REG - Novacyt S.A. - DHSC dispute update

Novacyt SAAnnouncement

26/04/2022 07:16

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RNS Number : 2855J  Novacyt S.A.  26 April 2022

 

 

Novacyt S.A.

("Novacyt", the "Company" or the "Group")

 

DHSC dispute update

 

Paris, France and Camberley, UK - 26 April 2022 - Novacyt (EURONEXT GROWTH:
ALNOV; AIM: NCYT), an international specialist in clinical diagnostics,
announces an update on its ongoing dispute with the Department of Health and
Social Care ("DHSC").

 

On 9 April 2021, Novacyt announced it was in dispute with the DHSC regarding
its second supply contract, announced on 29 September 2020. On 25 April 2022,
the Company was notified that the DHSC has now issued a claim against
Primerdesign Ltd and Novacyt S.A. for £134.6m relating to this contract. The
claim amount is broadly in line with the disputed Q4 2020 revenue, as
previously announced by the Company.

 

The Company continues to believe it has strong grounds to defend the claim and
assert its contractual rights, including in relation to recovering outstanding
sums due from the DHSC.

 

The Company is unable to provide further comment at this time due to the
ongoing nature of this claim but will provide further updates as appropriate.

 

The information contained within this Announcement is deemed by the Company to
constitute inside information as stipulated under Article 7 of the Market
Abuse Regulation (EU) No. 596/2014 (as amended) as it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended). Upon the publication of this Announcement
via the Regulatory Information Service, this inside information is now
considered to be in the public domain.

 

Contacts

Novacyt SA

David Allmond, Chief Executive Officer

James McCarthy, Chief Financial Officer

+44 (0)1276 600081

 

SP Angel Corporate Finance LLP (Nominated Adviser and Broker)

Matthew Johnson / Charlie Bouverat (Corporate Finance)

Vadim Alexandre / Rob Rees (Corporate Broking)

+44 (0)20 3470 0470

 

Numis Securities Limited (Joint Broker)

Freddie Barnfield / James Black / Duncan Monteith

+44 (0)20 7260 1000

 

Allegra Finance (French Listing Sponsor)

Rémi Durgetto / Yannick Petit

+33 (1) 42 22 10 10

r.durgetto@allegrafinance.com (mailto:r.durgetto@allegrafinance.com) /
y.petit@allegrafinance.com (mailto:y.petit@allegrafinance.com)

 

FTI Consulting (International)

Victoria Foster Mitchell / Alex Shaw

+44 (0)20 3727 1000

victoria.fostermitchell@fticonsulting.com
(mailto:victoria.fostermitchell@fticonsulting.com) /
Alex.Shaw@fticonsulting.com (mailto:Alex.Shaw@fticonsulting.com) /
Novacyt.group@fticonsulting.com (mailto:Novacyt.group@fticonsulting.com)

 

FTI Consulting (France)

Arnaud de Cheffontaines

+33 (0)147 03 69 48

arnaud.decheffontaines@fticonsulting.com
(mailto:arnaud.decheffontaines@fticonsulting.com)

 

About Novacyt Group

The Novacyt Group is an international diagnostics business generating an
increasing portfolio of in vitro and molecular diagnostic tests. Its core
strengths lie in diagnostics product development, commercialisation, contract
design and manufacturing. The Company's lead business units comprise of
Primerdesign and Lab21 Products, supplying an extensive range of high-quality
assays and reagents worldwide. The Group directly serves microbiology,
haematology and serology markets as do its global partners, which include
major corporates.

 

For more information, please refer to the website: www.novacyt.com
(http://www.novacyt.com)

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