I did try and warn people about the "Quality" of tests coming out of China and the way this company was doing some questionable and unprofessional things around timing of releasing Material info and capital raising etc... I hate to say I told you so... but I told you so!Cellmid plunges on Doherty Institute results
Tom Richardson
Cellmid shares are down 30 per cent to 13 cents today after the Doherty Institute for Infection and Immunity reported its results into the accuracy of SARS-Cov-2 antibody tests purchased by Cellmid from Chinese company Wondfo.
The Doherty Institute's independent testing found the tests were less accurate over every sensitivity and specificity period tested than what was reported to Australia's healthcare regulator the TGA according to Wondfo as the seller of the tests.
According to Wondfo's own results the tests had a sensitivity (true positive) accuracy of 86.4 per cent, however, the independent Doherty Institute found the tests had only a 68.6 per cent sensitivity accuracy.
According to the announcement the independent Doherty Institute concluded over the antibody tests: "Our findings strongly suggest that PoCT devices should not be used in the diagnosis of acute COVID-19, and have limited, if any, role in clinical management of individual patients.”
Cellmid explained the differences between the independent testing and Wondfo's results as down to a mixture of different sample sizes and evaluation guidelines being followed, among other factors. It said it still has confidence in the tests.
Cellmid raised more than $6 million from investors at 20¢ a share in April 2020 to fund the roll out of the tests in Australia and for general working capital purposes.
