Updates on Microtox® PD wastewater project
DeepVerge (LSE:DVRG.L), is pleased to announce the following updates:
Skin Trust Club
Additional investment from the recent £10m placing has facilitated the completion of the laboratories upgrade in York, UK, to provide capacity for processing up to 20,000 Skin Trust Club home test kits per month, for the UK market, subject only to delivery of gene sequencing machines, expected to arrive in early September. Details on the launch of the Skin Trust Club Android app and marketing campaign to commence in September engaging the skills of a, soon to be announced, top global media agency are highlighted in today’s Annual General Meeting (“AGM”) presentation.
Demand received from consumers and B2B partners, such as beauticians and dermatologists, has resulted in completion of more than 5,000 tests which was the limit of capacity up to the end of June. Further demand has arisen from Labskin skincare corporate clients requesting to include home test kits before and after product and ingredient tests for each human test subject in contract clinical trials, which exceeds current service capacity and is expected to increase outside of any consumer related marketing campaign.
As well as processing capacity for 20,000 units in the UK by Q4 2021, preparations are underway for the same volume for the US market, expected to launch in H1 2022. In addition, Labskin is completing development of ethnic skin model testing which will enable a similar volume of 20,000 units per month in China targeted for launch in H2 2022 in 5 major cities (Shanghai, Beijing, Tianjin, Shenzhen and Guangzhou) that have a combined population of c80m.
Microtox® PD wastewater project
· Successful first data transfer of detection of SARS-CoV-2 via Microtox® PD units has completed with unidentified clients from installed units in undisclosed locations (under strict conditions of NDA’s).
· Final housekeeping/validation involves duplicate timestamped samples for independent PCR testing with third party lab and includes deeper data integration with Strathkelvin Instruments[i].
· Planning manufacturing at scale in negotiation with China Resources for rolling out at national level via Partners, Dell Technologies, EPS Group
· Beyond the success of current single pathogen target chips, multiplex chips to begin testing for multiple targets that include SARS-CoV-2, Norovirus[ii], Pepper mild mottle virus (PMMoV)[iii] in wastewater.
China Resources
Since the announcement of the signing of an MoU in the RNS of 28 April 2021, complex commercial and legal negotiations and detailed due diligence between the parties has been underway. The scope of the original Joint Venture has been extended beyond what was originally contemplated. However, both parties are actively seeking to reach agreement as quickly as possible. The timeline of signing an agreement has been extended into Q4, 2021 due to the additional elements being added to the proposed agreement. See editor notes[iv] for further information.
Gerard Brandon, DeepVerge plc CEO commented:
“Today’s AGM will of course discuss the outcome of 2020, which by itself was remarkable, but also focus on the future of each division within the Group. It is impossible to put in black and white what has, is, and will be achieved by the team at DeepVerge over the next 12-24 months, so I look forward, with Fin Murray, Chief of Operations, and Camillus Glover, Chief Financial Officer, to providing sufficient colour to allow you to see where the Company is heading.”
The AGM presentation is open to all existing and potential shareholders. Questions can be submitted at any time during the live presentation.
Investors can sign up to Investor Meet Company for free via:
https://www.investormeetcompany.com/deepverge-plc/register-investor
A copy of the AGM presentation pdf will be available on the Company website investor page under the Company Publications tab to download www.deepverge.com/investors
Contacts
DeepVerge plc
Gerard Brandon, CEO
+44 (0) 7340 055 648
