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Edison Investment Research is terminating coverage on Augean (AUG), Deinove (ALDEI), Photocure (PHO), RADA Electronic Industries (RADA) and Ryvu Therapeutics (RVU). Please note you should no longer rely on any previous research or estimates for these companies. All forecasts should now be considered redundant.
Companies: Selvita SA (787:FRA)Selvita SA (SLV:WAR)
Edison
2020 has been a memorable year for Ryvu. Menarini, the partner sponsoring SEL24/MEN1703 development, completed the Phase I part of the Phase I/II trial in acute myeloid leukaemia (AML) and presented the first ever data with an in-house developed asset. In April 2020, Ryvu signed a discovery agreement in inflammatory diseases with Galapagos. Ryvu could receive up to €53.5m (€1.5m paid upfront). On the internal R&D front, the company has terminated two preclinical stage projects for strategic reas
In our March 2020 report, we highlighted that Ryvu, now a pure-play biotech with a diversified R&D pipeline, is funded into 2021, which positions it well to weather the COVID-19 pandemic. Ryvu’s shares underwent a period of volatility during the initial stages of the pandemic, but are now trading at an all-time high after the corporate split in October 2019. Although the full extent of the COVID-19 impact is not yet known, Ryvu described the measures it has undertaken in its FY19 annual report i
Companies: Ryvu Therapeutics SA (0RKT:LON)Selvita SA (SLV:WAR)
In March 2020, Ryvu announced its partner Menarini Group (via subsidiary Berlin-Chemie) has successfully completed the dose-escalation part (Phase I) of the ongoing Phase I/II study with SEL24/MEN1703, a dual PIM/FLT3 kinase inhibitor in a Phase I/II trial for acute myeloid leukaemia (AML). The recommended dose for the Phase II part of the study (cohort expansion) has been established. Ryvu is a pure biotech, so the ongoing turbulence in the global markets has a limited effect on the outlook of
Ryvu Therapeutics (formerly Selvita) is now trading as a standalone biotech after its drug discovery services business was spun out in October 2019. According to the recent Q319 report, R&D progress is on track and 2020 is shaping up to be rather eventful, including expected data readouts from the two clinical trials with lead assets SEL120 and SEL24/MEN1703. Although the trials are early in terms of clinical development (Phase Ib and Phase I/II), they both include secondary endpoints, which wil
The corporate split is now complete and Selvita is continuing as Ryvu Therapeutics, which will focus on innovative drug development. The contract research organisation (CRO) business, which was spun out, has retained the Selvita brand and is also trading on the Warsaw Stock Exchange. Pawel Przewiezlikowski, co-founder and CEO of the former Selvita, continues to lead Ryvu Therapeutics, while Boguslaw Sieczkowski, co-founder and COO is now the CEO of the newly listed Selvita (CRO). We performed a
The corporate split is progressing well. The Polish Financial Supervisory Authority has approved the Selvita CRO Prospectus as part of listing on the Warsaw Stock Exchange and the shareholders' meeting approved the split. The current entity will continue as Ryvu Therapeutics, a newly introduced brand, and will fully focus on innovative drug discovery and development. The process should complete in October 2019. We believe both businesses have sufficient momentum to continue as standalone compani
Selvita’s announcement of an intention to split into two separate companies was the hallmark event in the Q418 results presentation. By end of 2019, the drug discovery services and oncology R&D will be split into separate listed entities (subject to financial authorities and shareholders' approvals. We believe both businesses have sufficient momentum to sustain such a split. The profitable Services segment again delivered substantial sales growth of 34% in 2018. The R&D pipeline is progressing a
The data readout from the SEL24 Phase I/II trial in relapsed/refractory AML and the second lead asset, SEL120, moving into clinical development next year are milestones in Selvita’s internal drug R&D. This should accelerate, as the company’s plans to focus on innovation were endorsed by shareholders during the fund-raise earlier in 2018. R&D progress across the earlier-stage pipeline has been reported in several publications in recent months. The Innovations Platform continues to receive support
Over the past several months Selvita has been executing on its new R&D-focused multi-year strategy funded by the share issue in March 2018 raising PLN134m and other sources. While sales continue to grow at an impressive rate in the Services business (up 53% in Q118), R&D progress across the pipeline has been reported in several publications in recent months. Our Selvita valuation is PLN1.30bn or PLN81.2/share versus PLN81.7/share previously.
Selvita’s FY17 revenues were PLN105.9m, up 59% y-o-y, with adjusted operating profit rising from PLN4.7m to PLN13.2m. This reflects strong organic growth, but profitability was also boosted by the SEL24 out-licensing deal to the Menarini Group, which contributed PLN13.0m to profit. The share issue completed in February 2018 raised PLN134m gross. This new money and funds from additional sources will support Selvita’s new R&D-focused strategy, which we have already included in our model. Our updat
On 16 December 2017, Selvita announced that the FDA had lifted the clinical hold on the Phase I/II clinical trial with the company’s lead drug candidate SEL24 (dual PIM/FLT3 kinase inhibitor) for refractory/relapsed acute myeloid leukaemia (r/r AML). The asset is now out-licensed to Menarini Group, therefore the two companies worked together with the FDA to resolve the issues. The trial can now be restarted with some modifications to the design. While only few details have been disclosed, Selvit
Selvita offers a two-pronged strategy with steady double digit growth from its drug discovery business coupled with potential upside from drug development within its broad R&D pipeline. Recently the company introduced a new strategy for 2017-2021 focused on continuing growth in the Services business and ramping up investment in the internal R&D pipeline. While this has been overshadowed somewhat by the clinical hold on the lead asset SEL24, our investment thesis for Selvita is based on supportiv
Research Tree provides access to ongoing research coverage, media content and regulatory news on Selvita SA. We currently have 2 research reports from 1 professional analysts.
Companies: Warpaint London PLC
Shore Capital
Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol
Companies: NBPE ICGT ARBB RECI CLIG HAT AVO VTA APAX
Hardman & Co
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
Companies: Avon Protection PLC
Companies: SCE HVO VLG
Cavendish
15th 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: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio
Companies: GTC SAV FAB KRM BOOM
Hybridan
Companies: IGP RUA BOOM
17th 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: 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 to acquire the entire issued share capital of 3radi
Companies: ARS TIDE SCE SNX ECK CNS TST SPEC SSTY
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR ETX TRX HVO CTEC AVO OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
TRX is focused on the development and commercialisation of two proprietary processing technologies for the repair of soft tissue (dCELL®) and bone (BioRinse®). It has a broad portfolio of products used in biosurgery, orthopaedics and dental markets. Investment in tissue processing, manufacturing capacity and strong commercial partners, together with its “4S” strategy, has generated six consecutive reporting periods of strong growth, with TRX turning EBITDA-positive in 2023. Further growth in 202
Companies: Tissue Regenix Group plc
Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We
Companies: Cambridge Nutritional Sciences PLC
Companies: BILN IGP RBN SBTX
Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli
Companies: Venture Life Group Plc
Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (impro
Companies: Creo Medical Group Plc
Zoetis delivered a decent set of results for the last quarter of 2022 meeting analyst expectations as well as the high end of its management guidance. Despite the economic challenges, ongoing pandemic recovery, and the political unpredictability brought on by the war in Ukraine, they delivered operational growth for the year in each of their top 13 markets. The company's unique companion animal portfolio drove its 8% operational revenue increase for the year, growing 14% operationally. In compar
Companies: Zoetis (ZTS:NYSE)Zoetis, Inc. Class A (ZTS:NYS)
Baptista Research
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