Nose bugs drive SSIs

OBI announces new independent research published in a peer reviewed journal showing that 86% of surgical site infections (SSIs) after spinal surgery are caused by bacteria from the patient’s own nose, skin or gut. Another finding was that 59%of infections were resistant to the antibiotic used to treat the SSIs. This study re-inforces our view on the positive utility that the use of Streriwave can bring to address both patient and hospital concerns over healthcare acquired infections and the risi

Significant revenue growth & commercial momentum

OBI has provided an update on its strategic priorities and 2024 corporate plans. FY23 revenue almost doubled to $1.2m (FY22 $0.6m) and in line with SCM estimates. The focus is on near term funding initiatives and OBI is in discussions with HCI, the investment arm of HCA regarding funding support of the Company and the key US Phase 3 trial. We view these discussions as positive. Whilst operational and commercial progress continues apace, investors will focus on the current cash constraints and th

HCA hospitals in the UK authorise Steriwave

Following on from the positive news of the first commercial adaption of Steriwave by the NHS last month, OBI announced that HCA healthcare UK has approved Steriwave for use in its hospitals to prevent healthcare associated infections (HAIs) and reduce the use of antibiotics. Steriwave has already been successfully used in a small patient population in HCA Healthcare UK hospitals, but this approval will allow additional hospitals and healthcare facilities to adopt the technology more widely. We v

First commercial adaption of Steriwave by the NHS

A very positive announcement by OBI confirming that Mid Yorkshire Teaching NHS Trust has approved the commercial adoption of Ondine’s groundbreaking light-activated antimicrobial, Steriwave. The approval will see the use of Steriwave expanded across hip and knee surgery patients at Pontefract and Pinderfields NHS Hospitals to reduce the incidence of surgical site infections (SSIs). This adoption as standard-of-care for orthopedic patients follows a successful, initial deployment that is being us

Steriwave roll out continues apace

OBI has made significant commercial progress to date in 2024, ahead of management’s expectations. Ondine’s Steriwave® technology is deploying in eight new healthcare facilities, including six new hospitals. This brings the total number of hospitals to 22, representing a 38% increase year-to-date and nearly quadruple the number a year ago. The new commercial deployments of Steriwave are paid adoptions that have begun or were agreed before the end of February 2024. The news today is positive and o

Runway extended as US Ph3 plans develop

OBI announced on Friday December 8th, 2023 the closing of the broker option and the successful completion of the Fundraising (comprising the Placing, Subscription and Broker Option), raising c. £2.85m (CAD$ 4.91m) in total. The rationale of the raise was primarily to provide working capital to maintain the high pace of sales growth in Canada of its proven photodisinfection technology. Secondary objectives were to invest in additional business development to further accelerate commercialisation a

Steriwave recommended as SOC

OBI reports that an independent, peer-reviewed research paper has been pusblished in the cCanadian Journal of Surgery The study spanned an eight-year period and involved 13,493 patients with 8823 patients receiving Steriwave®. The paper concludes that nasal photodisinfection should be the standard of care for all patients undergoing emergent or elective spine surgeries. This is a very positive recommendation as it builds upon the current consensus on the benefits of nasal dis-infection. We re-it

Interims in line with focus on US trial & fundraising

OBI’s FY23 interim results were broadly in line with SCM forecasts. Cash at 30 June 2023 totalled CAD$4.6m (YE22 CAD$13.3m. OBI continued to demonstrate substantial progress across the business, as OBI continued to build upon its excellent technological platform with the focus on the preparation of its Phase 3 clinical study in support of the commercialisation of Steriwave in the US. The need for additional funding is clear and OBI is exploring a range of financing options, including non-dilutiv

Ondine Biomedical - Steriwave initiates UK pilot study with NHS

Ondine Biomedical has announced the initiation of its first NHS pilot study for Steriwave, the company’s lead product for nasal photodisinfection. The pilot is based at the Mid Yorkshire Teaching NHS Trust and will assess the effectiveness of Ondine’s technology in preventing surgical site infections (SSIs). The study will have a duration of six months and involve 500 hip and knee surgery patients using Steriwave for nasal decolonisation prior to surgery. With hospital-associated infections (HAI

Pilot study roll out continues

OBI has partnered with Kelowna General Hospital (KGH) on a pilot program to prevent hospital-acquired infections (HAIs). During the pilot, all orthopaedic patients at KGH will be treated with Ondine’s Steriwave® nasal photodisinfection therapy prior to surgery. Steriwave is already in use at a number of hospitals across Canada, including Vancouver General Hospital and The Ottawa Hospital. In these hospital settings, pre-surgical use of Steriwave has resulted in significant improvement in post-su

First NHS pilot study initiated

Mid Yorkshire Teaching NHS Trust has this week started the first UK pilot evaluation of Ondine Biomedical’s Steriwave® nasal photodisinfection for the prevention of surgical site infections (SSIs). The six-month pilot will see 500 elective hip and knee surgery patients nasally decolonized using Steriwave prior to their surgery. Nasal decolonization is recommended by NICE to eliminate pathogens in a patient’s nasal cavities, like MRSA, which are major causes of SSIs. A patient with a surgical sit

Cost actions support FY24 outcome

4basebio - Interims – scaling to meet anticipated commercial traction

4basebio’s half-year results for the period ended 30 June 2023 reflect continued progress towards its main objective of producing GMP-grade synthetic DNA, with a focus on building out its commercial footprint. It generated revenues of £0.24m (+57%, with all growth coming from the sale of DNA and Hermes™ nanoparticles) with an adjusted net loss of £3.5m (H1 2022: £2.4m, +46%) and period-end cash of £3.6m, having drawn a further €4m from its €23m loan facility that gives it a cash runway into 2025

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

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 (

Poolbeg Pharma - FY 2023 results: Financial discipline provides runway into 2026

Poolbeg Pharma has announced FY 2023 results to end December 2023, which positively reflect the company’s capital-efficient operating model with net cash of £12.2m being reported, significantly ahead of our expectations (2023E: £10.9m). Meaningful R&D progress whilst maintaining financial prudence means that Poolbeg enters 2024 with a strong balance sheet in absolute terms and relative to many biotech peers, with a cash runway (to fund the existing R&D pipeline) we forecast will extend into 2026

Hybridan Small Cap Feast - 17 April 24

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

Hybridan Small Cap Feast - 07 May 2024

7th May 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: Dual Listing: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hyb

Warpaint London+ (W7L, House Stock at 470p) - Outstanding FY23A - Upgrades!

Morning Note – 1 May 2024

Creo Medical - NHS data validates Speedboat’s economic merit

Creo Medical has presented real-world evidence of the economic utility of its minimally invasive electrosurgical devices, based on NHS data from 130 submucosal dissection procedures using Creo’s flagship Speedboat Inject device. The data demonstrated net cash savings of £687k for the NHS trust, driven by a significant reduction in both hospitalisation and critical care costs. We believe this provides external validation to Creo’s pursuit of improving patients’ outcomes through its novel suite of

Creo Medical Group - Accelerating commercial momentum

Creo Medical has published a trading update for the 12 months to December 2023, during which the company focused on commercialising its core technology. Revenue for the period increased 13% YoY to £30.8m, while the underlying operating loss improved to £16.4m. Operationally, during the period, the number of confirmed users of Creo’s Speedboat range more than doubled over the year, the first procedures with MicroBlate Flex to ablate lung tumours were performed and Creo expects to receive regulato

Creo Medical - Detailed half-yearly reflecting Speedboat traction

Following Creo Medical’s H123 trading update (see our August note), management has reported detailed results, including a 42% increase (sequentially over H222) in the volume of Speedboat Inject procedures, coupled with expansion into the US consumables business market. Creo continues to build momentum with its Pioneer training programme. Management remains active on licensing and regulatory fronts, through its robotic deals with Intuitive and CMR, further exploration of potential licensing for i

Creo Medical - UltraSlim launch – kicking off FY24 momentum

Speedboat UltraSlim, Creo’s slimmest surgical device, was employed in the first UK surgical procedure (lower gastrointestinal, GI) under the early adopter programme. The commercial launch came earlier than previously anticipated (early 2024), with quicker than expected regulatory acceptance, and this highlights the commercial potential. The device’s smaller dimensions allow providers increased flexibility compared to treatment alternatives and increase potential utility as it is compatible with

The Hardman & Co Monthly: April 2024

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

Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash

Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY

Morning Note – 11 March 2024