Hardman & Co Research: Shield Therapeutics (STX): Cash management is key

Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, in order to ramp up prescriptions (Rxs) and generate sales traction. Positive Rx momentum in 2022 and 2023, is expected to accelerate in 2024 and 2025 with the r

Morning Note – 8 April 2024

Avon Protection (AVON LN) - Good momentum but valuation full

New management has revitalised Avon. First half earnings were positive across-the-board and slightly ahead of our expectations.

Cenkos: RUA Life Sciences Plc -- Targeting cardiovascular disease

RUA Life Sciences, through its operating companies, is the rights holder to the novel bio-compatible polymer, Elast-Eon, provides third-party medical device development and manufacturing services and is internally developing Elast-Eon based medical devices to treat cardiovascular conditions. Financially, the company combines established recurring revenue streams with significant upside potential from its pipeline products. We believe the structure and financial opportunities RUA is targeting mak

Diaceutics | FY23 results - executing on strategy

As previously disclosed, Diaceutics delivered revenue of £23.7m for FY23, up 22% YoY (+19% in constant currency) and ended the year with £16.7m in cash and net cash. The reported net loss of £1.7m was in line with our forecast. This was the first year of executing the accelerated growth strategy which was reflected in the growth in revenue, the transition to a higher proportion of recurring revenue driven by adoption of the enhanced DXRX platform while an expanded and reorganised marketing struc

ANGLE: Gathering momentum in Pharma Services

Three new Pharma Services agreements with large cap pharma in 2024 demonstrate that ANGLE’s business development activities are successfully translating into customer income. These deals will make a valuable contribution to near-term revenues and also have the potential for more sizeable future revenues. Successful development of the underlying Parsortix-based assays could mean a transition into longer-term contracts for larger later-stage clinical studies, perhaps ultimately becoming companion

Morning Note – 18 December 2023

Evgen Pharma - Acquisition and £0.85m equity raise

Evgen Pharma has acquired Chronos Therapeutics Ltd for a total upfront consideration of c£0.9m, payable in Evgen shares. Accompanying this, Evgen has conditionally raised gross proceeds of £0.85m through an equity placing with the potential to raise a further £1.0m through a retail open offer and additionally up to £2.0m. The proceeds will fund several initiatives including maintenance of the acquired Chronos Therapeutics patent portfolio and to continue support manufacturing for lead clinical a

A year of progress, and addressing the future

Destiny’s full-year results for the year ending December 31 2023 included news of a strategic review of the options for its lead program XF-73 nasal. Cost-controls and reduced clinical trial spend at this point in the development of Destiny’s assets reduced the loss for the year. With the increased focus on the partnering of XF-73 nasal, we were left in no doubt after the analysts’ meeting that XF-73 nasal is both a valuable asset and that it will be partnered at some point in time. While an e

In-line Q3; strong operational performance prompts outlook upgrade

The Q3 results were in line with the consensus and AV’s estimates and, given the strong momentum across the key focus areas, the management upgraded its 2023 guidance. Moreover, the licensing by Astra of an early-stage obesity drug candidate should be a good addition to the firm’s pipeline, given the huge expansion potential for weight-loss drugs. Overall, a healthily-growing young oncology portfolio, promising prospects in other key areas, a strong pipeline and an improving balance sheet all su

Oxford BioDynamics+ (OBD, House Stock at 8p) - Momentum building

RUA Life Sciences - Billion-dollar markets

RUA Life Sciences is developing products targeting billion-dollar global healthcare markets, which, if successfully commercialised it will generate significant value for the company. The current raise will support the business as it seeks to deliver the growth opportunities within its Contract Manufacturing business unit and commercialise and partner its lead vascular graft products and its heart valve leaflet composite material. We believe the company offers an attractive combination of establi

Morning Note – 1 December 2023

Morning Note – 21 February 2024

Rude Health

In light of the Brexit vote, we reflect upon the implications for the NHS and the wider healthcare industry. We take a pragmatic approach to how the referendum result will affect staffing, recruitment, clinical trials, drug pricing and small company grant funding in the coming months and years.