Ann: AnteoTech Customer Ellume Secure US Contract, page-102

I struggle to see how we can have modest sales revenue increases via Ellume, I would say they would have to be significant not modest ... is Derek severely understating ?

Ellume only shipped the first 10,000 tests in January. The Dec 4c stated $235k in sales mainly from vaccine and antibody drug development companies and didn’t mention Ellume at all in regards raw material supply.

Ellume are shortly ramping up to 100,000 tests per day in their next stage, so going from 1 shipment of 10,000 units to date to 3 million for 1 month.

That will require a lot more Anteobind ... so how can revenue increases be modest. How much have vaccine developers using ? - surely they can’t be using the equivalent of 1 million COVID tests a month !!

Have Ellume brought in bulk already ? ... but sales to date haven’t been significant and the announcement today talks about anteotech being able to produce enough anteobind for Ellume going forward .. so suggests that a lot of anteobind will be required going forward.

So again I struggle to believe that sales increases will be modest ... even if Ellume fails to produce 100,000 tests a day and say manages only 10k or 20k a day that is a lot more than the 10k produced to date in total.

so again is Derek severely understating ?