To correct the misinformation by Rob regarding the Bayer agreement for development of the 2nd test kits and why it was terminated:
- TDX agreed to develop a second test kit for Bayer in Dec 2008.
- A few thousand prototypes were shipped to Bayer in Nov 2009 for site evaluation.
- In July 2011, it is reported that the 2nd test kit failed in one of the criteria and the reagent needed to be fixed for further field testing.
- In August 2011, Bayer decided not to pursue the revision of the 2nd test kit. ( the field testing period was almost 18 months)
Since TDX had failed to meet Bayer's performance criteria/specification for the 2nd test kit, it is entirely in Bayer's right to terminate the development as this is taking almost 3 years with no result.
I sincerely hope that there is a favourable termination clause that is not performance base and that TDX is not liable if their test kit cannot meet the requirements.
DYOR
CGA Price at posting:
0.3¢ Sentiment: Hold Disclosure: Held
