Abzena - Termination of coverage

Edison Investment Research is terminating coverage on Abzena (ABZA). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Small Cap Breakfast

Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Vitesse Media (VIS) — To be renamed Bonhill Group. RTO of the trade and assets of InvestmentNews, a Business Information and Data & Insight brand supporting the US financial adviser and wealth manager community Due 17 Aug. Raising £18.6m at 80p. Mkt cap £26.7m. Kropz PLC-Intention to float by the emergin

Morning Song

Abzena (ABZA LN) Telix Pharma deals highlight an increasingly integrated offering | Best Ideas 2018 - H1 Review 9% outperformance for our picks YTD | Carclo (CAR LN) Non-binding proposal from consort | ECO Animal Health Group (EAH LN) Another good year: EBITDA and dividend ahead of estimates | Ergomed (ERGO LN) CFO appointed | First Derivatives (FDP LN) Acquisition of remaining minority stake in Kx Systems | Sigma Capital Group (SGM LN) Site delays could impact short term, 6% reduction to FY18e

Small Cap Breakfast

Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa and exploration assets in West Africa Immotion Group - aims to become the market leader in "out of home" Immersive Entertainment Experiences. Offer TBA. Due 12 July Yellow Cake will use its expertise to generate value through the ownership of physical U3O8 (Uranium) together with a range of activities and opportunities connected with owning physical U3O8. Acquiri

Abzena - FY18 results – clouds lifting

Following a stronger H2 and Abzena’s FY18 results, we have made major changes to our model across both the services business and the Abzena Inside royalty portfolio. The FY18 reported revenues of £22.0m were ahead of our forecast and up c 18% over FY17. This was driven by 60% growth in bio-manufacturing where fortunately, most of the investment in capacity was directed in FY18. Last week’s announcement of a proposed royalty monetisation will help to address the FY19 working capital requirement.

Morning Song

1Spatial (SPA LN) Capital markets day highlights growth potential | Abzena (ABZA LN) Monetising the Abzena Inside portfolio | Consort Medical (CSRT LN) Prelims in line – another setback with Mylan | Gym Group (GYM LN) Positive corporate and premium pricing newsflow | N Brown Group (BWNG LN) In line update but number of moving parts might leave investors cold | Rathbone Brothers (RAT LN) Acquisition of Speirs & Jeffrey, no EPS accretion until FY20e | RhythmOne (RTHM LN) FY18 results show executio

Morning Song

Abzena (ABZA LN) Forecast update | Carclo (CAR LN) Review completed, reassuring outlook | Driver Group (DRV LN) Continued earnings momentum | Fulcrum Utility Services Limited (FCRM LN) In line results; Positive outlook supported by strong order book growth | Gooch & Housego (GHH LN) Good H1 18, well set for H2 and beyond | Harwood Wealth (HW/ LN) 9 H1 acquisitions adding £310m AuI, forecasts unch | Renold (RNO LN) Cautiously optimistic | Vp (VP/ LN) A year of significant growth and strategic pro

The Monthly

Hardman & Co recently welcomed Milan Radia to our roster of established, industry expert analysts. Milan has 25 years of equity market experience at major investment banks and in asset management, and has worked on many high-profile successful IPOs. In 2017, he was ranked the No.1 earnings estimator in the UK for his sector in the Thomson Starmine Awards. Milan has also been techMARK Analyst of the Year and achieved top three Institutional Investor sector rankings for his coverage of the softwar

Morning Song

Abzena (ABZA LN) Cost reductions drive EBITDA forecast upgrade | Amino Technologies (AMO LN) Contract win with Kabelnoord | IQE (IQE LN) Solid start to 2018 | Mattioli Woods (MTW LN) Ceasing DB transfer advice, trading in line with expectations

The Monthly

Prior to the financial crisis of 2008/09, it was widely believed in the stock market that certain sectors – most notably utilities, pharmaceuticals, food retailing and tobacco – were far less vulnerable to market downturns.

Morning Song

Abzena (ABZA LN) Trading update confirms performance in line & cost reductions in FY’19e | Carr’s Group (CARR LN) Improving momentum: FY results to be slightly better than expected | Itaconix (ITX LN) Q1 revenue growth and progress in core markets | PureTech (PRTC LN) FY results in line, positive H2 outlook | Research Highlights Over the last 12 months

Initial Equity Trading Comments - 15 May 2023

Kromek - Placing raises £7m with Open Offer of up to £1m

Kromek raised £7m (with up to £1m via an Open Offer) to strengthen the balance sheet and provide the working capital for the CT programme to bridge the gap before supply agreements with recently announced Tier 1 and Tier 2 OEMs commence in earnest. As the only independent commercial scale manufacturer of the next-generation detector (CZT) for use in CT and SPECT imaging systems, Kromek is actively engaged with 9 OEMs (both Tier 1 and Tier 2), with 3 agreements having now been signed (FC estimate

LIBERUM: Aptamer* - Prelims supports growth projections

LIBERUM: Aptamer* - Initiation - Build better binders

Hybridan Small Cap Feast - 19 May 23

19th May 2023 @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 objectiv

Vetting the opportunity

Monday''s trading update caused the shares to drop 13%, leaving c28% upside on the possible all-cash offer price by EQT, set at 4,070p per share. While the market seems sceptical on the deal going through (outcome expected by June 2), we believe EQT will proceed and most likely on unchanged terms. We turn opportunistic and upgrade the shares to outperform. Destocking and European slowdown behind the trading update Destocking in the USA went deeper than expected by a couple of weeks, with inven

Oncimmune (ONC LN) - Successful divestment & debt refinancing enhances potential for value growth

This morning Oncimmune announced the successful divestment of its lung cancer diagnostic (EarlyCDT®) business to US cancer detection specialist Freenome Holdings Inc., for £13m in cash. Sale proceeds have been used to pay down almost 50% of outstanding debt principal. The remaining €6.0m of debt has been refinanced. Oncimmune is now focused solely on its ImmunoINSIGHTS™ discovery business. In a separate deal, Freenome has purchased ImmunoINSIGHTS™ services worth at least €1.14m per year for a pe

ReNeuron Group Prelims

Preliminary FY 2023 results from ReNeuron Group plc (RENE.L) highlight its transition via restructuring from a clinical-stage drug developer to a drug delivery platform based on its exosome technologies. As such, clinical trial spend is being minimised to cover legacy obligations only and in future will be conducted instead by partners, such as Fosun Pharma. The generation of data validating its CustomEx™ exosome platform to enable partnering and licensing transactions can be completed more cost

Hybridan Small Cap Feast - 25 May 23

25th May 2023 @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 objectiv

Funding the opportunity in medical imaging

On 18 April Kromek announced a major seven-year agreement with a Tier 1 OEM to develop and incorporate its CZT-based detectors in the OEM’s advanced medical imaging scanners, and further deals have since followed. In order to fund these opportunities, on 5 May the Group announced a fund-raise of £8m (gross). It is our assumption that the Tier 1 OEM segment targeted is the CT scanner market. This was worth an estimated US$6.7bn in 2022 and, at a 5.6% CAGR, is expected to reach US$9.92bn by 2029.

Cenkos: Creo Medical Group Plc -- Lung: First in human completed

Creo Medical has announced the successful completion of the first in human use of its MicroBlate Flex device to ablate a lung lesion, undertaken at the Royal Brompton Hospital, London. The patient was treated as part of the recently announced human clinical study aimed at demonstrating the safety and efficacy of its MicroBlate Flex device for the microwave ablation of lung lesions accessed minimally invasively via a bronchoscope. We believe this procedure represents a significant milestone for C

Avon Protection - Termination of coverage

Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Hybridan Small Cap Feast - 26 Apr 23

26th April 2023 @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

Initial Equity Trading Comments - 10 May 2023

Hybridan Small Cap Feast - 23 Mar 23

23 March 2023 @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 objectiv