The company has made a strategic decision to redirect funding to what WHO and health authorities now want and that is a multiplex test for Covid and Flu A and B.
The TGA forced the company to undertake clinical trials because of the change regulatory requirements after they submitted their quality data. WHO and the TGA kept moving the goal posts mainly because the cheap RAT tests gave false positives and negatives.
No point spending funding on something that the market or the regulatory authorities don’t want.
Good to see the new CEO making quick and bold decisions. In reading between the lines, he wasn’t happy with the company undertaking the trials as the data is inconsistent with their previous results. Hence, this gave him an out to stop the trials and not pay them any more monies.
Do what is necessary to get the product to market and achieve what is necessary to get sales.
The company has been more focused on R and D trying to tick every box regardless of costs in an ever changing market. They now need to be more commercially oriented. That’s what I am seeing happening in the last couple of announcements.
ADO Price at posting:
5.7¢ Sentiment: Hold Disclosure: Held
