Advanced Oncotherapy: Major milestone achieved

AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology, developed originally at the world-renowned CERN. The complex assembly of its first LIGHT accelerator in Daresbury has been completed and demonstrated to generate a full-energy proton beam (230MeV) required to treat deep-seated tumours. AVO is now working with its clinical partner, University Hospitals Birmingham NHS Foundation Trust (UHB), to commission the treatment room and prepare f

The Hardman & Co Monthly: September 2022

Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect

Hybridan Small Cap Feast 19/08/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Unigel Group, intends to join the Aquis Growth Market. Unigel Group is a pioneer in the field of thixotropic gels for the fibre optic cable industry. The Company is also a supplier of laminated steel tapes to the fibre optic cable industry in the US. Thixotropic gels and laminated steel tapes are essential components to the rapidly growing global fibre optic cable market. The Group exports

Hardman & Co Monthly: June 2021

In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments. In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b

Hybridan Small Cap Feast 11/05/22

Joiners: No Joiners Today. Leavers: No Leavers Today. What’s cooking in the IPO kitchen? EnSilica, intends to join AIM. EnSilica is a designer and supplier of mixed signal Application Specific Integrated Circuits (ASICs). ASICs are integrated circuits or semiconductor chips developed for a particular use or product rather than for general purpose usage. ASICs help differentiate products through optimised hardware thereby making products smaller, faster, lower power and more secure and can provid

The Hardman & Co Monthly: May 2022

Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%.

Hybridan Small Cap Feast 26/04/22

What’s cooking in the IPO kitchen? According to Proactive Investors, Bridgepoint is said to preparing to list Burger King UK on the London Stock Exchange as early as this spring. A valuation of £600m is expected. Lift Global Ventures plc to join AQSE Growth Market. The Company's investment strategy is to operate as an enterprise company seeking acquisition or investment opportunities within the financial media and technology industries. Within these broad industries, areas of focus may include:

Hardman & Co Monthly: April 2022

An efficient reporting system has seen all the listed multinational pharmaceutical companies announcing results for 2021, which has given us the opportunity to update our industry statistics and drug database. This report provides the first snapshot of the global and US rankings of the top 20 drug companies for 2021. Comparisons are made with historical data to show how different company strategies have evolved. 2021 was characterised by a strong rebound in performance following the pandemic-aff

Hardman & Co Research: Advanced Oncotherapy (AVO): LIGHT: regulatory update

Advanced Oncotherapy’s (AVO) goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. The company is in the process of completing the complex assembly of its first full energy system, optimising, validating and verifying all aspects of this process. Meanwhile, it is liaising with the relevant regulators as part of the approval process. The FDA has requested some specific beam measurement data, which

THE MONTHLY January 2022

The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from sales and profitability. Despite this, some companies can still make

On the home straight

AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. At its recent investor day, the company highlighted how its differentiated business model is attracting commer

THE MONTHLY September 2021

Undoubtedly, renewable energy is a growth sector, albeit one where public subsidies are pivotal. Approximately 40% of UK electricity demand is now met by renewable energy, a figure that is set to rise further as coal-fired stations are decommissioned and nuclear power capacity, despite the Hinkley Point C project, falls. Of the privatised electricity companies, SSE, by some way, is the key renewables player: it owns more than 3.8GW of renewables generation capacity. However, there are now 19 qu

Funded to completion

AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly de-risked the project. Now AVO has undertaken its largest fund raise to date, which should be sufficient to see completion of the first LIGHT system and largely remove the financial risk for the project. Barring any unforeseeable events associated with such a compl

New system sale contract with key milestones in view

Advanced Oncotherapy ("AVO") has announced that Saba Partners, an investment advisory firm specialised in facilitang access to European markets for investors in the Gulf Cooperaon Council ("GCC") region, has signed a leer of intent ("LoI") for the proposed purchase of a LIGHT system. The LoI relates to a single system to be installed in Glion, Switzerland with a contract value of up to $107m (£75.5m). While our esmates already account for agreements such as this and our forecasts remain mate

EBITDA on track; strong order book

VLG has delivered a pleasing and reassuring H1 result against a challenging backdrop. The recent acquisitions are performing strongly and it has been able to mitigate a lot of the recent incremental cost/inflation headwinds. Trading so far in H2 is slightly ahead of plan and it has a very strong order book which will lead to increased H2 weighting. Confidence in EBITDA forecasts is therefore high. We have, however, reduced our PBT/EPS forecasts on the back of higher D&A (non-cash) than expected.

12m to May-22 results

Oncimmune has released results for the 12m period to May-22, ahead of its changed year and to August. These results reflect a period of investment into the commercial team for ImmunoINSIGHTS and increased penetration into the Top 15 global pharma customers, where a number of MSAs have been signed. These are expected to translate into faster contract wins and management reports a current weighted value pipeline of £11.0m across the business, providing increased revenue visibility. Cost savings in

Hybridan Small Cap Feast 05/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise in the design, development, validati

Hybridan Small Cap Feast 04/10/22

Dish of the day Joiners: Milton Capital plc (MII.L) has joined the Main Market. Leavers: No leavers today. What’s cooking in the IPO kitchen?** TECC Capital plc, to be renamed EDX Medical Group, intends to join the AQSE Growth Market. EDX operates a molecular biology and diagnostics laboratory in Cambridge, UK, from which it performs research & development, provides Polymerase Chain Reaction (PCR) testing and genomic sequencing services, undertakes quality assurance and has established expertise

LIBERUM: Medica Group PLC* - Continued growth, but costs set to rise

LIBERUM: ReNeuron* - New data to launch CustomEx™

Cenkos: OptiBiotix Health Plc -- Interim Results

OptiBiotix has issued its interim results for the six months ended 30 June 2022. In line with the company's August trading update, revenues have fallen to £0.12m as delays to customer restocking and new product launches impacted the top-line. Whilst the operating loss grew to £1.11m, as the company invested in key management personnel, OptiBiotix delivered over £10.2m in value to shareholders through a dividend in specie following the listing of ProBiotix Health (PBX) in March 2022. Post-period,

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

Hybridan Small Cap Feast 03/10/22

Joiners: No leavers today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Milton Capital Plc, a new type of special purpose acquisition company, intends to join the Standard Segment of the Main Market. The directors intend to search initially for acquisition opportunities in the technology sector. The focus for the prospective acquisition is megatrends. This includes sectors such as space, artificial intelligence, machine learning and blockchain technology. Ticker upon admission

Cenkos: Inspiration Healthcare Group Plc -- Strong position

Inspiration Healthcare has reported interim results for the six-months to July 2022. As the company has previously highlighted, FY23E performance is expected to be H2-weighted, and the interim results reflect this weighting. However, the company notes its comprehensive product range, strong order book and intentionally built inventory position that gives management confidence on meeting profit expectations for the full year. Revenue performance was broadly similar to H1/22A, a solid outcome give

Morning Note – 26 September 2022

Hybridan Small Cap Feast 30/09/22

Dish of the day Joiners: No leavers today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Milton Capital Plc, a new type of special purpose acquisition company, intends to join the Standard Segment of the Main Market. The directors intend to search initially for acquisition opportunities in the technology sector. The focus for the prospective acquisition is megatrends. This includes sectors such as space, artificial intelligence, machine learning and blockchain technology. Ticke

ReNeuron Group Update

At the recent Exosome Based Therapeutic Development Summit, ReNeuron’s new data demonstrated an improved competitive profile of its exosome platform beyond its tropism and other advantages. In addition, the platform now has a name – CustomEx™. The CustomEx™ exosome platform has now expanded its innate or potentially engineered tropism advantages further. Specifically, by showing improved exosome uptake in three tissue types and a higher level of siRNA delivery versus the HEK cellgenerated exosom

Morning Note – 30 September 2022

Morning Note – 5 October 2022