Positive preclinical data, interims and funding

Nuformix focusses on the development of NXP002, a patented novel form of tranilast. In a key step forward, completed preclinical studies support its future development. Most importantly, these studies indicate that tranilast, as prepared by Nuformix, can be dissolved and delivered to the lung by a nebuliser. Tranilast may be able to treat idiopathic pulmonary fibrosis (IPF, lung scarring) but needs to be in the lung in a higher dose than can be achieved orally - so direct lung delivery is crucia

Progressing NXP002 towards clinical trials

Nuformix is making good progress on the development of NXP002, its novel inhaled form of tranilast intended for idiopathic pulmonary fibrosis (IPF). It is executing a plan designed to generate a phase 1-ready formulation in c. 18 months’ time, when it may be able to seek a licensing partner. IPF is an attractive market opportunity with around ten projects in mid/late-stage clinical trials, only two of which are delivered by inhalation, a route with self-evident advantages in this indication. The

Optimising therapies and unlocking value

Nuformix (NFX) is a pharmaceutical development company, targeting unmet medical needs in fibrosis and oncology via drug repurposing: it uses its expertise in discovering, developing and patenting novel drug forms, with improved physical properties, to develop new products in new indications that are, importantly, differentiated from the original (by way of dosage, delivery route or presentation), thus bringing new and attractive commercial opportunities. NFX’s early-stage pipeline has potential

GMP FirstEnergy ― UK Energy morning research package

PentaNova Energya,c: Initiating coverage on the next South American growth company | Newfield Exploration (NFX US) (not covered): Selling interests in Bohai Bay in China | Zhenhua Oil buying Bangladesh assets from Chevron (CVX US) | Faroe Petroleum (FPM LN)6 ; HOLD, £1.10: Valuation update | Gulf Keystone Petroleum (GKP LN) (not covered): Shaikan crude (Kurdistan) to be exported by trucks only | Oryx Petroleum (OXC CN): Under Review: YE16 Reserves & Resources Report

Initial Equity Trading Comments - 15 May 2023

LIBERUM: Aptamer* - Prelims supports growth projections

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* - 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

Oxford BioDynamics+ (OBD, House Stock, 17p) - Expanding applications

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.

NetScientific - FY 2022 results, portfolio value increases 35%

NetScientific, an investment and commercialisation group with an international portfolio of innovative life science, sustainability, and technology companies announces its FY 2022 results demonstrating a 35% increase in portfolio value to £41.8m across an expanding portfolio of 24 companies. NSCI reports that its portfolio has raised c. £70m. In line with its capital light investment strategy, NSCI/EMV have supported these fund-raises selectively through £3.2m of direct investments and loans, an

Destiny Pharma plc (DEST) - House Stock at 35p - Stars aligning

Initial Equity Trading Comments - 10 May 2023

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.

ReNeuron Group - Full steam ahead with CustomEx

ReNeuron’s FY23 results provide a recap of financial and operational highlights from the period. Following the restructuring announcement in January 2023, the company’s focus rests on its proprietary stem cell-derived exosome platform, CustomEx. In vivo animal studies to validate the platform’s capabilities are ongoing, and ReNeuron plans to release readout data in H2 CY23, which we anticipate could be a key catalyst and generate traction for partnerships. Due to the macroeconomic environment, m

Morning Note – 19 April 2023

Hybridan Small Cap Feast - 14 Mar 23

14 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

FY22 results disappointing – outlook offers promise

FY22 was something of an annus horribilis for Abingdon due to factors largely outside of its control. As the pandemic has subsided, legacy issues have been resolved and management has cleared the decks for a reset of activities, focussing on a range of Contract Development and Manufacturing opportunities. The settlement with the DHSC has been resolved and £6.4m in cash received post-period end. Management therefore expects there to be no current funding requirement as it moves towards cashflow b