Small Cap Feast
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019
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24 Sep 19
Small Cap Feast
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
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20 Sep 19
Small Cap Feast
Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.
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19 Jul 19
Curtis Banks Group (CBP LN) Discerning approach to non-standard, strong controls in place | Earthport (EPO LN) Restatement of fair value adjustments | Elektron Technology (EKT LN) Forecasts upgraded following very strong Q3 | Midatech Pharma (MTPH LN) Forecast update post sale of US operations | Wilmington (WIL LN) Tracking the right way, but more to do
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01 Nov 18
Small Cap Daily
PetroTal (TAL.TO) - The exploration and production company focused on oil assets in Peru is seeking a secondary AIM quoting before the end of 2018. Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due early Oct Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
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27 Sep 18
Small Cap Breakfast
CentralNic-Schedule 1 from the business operating in proprietary retail platforms selling domain names and associated web presence services including hosting and email on a subscription basis, has acquired KeyDrive S.A which constitutes a RTO. Raising £24m at 52p, combined market cap of £88.7m Trackwise—established business that manufactures specialist products using printed circuit technology. Offer TBA. Due Late July Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July Nucleus Financial—independent wrap platform provider . FYDec17 revs £40.36m and PBT of £5.1m. Offer TBA. Due late July. 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
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23 Jul 18
Small Cap Breakfast
Anexo -specialist integrated credit hire and legal services group. Offer TBA. Due 19 June. i-nexus—develops and provides strategy execution software to assist global enterprises in effective execution of their strategic plans and initiatives looking to jon AIM. Offer TBC, expected 19 June 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. Acquiring supply contract for up to $170m. Offer TBA. Tekmar— technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services—Offshore wind farms and Oil & Gas. Revenue of £21.9m and Adjusted EBITDA of £4.9m Offer TBA Knights Group— UK regional legal and professional services businesses. FYApr18 rev £34.9 million and adjusted operating profit was £6.8 million excluding Turner Parkinson (acquiring on IPO). Offer TBA Aquis Exchange—a founder-led, pan-European Multilateral Trading Facility and exchange and regulatory technology developer and service provider is looking to join AIM. Offer TBC, expected 20 June. TransGlobe Energy Corporation—an independent international upstream oil and gas company with headquarters in Calgary, Canada is looking to join AIM. No Capital to be raised, market cap of £131m. Expected 29 June Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £5m at 4p. Mkt cap £10.3m. Due 11 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June.
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08 Jun 18
Small Cap Breakfast
Block Energy— UK based oil exploration and production company whose main country of operation is the Republic of Georgia. Raising £4m. Mkt cap £9.3m. Due early June. Codemasters Group— video game developer and publisher, specialising in high quality racing games. Offer TBA. Seeking £15m in primary. Due 1 June. Strongbow Exploration (TSX:SBW) intends to dual list on AIM. Holds rights to the South Crofty underground tin mine, a former producing tin mine located in the towns of Pool and Camborne, Cornwall . The project is estimated to require the Company to raise £25 million over the next 18 months to progress to a production decision. Offer TBS. Due June. Maestrano Group, a software company with operations in Australia (main country of operation), the UK, US and the UAE, is looking to join AIM. Cloud based automated management data system. Raising £6m at 15p. Mkt Cap £12m. Due 30 May. Yew Grove REIT—newly formed Company will pursue its investment objective by investing in a diversified portfolio of Irish commercial property. Offer TBA. Due Late May
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25 May 18
Exciting newsflow highlights longer-term potential
Although we have taken a more conservative stance on development timelines, we continue to believe that Midatech’s technology platforms have significant commercial potential. We currently expect Midatech to sell both of its lead programmes (MTD201 and MTX110) direct in the US. Alternatively, either programme could represent an exciting licensing opportunity following the completion of pivotal trials in 2019e and 2020e respectively. We reiterate our long-term Buy recommendation with a revised target price of 67p (from 96p).
24 May 18
Earthport (EPO LN) New CEO appointment | Horizon Discovery Group (HZD LN) Attractive growth story: reiterating Buy and 230p target price | Microsaic Systems (MSYS LN) Distribution agreement with Stable Arm | Midatech Pharma (MTPH LN) Exciting newsflow highlights longer-term potential | Oxford Metrics (OMG LN) Disposal of Yotta Surveying | Realm Therapeutics (RLM LN) Atopic Dermatitis Phase II fully enrolled & on track: data due Q3 2018e | Small-cap quantitative research Strong performance from quality – 11 focus stocks | StatPro Group (SOG LN) Positive AGM statement
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24 May 18
Small Cap Breakfast
Avast, global cybersecurity provider with 435m users worldwide. In 2017, the Group's Adjusted Billings was $811 million, Adjusted Revenue was $780 million, Adjusted Cash EBITDA was $451 million. Seeking to raise $200m. Due in May | Vivo Energy—retailer and marketer of Shell-branded fuels and lubricants in Africa, Due in May. 100% secondary sell-down of existing Shares by Selling Shareholders, No new Money. Pricing TBA | Gore Street Energy Storage Fund—Seeking to raise £100m for the purposes of investment in a diversified portfolio of utility scale energy storage projects. Due 03 May.
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03 May 18
Bioquell (BQE LN) In line trading despite FX headwinds | Carador Income Fund (CIFU LN) Significant reset activity post expiration of US risk retention appeal | Driver Group (DRV LN) Sale and leaseback in line with strategy | Harwood Wealth (HW LN) Acquires retirement solutions specialist Plan65 | Midatech Pharma (MTPH LN) FY results in line with expectations, US ops achieve EBITDA breakeven | River and Mercantile Group (RIV LN) AuM +1.1%, -5% EPS forecasts; resilience remains | Safestyle UK (SFE LN) New competitor impacts forecasts as we feared might be the case | Summit Therapeutics (SUMM LN) Further supportive data from PhaseOut DMD unveiled
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23 Apr 18
Small Cap Breakfast
Perfomatrix PLC, a global end to end Performance Marketing technology and services company headquartered in the UK, is looking to join AIM in early April 2018, offer TBC Crusader Resources, an ASX-listed public company incorporated in Australia, which is primarily focused on the exploration and development of gold assets in Brazil. Offer TBC, expected late March. SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money. Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due26 March
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15 Mar 18
Addressing high unmet need in cancer markets
A fully integrated specialty pharma company, Midatech Pharma is rapidly progressing the development of three lead R&D programs. They have developed three proprietary drug delivery technologies (Q-Sphera, Gold Nano Particle and Nano Inclusion) to improve and expand the therapeutic potential of validated drug products. At the same time Midatech has built a US commercial unit focused on supportive care products.
14 Mar 18
Small Cap Breakfast
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer TBC, expected late Feb Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
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14 Feb 18
Curtis Banks Group (CBP LN) In line FY update, growth in SIPP numbers during H2 | Dunelm (DNLM LN) Recovery + online gathering momentum, albeit adverse margin mix | Gym Group (GYM LN) Positive YE update but no beat | Instem (INS LN) Pre-close update in line with expectations, major SEND contract win | Midatech Pharma (MTPH LN) IND approval for paediatric brainstem cancer programme MTX110 | NCC Group (NCC LN) Operating improvements starting to come through |
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16 Jan 18
Small Cap Brunch
Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected late Jan 2018 Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
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09 Jan 18
Small Cap Breakfast
Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.25m. Expected 10 Jan 2018 Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
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02 Jan 18
Small Cap Breakfast
Erris Resources PLC—a mineral exploration and development company currently focused on two geographic areas. Offer TBC, expected 21 December 2017 CIP Merchant Capital—Closed ended investment Company. Sector focus oil & gas, healthcare, pharma, and real estate. Raising £55m. Due 21 Dec Panthera Resources— The Company was established to act as a holding company for Indo Gold Limited, an unlisted Australian registered company. The Company aims to explore and develop gold assets in India and West Africa. No raise. Expected 21 Dec Sumo Group—one of the UK's largest independent developers of AAA-rated video games providing both turnkey and codevelopment solutions, including initial concept and pre-production. Raising £38.45m and vendor sale of £39,7m. Mkt cap £145m. Bushveld Minerals—RTO of Bushveld Vametco and therefore 78.8% of Strategic Minerals Corporation, the intermediate holding company that owns a 75 per cent. interest in the Vametco Vanadium Mine. Eqtec—Company with access to a proprietary advanced gasification technology used in industrial size power plants to convert waste into synthetic gas to generate electricity. Raising £1.6m. Mkt Cap £8.7m. Due 21 Dec. Volex VLX.L—The global provider of cable assemblies is proposing to move from the main market to AIM on 19 January. £75m market cap. FYMar18E rev £241.5m and £7.19m PBT. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
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20 Dec 17
Small Cap Breakfast
Belluscura— Provider of premium medical devices at value prices to address part of the global unmet need for affordable, premium quality medical devices. Raising £7.5m to £10m. Offer TBA. Due early Dec Ten Lifestyle Hldgs - Technology-enabled lifestyle and travel platform providing trusted concierge services to the world's wealthy. Net revenue increased from £20m in the year ended 31 August 2015 to £33m in the year ended 31 August 2017, a compound annual growth rate of 29%. Offer TBA, expected 27 Nov 2017. Miriad Advertising—Global video advertising company incorporated in 2015 and is engaged in the development of native invideo advertising . 2016 rev £0.7m and £7.3m operating loss. Offer TBA Keystone Law Group— full service law firm with over 250 self-employed lawyers . Due 27 Nov. Raising £10m at 160p. Mkt Cap £50m. Revenue of £25.6 million and EBITDA of £2.1 million. In FYJan17. Beeks Financial Cloud -niche cloud computing and connectivity provider for automated (algorithmic) trading in Forex and Futures financial products . Raising £7m. Mkt Cap c.£24.5m. Due 27 Nov. FYJun17 rev £4m. Profitable at operating level. City Pub Group - owner and operator of an estate of 34 premium pubs across Southern England. £30m raise. Consistent track record of strong revenue and EBITDA growth, with a three year CAGR from FY14 to FY16 of 34.9% and 44.8% respectively, and an EBITDA margin of 14.7% in FY16. Due late Nov. Offer raising £46.6m at 170p with market cap £96m. OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m. OG Graphite, brownfield development-stage graphite company focused on the reactivation of its wholly-owned Kearney natural flake graphite mine and mill located 280 km north of Toronto, Canada. Offer TBA, expected mid November.
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22 Nov 17
N+1 Singer - Midatech Pharma - Exciting pivotal trials ahead; remains long-term Buy
With pivotal trials for lead programmes MTD201 and MTX110 expected to start this year, Midatech is positioned for transformation in 2020e. We have reduced expected 2017-19e revenue, but US operations remain on track to achieve profitability from 2018. Our forecasts also reflect increased R&D spend following the recent up to £8m capital raise. We reiterate our long-term Buy with a target price of 96p (from 140p).
13 Oct 17
N+1 Singer - Midatech Pharma - H1’s & £6m Placing; key trials to start in Q4
Midatech has announced interim results and a Placing to fund the progression of key development programmes into the clinic. Clinical trials of MTX110 (paediatric brain cancer) and bioequivalence trials of MTD201 (sustained release octreotide) are expected to commence by year-end (the latter previously expected in Q3). We continue to believe that MTD201 could represent a significant near-term licensing opportunity subject to positive data.
28 Sep 17
N+1 Singer - Morning Song 28-09-2017
Frontier Smart Technologies Group (FST LN) (VIDEO SUMMARY) Value in innovation, growth and cash generation | Infrastructure India (IIP LN) Difficult conditions cause DLI delays | Microsaic Systems (MSYS LN) Difficult H1, but new focus showing +ve signs | Midatech Pharma (MTPH LN) H1’s & £6m Placing; key trials to start in Q4 | Mobile Streams (MOS LN) Argentina still tough, growing pains in India | Vp (VP/ LN) Positive half year update
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28 Sep 17
Small Cap Lauch
GetBusy PLC—Sch1 from the holding Company of its subsidiary undertakings, which operates as a document management software business with over 110 full time employees, headquartered in Cambridge, UK and operating across the UK, USA, Australia and New Zealand. Capital to be raised via a rights issues of £3m at 28.3p with anticipated market cap of £13.7m. | Work Group PLC—Sch1 from the Company that proposes to acquire the entire issued share capital of Gordon Dadds Group Limited (GDG). GDG is an acquisitive law firm and a group of other complimentary businesses, including Prolegal, an acquisition vehicle model focused on smaller law firm. Capital to be raised is £20m with anticipated market cap of £40m. | Quiz—Sch 1 from the omni-channel and international own brand in the women's value fast fashion sector. Offer TBA. Expected late July. Last year Quiz posted sales of £87.4m while pre-tax profits grew by 17pc to £5.7m . | Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday, 25th July. | Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. I3 Energy –Schedule 1 Update. Independent oil and gas Company with assets and operations in the UK. Issue price of 55p with anticipated market cap of £14.3m, mid July Admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June. Hipgnosis Songs Fund investment Company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with the growth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
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18 Jul 17
N+1 Singer - Morning Song 22-05-2017
Carador Income Fund (CIFU LN) Strong primary and secondary market CLO activity | Future (FUTR LN) Delivering monetisation for investors | Horizon Discovery Group (HZD LN) New gene editing platform broadens capability; reiterate Buy | Midatech Pharma (MTPH LN) Lead candidate selected in glioma programme | Restore (RST LN) Positive start to 2017, lifting Target Price to 470p | StatPro Group (SOG LN) Trading in Q1 in line with expectations | Vectura Group (VEC LN) Positive Phase I VR942 data to be presented
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22 May 17
N+1 Singer - Midatech Pharma - New take on valuation and direct sales strategy
We have updated our forecasts following the FY2016 results release on 4th April. Our revised and more prudent valuation approach assumes direct sales of MTX110 (paediatric brain cancer) and MTD201 (in carcinoid syndrome), and launch of both products in 2020e. We look forward to the expected start of clinical trials for both programmes later this year. We retain a Buy with a target price of 140p.
15 May 17
N+1 Singer - Morning Song 15-05-2017
ECO Animal Health Group (EAH LN) 2017 significantly ahead of expectations | Midatech Pharma (MTPH LN) New take on valuation and direct sales strategy | RhythmOne (RTHM LN) Good results/momentum – delivering on execution | Victrex (VCT LN) Positive H1 underpins FY profit and special dividend expectations
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15 May 17
N+1 Singer - Midatech Pharma - Diabetes immunotherapy MTX102 enters Phase I trial
The start of Phase I trials for MTX102, a first-in-man diabetes immunotherapy using Midatech’s proprietary gold nanoparticle technology, is encouraging. The programme aims to reduce the immune response that causes destruction of insulin producing cells in the pancreas in Type 1 diabetes patients, which represents a potential novel treatment paradigm. We look forward to results in 2017 with anticipation.
30 Sep 16
Q-Octreotide: strong licensing opportunity
Following Midatech’s recent pipeline update, we detail the Q-Octreotide (MTD201) programme ahead of a planned IND filing later this year. The programme is attracting significant industry interest, and we believe it represents a strong licensing opportunity post bioequivalence trials in 2017. We also note good progress by US spec pharma operations and upcoming first results from the compassionate use programme in paediatric brain cancer. Our valuation implies an unchanged TP of 283p. Buy.
24 May 16
accesso Technology (ACSO LN) Positive start to the year, but valuation up with events | Advanced Medical Solutions (AMS LN) Where next? | Cranswick (CWK LN) In line finals – we downgrade to Hold | Entertainment One Ltd (ETO LN) Full year results | Halfords Group (HFD LN) Accretive Tredz and Wheelies acquisition | Midatech Pharma (MTPH LN) – includes a video summary Q-Octreotide: strong licensing opportunity
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24 May 16
Insulin trial disappoints; strong progress in oncology
Midatech has released an update on several of its development programmes. Although the Phase IIa trial of Midaform Insulin Pharmfilm® failed to replicate the promising PK profile seen in earlier trials, good progress has been reported in Midatech’s core oncology programmes (MTR103 and MTR104) and the ongoing compassionate use programme in paediatric brain cancer. We have removed Midaform Insulin from our valuation but increased our expectations for MTR103 and MTR104. Our revised target price stands at 283p (from 300p). Although today’s insulin trial results are disappointing, we remain highly positive on Midatech’s prospects in oncology, backed by a growing speciality pharma presence in the USA. We retain our Buy recommendation.
18 May 16
Churchill China (CHH LN) Reassuring AGM update | First Derivatives (FDP LN) New verticals impacting sooner than expected | Marston’s (MARS LN) PBT beat vs expectation and LFL outperformance | Midatech Pharma (MTPH LN) Insulin trial disappoints; strong progress in oncology | Zotefoams (ZTF LN) Positive AGM statement
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18 May 16
FY results in line; Phase II insulin data remains expected in Q2
Midatech’s FY results are broadly in line with expectations, following the trading update in January. The acquisition of NASDAQ-listed DARA Biosciences in Dec 2015, which brought a US sales team and a portfolio of mainly oncology support products, is expected to drive significant revenue growth in the years ahead; Phase II results for MidaForm™- Insulin-PharmFilm™ remain expected in Q2 2016; and IND enabling studies for the company’s brain cancer and liver cancer programmes are expected to commence over 2016-17. With several potential catalysts ahead, we re-iterate our Buy recommendation.
13 Apr 16
Boohoo.com (BOO LN) Results preview – target price raised to 50p – re-iterate Buy | easyHotel (EZH LN) H1 trading ahead of expectations | Grainger (GRI LN) Disposal of last major tranche of German assets | Halfords Group (HFD LN) Solid Q4 ends tricky year with good momentum and initiatives for FY17 | Midatech Pharma (MTPH LN) FY results in line; Phase II insulin data remains expected in Q2 | Walker Greenbank (WGB LN) Near term disruption covered and strategic growth plans continue
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13 Apr 16
DARA - acquiring US presence in oncology
Midatech closed its all-share acquisition of DARA BioSciences on 7 December (first announced in June), thereby acquiring a presence in the US oncology market via DARA’s 20-strong sales force and portfolio of marketed cancer support products. On 18 December, Midatech announced the acquisition of anti-emetic drug, Zuplenz (from Galena, for $3.75m), a strong fit with DARA’s existing anti-cancer support products. The new Midatech shares are listed as ADRs on NASDAQ on the back of its recent IPO in the US. Our valuation for Midatech, with our calculations now including DARA and Zuplenz, moves to $221.0m from $200.7m (or $13.29/ADR from $14.45/ADR due to greater share count).
06 Jan 16
Trading update and plans for compassionate use
This morning’s pre-close trading update highlights revenue slightly ahead of consensus estimates for FY2015 and expected revenue at the higher end of the consensus range for FY2016. We have adjusted our revenue estimate from £1.8m to £1.3m for the current year, but upgraded estimates for FY2016-17. In addition, the selection of Midatech’s glioblastoma programme for compassionate use is exciting news: we look forward to tumour response data around mid-year, which could trigger significant interest in the programme and stronger regulatory support. The company’s pipeline is progressing well and we continue to expect Phase IIa data on the company’s trans-buccal insulin programme in H1 2015. Buy.
06 Jan 16
Burford Capital (BUR LN) Corporate financing development | IndigoVision Group (IND LN) Lower sales but returning to profitability | Midatech Pharma (MTPH LN) Trading update and plans for compassionate use | WYG (WYG LN) Earnings enhancing deal to kick off 2016 | Xaar (XAR LN) Appointment of Director of 3D Printing
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06 Jan 16
DARA – acquiring US presence in oncology
Midatech closed its all-share acquisition of DARA BioSciences on 7 December (first announced in June), thereby acquiring a presence in the US oncology market via DARA’s 20-strong sales force and portfolio of marketed cancer support products. On 18 December, Midatech announced the acquisition of anti-emetic drug, Zuplenz (from Galena, for $3.75m), a strong fit with DARA’s existing anti-cancer support products. The new Midatech shares are listed as ADRs on NASDAQ on the back of its recent IPO in the US. Our valuation for Midatech, with our calculations now including DARA and Zuplenz, moves to £148.3m from £134.7m (or 446p/share from 485p/share due to greater share count).
18 Dec 15
A golden opportunity
The acquisition of DARA brought a portfolio of approved products and a direct sales presence in the USA, a major step in the company’s ambition of becoming a vertically integrated, profitable speciality pharma company. However, we are particularly excited about the company’s gold nanoparticle platform and its applicability across several therapeutic areas, in particular diabetes and oncology. We also believe that MidaformTM Insulin Pharmfilm® (in Phase IIa) could represent a major near-term licensing opportunity. We initiate with a Buy and a 385p target price.
15 Sep 15
CLOUDCALL GROUP PLC (CALL LN) | IQE PLC (IQE LN) Solid H1 paves the way for another good year | MIDATECH PHARMA PLC (MTPH LN) A golden opportunity | RENEURON GROUP (RENE LN) Funded to H1 2019 | RESTORE PLC (RST LN) First step in restoring confidence | WILMINGTON PLC (WIL LN) Full year slightly ahead and good outlook for FY16
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15 Sep 15
Buccal strip insulin starts Phase IIa diabetes trial
Midatech has announced that the first patient in the Phase IIa study for its transbuccal insulin (MSL-001) has been treated. MSL-001 is the lead programme from the gold nanoparticle (GNP) platform and represents the largest element within our rNPV model, valued at £67.3m (242p a share). Our rNPV model, excluding the proposed DARA BioSciences acquisition, suggests a current value of £134.7m (485p a share).
23 Jul 15
Hybridan - Small Cap Wrap
The Hybridan Small Cap Wrap is a weekly review of some of the most interesting small cap stories of the past week. Our review will usually be of those companies whose market capitalisations are less than £50m although we may occasionally cover larger companies.
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21 Apr 15