Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Scancell. We currently have 87 research reports from 6 professional analysts.
Scancell has formed a non-exclusive collaboration with a leading antibody technology company, with a view to out-licensing its glycan antibodies and AvidiMab technology. Antibodies against glycans (carbohydrates on proteins or lipids) are difficult to make but have much potential in oncology as many are highly specific to tumour cells. AvidiMab enables an antibody to kill cancer cells directly, without mediation by other elements of the immune system. The potential of the glycan antibodies and AvidiMab platform, although they are still preclinical, is such that we believe Scancell could receive significant upfront and milestone payments, providing material non-dilutive funding for the core ImmunoBody and Moditope platforms.
SEC S.p.A. Re-introduction to AIM following a reverse takeover under Rule 14 by SEC S.p.A of Porta Communications plc, another AIM quoted company. No funds being raised. Due 4 September. Mkt cap c £9.9m. The merger will create a business with global fee income of around €80m and a host of PR agencies, including Newgate, Publicasity and Newington.
Companies: CCS PEG KWG QUIZ MPM STRL GMR BOOM SCLP MOS
Scancell reported FY19 results in line with expectations. The cash balance at April 19 was £4.6m, with an initial inflow of £3.9m (gross) from Vulpes Life Sciences postperiod. However, the main news is that SCIB1 is back in the clinic, with the Phase II trial in combination with the checkpoint inhibitor pembrolizumab (Keytruda) now underway in the UK. This 25-patient open-label study should produce its first data in H120. The delay in initiating the US study has been frustrating for both the medical community and investors. Other development programmes are progressing as expected and the management team continues to be strengthened. We continue to value the company, using a risk-adjusted NPV model, at £82.0m, or 17.6p a share.
Scancell has made meaningful progress on many fronts during the first six months of2019, ahead of clinical trials starting in the coming year. The Phase II trial with ImmunoBody SCIB1 in combination with pembrolizumab will start recruiting patients in the UK in the coming weeks. Regulatory and ethical approval was received in April, and clinical centre initiation has since been completed. In the US, Scancell is working with Ichor to address the FDA’s specific questions regarding the TriGrid v2.0 electroporation delivery device for SCIB1, currently the companies are awaiting feedback from the FDA on the IND, which is needed for the US arm of the trial to be initiated.
Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC, expected 25 June
Companies: PTRO FDEV MRL CTP EHG FDP THAL SCLP YCA CGH
Syncona (SYNC.L) full-year results for 2019 | Evgen Pharma (EVG.L): Full year results for 2019 | Scancell Holdings plc: Subscription to raise £3.9m
Companies: SYNC EVG SCLP
Scancell has announced that it has raised £3.877m (gross) through the issue of 77.6m new shares to Vulpes Life Sciences Fund at a price of 5p per share. The new investment results in Vulpes holding 16.67% of the enlarged share capital, overtaking Calculus Capital as the largest shareholder.
Scancell’s second ImmunoBody, SCIB2, will use a new lipid nanoparticle formulation and will be delivered via a standard injection to patients in the planned Phase I/II study, rather than using electroporation.
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Companies: SCLP VGAS RBD AFC AGY ABDP IOF CPC ACT ROCK
Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Companies: SOLG SCLP SYM TRB ONC SOG JAY PTSG RAI VP/
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £61.6m at 200p with market cap of £185m, expected 29 April 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019.
Companies: DVO AIR PHTM NSCI MCON SXX SNX LOK SCLP
Scancell has received the approvals required from UK regulatory authorities to initiate the Phase II study in metastatic melanoma with the ImmunoBody SCIB1 in patients receiving pembrolizumab (Merck’s Keytruda).
Scancell has reported H119 results in line with expectations. The cash position was £7.6m, with the net loss of £3.24m compensated for by the two equity raises, totalling £14.9m, over the past year. Development appears to be progressing well, with important clinical programmes expected to start patient recruitment during the next two quarters. Additionally, in January 2019 the management team has been strengthened by two important new hires. As detailed in our Initiation note, we value the company, using a risk-adjusted DCF model, at £82.0m, or 21.1p a share.
Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019. Chaarat Gold Holdings—RTO, the Company intends to acquire Kapan Mining and Processing CJSC, which owns the Shahumyan mediumsized polymetallic mine in Kapan in the Republic of Armenia. No raise, market cap of £110.1m, due early Feb
Companies: BLOE SOG HAT HW/ ESC EMR SCLP 9537 HOTC EYE
Scancell has two promising technology platforms for therapeutic vaccines that have the potential to treat many cancers, either as monotherapy or in combination with checkpoint inhibitors. Many therapeutic vaccines have failed to fulfil their potential; but the strength of the cellular immune responses stimulated by both ImmunoBody and Moditope, and the resultant anti-tumour activity observed to date in clinical and preclinical studies augers well. The financial issues that have hindered development of these products are being overcome, so a Phase II study with ImmunoBody SCIB1 and a Phase I/II with the first Moditope product are expected to start during CY19. We value the company, using a risk-adjusted DCF model, at £82.0m, or 21.1p a share.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Scancell. We currently have 87 research reports from 6 professional analysts.
|12Sep19 15:56||RNS||Result of AGM|
|04Sep19 07:00||RNS||First Collaboration Agreement for AvidiMab|
|20Aug19 14:23||RNS||Notice of AGM|
|20Aug19 07:00||RNS||Final Results for the year ended 30 April 2019|
|19Aug19 07:00||RNS||Update on the SCIB1 Phase 2 clinical trial|
|07Aug19 07:00||RNS||Notice of Final Results|
|01Jul19 07:00||RNS-R||H1 2019 Business Update|
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
We initiate coverage on life sciences company OptiBiotix Health plc (“OPTI”) with an OUTPERFORM recommendation and a target price ("TP") of GBp97 per share. OPTI discovers and develops targeted microbiome-modulating probiotics, prebiotics and other functional food ingredients backed by scientific and clinical evidence. Since its founding in 2014, the company has developed four products for cardiovascular lifestyle diseases and entered >45 commercial deals with corporate partners through which it generates revenues throughout the value chain. The first two ingredients, LPLDL for cholesterol reduction and SlimBiome for weight loss were launched in May 2017 and are already generating revenues. We expect total revenues including those of latestage assets SweetBiotix (calorie-free sweet fibres for sugar replacement) and LPGOS (prebiotic that enhances the effect of LPLDL) to exceed £50m by 2025E.
Companies: Optibiotix Health
Full-year results to 30 April 2019 were in line at the revenue line but 5% (£0.1m) better than expected at the adjusted pre-tax profit level. Underpinned by c.5.5% organic growth, the 20% and 26% increases in revenue and adjusted EBITDA were driven by full-year contributions from ATC and QSI, acquired in FY 2018, as well as five acquisitions in FY 2019. Notable was the 35% increase in free cashflow. Additional investments into Sentek, Atik, Graticules and Astles and the integration of ATC with Thermal Exchange in FY 2020 should benefit the businesses in FY 2021. We upgrade our FY 2020 adjusted EPS by 7% as well as introduce FY 2021 forecasts, which indicate 13% EPS growth. The company indicates that it expects to add at least one new business in FY 2020, which will be incremental to these forecasts. We are raising our target price by 9% to 60p, reflecting the improved gross margins and stronger underlying cashflow.
Companies: Scientific Digital Imaging
Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.
Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI
Futura announced HY2019 results today. It continues to deliver to plan with the key P3 FM57 study on-track to read-out in December and over 500 patients (of 1,000 in total) having completed the study already.
Companies: Futura Medical
Top-line data from the pivotal China Phase III FALUCA fruquintinib monotherapy trial in 3L NSCLC (third-line non-small cell lung cancer), released November 2018, indicated the study missed its overall survival (OS) endpoint but met all secondary endpoints. Full data presented at the 2019 World Congress on Lung Cancer revealed median OS of 8.94 months for fruquintinib vs 10.38 months for placebo (p=0.0841). A post hoc sensitivity analysis suggested use of subsequent anti-tumour therapies following disease progression was likely to have contributed to this result. FALUCA data coupled to the rapidly evolving treatment landscape in NSCLC supports ChiMed’s decision to focus on development of fruquintinib in combination with PD-(L)1 checkpoint inhibitors; China Phase I combination studies have begun. However, the major near-term catalyst for fruquintinib remains commercial: potential NRDL inclusion in Q419 would provide strong impetus to China revenues.
Companies: Hutchison China Meditech
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF
Following the recent commercial update, IXICO has released a trading update highlighting its strong revenue growth and anticipating the results for FY19 will be ‘materially ahead of current market expectations'. In light of this performance and ahead of the release of the full year results to Sep-19, we are upgrading our forecasts as discussed below. We believe IXICO's proprietary AI algorithms, focus on the growing CNS market and established client relationships support our Buy recommendation.
LupuzorTM owned and developed by ImmuPharma is a valuable late-stage asset and is potentially a key peptide therapeutic drug in the fight against Lupus. Last year, the drug completed the first of two-Phase III clinical trials; we commented on the data and analysis of the trial result, in extensive detail in our initiation report dated: 28 May 2019. The second LupuzorTM Phase III clinical trial, could begin after the agreement of the trial design with regulators (possibly based on a targeted group encompassing Lupus patients that are anti-dsDNA auto-antibody positive) and once a licensing partner or funding route is identified. In this note, we comment on and evaluate the results of AstraZeneca’s recently disclosed Phase III Lupus trial, (Tulip II), which we believe will potentially have a positive impact on the Lupus field and the prospects for partnering LupuzorTM, as well as its path report. We reiterate our BUY rating on ImmuPharma plc and a Target Price of 76p.
Futura has announced the establishment of a joint venture (JV) with CBDerma Technology, a company that has been created and funded to exploit the therapeutic potential of Cannabis. The JV is exploring the potential of using Futura's proprietary transdermal drug delivery technology DermaSys® for the delivery of Cannabidoil (CBD).
Companies: Futura Medical
It has been a challenging trading period for Surgical Innovations, with the UK facing significant pressures resulting in many elective surgeries being postponed or cancelled. The company is directly exposed to these trends, which unfortunately show no signs of abating in the short term. We reduce our FY19 revenue expectations by £1.5m, which flows through to a £0.7m reduction in PBT. More positively, good progress is being made in opening new accounts (both in the UK and internationally), which should leave the group well placed once conditions improve. Importantly, the group remains profitable, cash generative and with net cash on the balance sheet.
Companies: Surgical Innovations Group
Medica is the UK market leader in teleradiology, providing outsourced image analysis and reporting services to the NHS and private sector. It is benefitting from structural growth in demand for complex medical images and an NHS struggling to manage workflows efficiently. We view the current share price weakness as being temporary and offering a strong buying opportunity. The valuation is very attractive given the strong mid-teens organic growth outlook. We initiate coverage with a Buy recommendation and 186p TP, offering a TSR of 30%.
Companies: Medica Group
Avacta is developing its Affimer technology for use in therapeutic and diagnostic/reagent applications. The potential of the Affimer technology lies in its formatting capabilities, particularly in the creation of bispecific and TMAC Affimer drug conjugates. Its lead therapeutic asset (AVA004) is a programmed death-ligand 1 (PD-L1)-targeting Affimer for which the company expects to submit an investigational new drug (IND) application in Q420. AVA004 will serve as the first clinical validation of the Affimer technology and will form the base of the clinical development of a PD-L1/LAG-3 bispecific (AVA021) and the first TMAC Affimer drug conjugate (AVA004/100). We value Avacta at £51m or 44p/share.
Companies: Avacta Group
Collagen Solutions has reported its FY19 results to March 2019. As announced in April, revenues for the period were £4.15m delivering 18% growth, supported by the on-going strength of the development business. FY19 was a strong year for the company, securing a number of new customers, establishing the tissue business in New Zealand and consolidating collagen manufacture in Glasgow. The number of customers developing products with Collagen Solutions provides us with strong confidence for the future growth of the business. We maintain our Buy recommendation.
Companies: Collagen Solutions
The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L