offer to sell to other countries, but does not appear to have done so in large quantities. In a scathing report published after Innova first distributed them in the US without authorisation, the Food and Drug Administration (FDA) said the tests should be thrown away or returned to the company. It has repeatedly barred attempts to import the tests. An FDA spokesperson said: “Covid-19 antigen tests produced by Xiamen Biotime Biotechnology Company are being refused admission into the US.” Innova was included in a later edition of the EU’s approved list, among many other manufacturers, as a “B” supplier; member states were advised to use tests from the “A” list. Robert Kasprzak. Photograph: Innova Medical Group The UK government is said to have ordered 1.8bn tests from Innova altogether, paying the company approximately £4.3bn. In one of the legal claims against Huang, the former Innova executive Robert Kasprzak states: “Innova’ In 2022, Huang was featured in a film, Asian Inspirations, saying Innova had made a profit of $2bn after tax from its Covid contracts. Huang is now contesting legal claims over those profits, from Kasprzak and Innova’s UK representatives, Thonger and Charles Palmer, claiming they should have been paid more. Kasprzak accuses Huang of having a chequered career and few achievements of substance before Innova’s remarkable fortunes in the pandemic. Huang is accused in the claim of being “a high-end con artist” who squandered or moved for his own use due to “incompetence, power and greed … more than $1bn of … assets generated from UK sales”. He is alleged to have lavished some of the proceeds on luxury purchases including private jets for $70m, the $18m luxury home with a swimming pool in LA known as “the CEO house”, and “homes for his mistresses”, as well as poor investments in “flailing businesses”. Kasprzak also claims Huang was trying to secure a knighthood and working on having a film made about himself, titled Overnight Billionaire. He alleges Huang promised to buy out his shares for $75m but never did, and ultimately fired him from the company. Huang has responded by denying the claims and alleging that Kasprzak and the former Innova chief executive Daniel Elliott “stole” millions from the company. Kasprzak and Elliott deny those allegations. The UK representatives, Thonger and Palmer, are also suing Innova in California, claiming that their company, Disruptive Nanotechnology, was due 10% commission on all UK contracts, and so they should have been paid $500m. They accuse Kasprzak and Elliott of duping them out of that commission and pocketing the money themselves. Instead of the saved commissions being used for the promised purpose, “to keep the price of Innova’s Covid-19 tests competitive”, the claim alleges, Elliott “spent tens of millions of dollars to purchase lavish properties, expensive cars, a private jet, and other luxury items”. They both deny those claims. The disputes are all ongoing. Whatever the merits of their arguments, this fight on the US west coast is over extraordinarily large amounts of British taxpayers’ money, spent during the pandemic, with one newly formed company, for vast quantities of rapid Covid tests that it was able to deliver. A spokesperson for Innova and Huang dismissed the allegations against him as “baseless̶ Mark Holscher, a Los Angeles attorney representing Elliott, said he “categorically denies” any claims against him, and “did not receive any improper compensation” from anybody. “These tests saved thousands of British lives and prevented many more hospitalisations, An attorney representing Kasprzak said he “stands by” his legal claims, and added: “None of these US proceedings has called into question the efficacy of the tests or the UK government process. The tests saved thousands of British lives, as recognised by the UK government itself, and Mr Kasprzak is extremely proud of his role in delivering these tests to the UK.” A spokesperson for Disruptive Nanotechnology said: “We cannot comment on ongoing legal proceedings.” Cummings did not respond to requests for comment. A government spokesperson said in a statement given before the general election was called: “We have always said there are lessons to be learned from the pandemic and we are committed to learning from the Covid inquiry’s findings which will play a key role in informing the government’s planning and preparations for the future. While the inquiry is ongoing, it would not be appropriate to comment.” The Covid inquiry is due in the spring to turn its attention to the government’s multibillion-pound spending on medical supplies, including lateral flow tests, in the extraordinary circumstances of the pandemic. The con continues. |
Posted at 07/5/2024 13:02 by tomzimerman Duds I'm done with the aim market, far to full of grossely overpriced and overpaid scumbags fleecing new investors and INSIDE men handing out tips to " journalists" he he he Off to the OPTIcians today so good luck to allGamblers paradise is aim, some great opportunities of course but the vast majority of people will loose their money |
Posted at 01/5/2024 13:43 by andymunchkin robertbarns127 Apr '24 - 01:19 - 68428 of 684370 0 3 if we lose in court what do investors think will happen to the share price ... 40p , 30p , 20p or 10p possible --- id gO fEr thE mIddle gROUnd. 2op saFEr bEt |
Posted at 27/4/2024 01:19 by robertbarns1 if we lose in court what do investors think will happen to the share price ... 40p , 30p , 20p or 10p possible |
Posted at 22/4/2024 11:16 by supercity I look back at this share and wonder if there was one single investor that bought below 10p and sold above 10 quid.Just can't see it - when a share 3,4,5,6 bags we always sell as can't believe it will go higher.Did anyone manage it. |
Posted at 25/1/2024 15:04 by kpe Might have something to do with the depleted cash pile. It's not going to last at this rate. Time to tap investors .... |
Posted at 24/7/2023 12:03 by trustedinvestor You don't tell us what to do. You're a shorter and we are investors. We decide when to sell when it suits us. I'd recommend you to buy back the shares lol |
Posted at 21/4/2023 17:22 by tomzimerman I see the post below warning people of the gang here on ADVFN got a down tick again.So it means that the gang do not like this being advertised. ✌️ Maybe if more complain ADVFN may do something but I doubt it 😂 its run by crooks so probably fully aware ☹️ I’ve sold all my shares in every company today as many investors are fleeing the scam that is the london stock exchange due to widespread corruption. My advice is to ignore almost everything you read here and produced by the government sponsored media outlets, they are bent as a whippets hind leg. Look at the scum over at the hut group |
Posted at 26/1/2023 11:33 by truant2tb1 The company has a track record of deceiving investors, 2x CEOs leaving in quick succession, an independent report from Procate Eye highlighting truly appalling practices at NCYTIf you want to bet on that good luck to you. All the while the business is burning through its cash pile, shrinking in ALL markets.No guidance offered is a HUGE worry for holders |
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