Hybridan Small Cap Feast - 26 July 2024

26th July 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Rome Resources (RMR.L) formerly Pathfinder Minerals Plc has relisted on the AIM market following its reverse takeover. Delistings: None What’s baking in the oven? ** Our daily digest of news from UK Small Caps If you would like to unsubscribe, please e

Hybridan Small Cap Feast - 01 May 2024

1st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: REDX Pharma (REDX.L) has delisted from the AIM Market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing

Morning Note – 1 May 2024

Hybridan Small Cap Feast - 30 April 2024

30th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Wincanton (WIN.L) has left the Premium list of the Main Market Byotrol (BYOT.L) has left the AIM Market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admis

Morning Note – 30 April 2024

Poolbeg Pharma - FY 2023 results: Financial discipline provides runway into 2026

Poolbeg Pharma has announced FY 2023 results to end December 2023, which positively reflect the company’s capital-efficient operating model with net cash of £12.2m being reported, significantly ahead of our expectations (2023E: £10.9m). Meaningful R&D progress whilst maintaining financial prudence means that Poolbeg enters 2024 with a strong balance sheet in absolute terms and relative to many biotech peers, with a cash runway (to fund the existing R&D pipeline) we forecast will extend into 2026

Hybridan Small Cap Feast - 20 Mar 24

20th March 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Morning Note – 20 March 2024

Morning Note – 11 March 2024

Poolbeg Pharma - Riding on the tailwinds of the GLP-1 momentum

Glucagon-like peptide 1 receptor (GLP-1R) agonists, a drug class targeting metabolic diseases such as type 2 diabetes and obesity, have arguably become some of the world’s most in-demand drugs. Their rise in popularity has been triggered by the highly impressive efficacy profiles boasted by the most recent clinical trial read-outs, leading to global supply shortages and sizable capital outlays from big pharma to significantly enhance existing manufacturing footprints. With a proof-of-technology

Cambridge Nutritional Sciences - Operational improvements set to drive future gr

Cambridge Nutritional Science’s (CNS) FY 2024 results make for encouraging reading, from both a financial and operational perspective, that should provide investors with confidence around management’s ability to execute on its long-term growth strategy, in our view. Underpinning our positive sentiment is the payback which is now being realised from the group’s manufacturing excellence programmes which have delivered significant growth in the gross margin in FY 2024, increasing 1,488 bps to 61.9%

PANMURE LIBERUM: Inspiration Healthcare: Inspiration catches a break

Morning Note – 25 July 2024

PANMURE LIBERUM: Scancell Holdings: SCOPE-ing the opportunity

PANMURE LIBERUM: HUTCHMED: The building blocks of sustainability

Hardman & Co Monthly: July 2024

Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa

Hybridan Small Cap Feast - 25 July 24

* A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make

On the mend

SkinBioTherapeutics - Dermatonics Trading Update

SkinBioTherapeutics has provided a trading update for the recently acquired Dermatonics business. Dermatonics has delivered, for the 12-months to January 2024, revenues of £1.86m (FY23A £1.82m) and EBITDA of £422k at a margin of 22.7% versus FY23 adjusted EBITDA of £230k at a margin of 12.6%. These financials provide an up-to-date view on the acquisition multiples, which based upon the total consideration, are 1.6x sales and 6.9x EBITDA based upon FY24 metrics. Further, we believe the 2024 finan

SkinBioTherapeutics - Strategy progress

SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com

Morning Note – 22 March 2024

Shield Therapeutics - AOP Milestone Monetisation gives comfort on cash position

STX has done a deal with its major shareholder, AOP Health International Management, under which it will get a $5.7m cash advance, to be paid back by the future milestone payment ($11.4m) that STX expects to receive upon the approval of Accrufer in China in 2026. Although the payback terms are favourable to AOP, we would not expect it to further invest if it did not have a clear line of sight to payback via the China approval, and more broadly STX’s ability to become profitable. In today’s relea