Morning Note – 22 July 2024

Allergy Therapeutics - Creating further value from an established portfolio

We initiate coverage of Allergy Therapeutics, a revenue generating, speciality pharmaceutical company developing new medicines for the treatment of severe allergies. Unlike typical early-stage drug development companies, Allergy has established a diverse portfolio of brand recognised allergy products that it has been selling into the European market for the past 20 years. Having solidified a commercial footprint in Europe, management is now looking to execute on its growth strategy, which hinges

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

PANMURE: Healthcare: Prescribed Reading : Sentiment improving…

PANMURE: Healthcare: Prescribed Reading : Sentiment improving…

PANMURE: Allergy Therapeutics : VLP Peanut - positive progress for first allergic cohort

PANMURE: Allergy Therapeutics : Grass MATA MPL regulatory update

PANMURE: Allergy Therapeutics : EAACI Scientific Presentations, Events

PANMURE: Allergy Therapeutics : Further G306 analysis underlines efficacy

PANMURE: Healthcare: Prescribed Reading : Mixed messages

PANMURE: Allergy Therapeutics : Interims, funding update

PANMURE: Allergy Therapeutics : Subcutaneous dosing begins in VLP Peanut PROTECT

PANMURE: Healthcare: Prescribed Reading : The results preview edition

PANMURE: Allergy Therapeutics : 1H trading update

PANMURE: Allergy Therapeutics : Publication of Annual Report

Cambridge Nutritional Sciences - Operational improvements set to drive future gr

Cambridge Nutritional Science’s (CNS) FY 2024 results make for encouraging reading, from both a financial and operational perspective, that should provide investors with confidence around management’s ability to execute on its long-term growth strategy, in our view. Underpinning our positive sentiment is the payback which is now being realised from the group’s manufacturing excellence programmes which have delivered significant growth in the gross margin in FY 2024, increasing 1,488 bps to 61.9%

PANMURE LIBERUM: Inspiration Healthcare: Inspiration catches a break

Trinity Delta Lighthouse: Arecor Therapeutics

Trinity Delta view: New funds are welcome, and will allow Arecor to invest judiciously in Tetris Pharma to drive Ogluo sales, whilst also continuing to expand the technology platform to include oral delivery of peptides as well as developing enhanced injectables, with these potentially generating meaningful future income streams through deals and partnerships. The funds also remove recent working capital headwinds. The key value driver for Arecor remains the diabetes franchise, with further deve

Tristel - Strong FY24 trading performance

Tristel has published a trading update for its FY24 reporting period to the end of June 2024. The company notes strong trading through the period, generating growth ahead of both our forecasts and the company’s own performance targets. FY24 revenues grew 16.4% to £41.9m versus the Cavendish estimate of £40.0m and Tristel’s performance target of annual average revenue growth of 10-15% over three years. Adjusted profit before tax (PBT) will be no less than £8.0m versus our estimated £7.6m, indicat

Morning Note – 25 July 2024

PANMURE LIBERUM: Scancell Holdings: SCOPE-ing the opportunity

PANMURE LIBERUM: HUTCHMED: The building blocks of sustainability

Hardman & Co Monthly: July 2024

Feature article: UK life sciences needs more local institutional support to survive. For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipa

Hybridan Small Cap Feast - 25 July 24

* 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, or it is a rumour Dish of the day Admissions: None Delistings: None What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 8th July 2024: Rome Resources: The Canada-based early-stage resource exploration Company has announced its intention to IPO on AIM in order to continue to make

Warpaint London+ (W7L, House Stock at 586p) - Strong momentum continues

On the mend

SkinBioTherapeutics - Dermatonics Trading Update

SkinBioTherapeutics has provided a trading update for the recently acquired Dermatonics business. Dermatonics has delivered, for the 12-months to January 2024, revenues of £1.86m (FY23A £1.82m) and EBITDA of £422k at a margin of 22.7% versus FY23 adjusted EBITDA of £230k at a margin of 12.6%. These financials provide an up-to-date view on the acquisition multiples, which based upon the total consideration, are 1.6x sales and 6.9x EBITDA based upon FY24 metrics. Further, we believe the 2024 finan

SkinBioTherapeutics - Strategy progress

SkinBioTherapeutics has reported on the 6-months to December 2023, noting steady revenue growth from lead product AxisBiotix-Ps, progress on the development of SkinBiotix with partner Croda (Sederma) and post-period end, the acquisition of Dermatonics. The company has updated on several positive developments through the start of 2024, including AxisBiotix Acne positive interim results, initiation of research on the MediBiotix Pillar and progress with the oral and inflammation programmes. The com

Morning Note – 22 March 2024

Shield Therapeutics - AOP Milestone Monetisation gives comfort on cash position

STX has done a deal with its major shareholder, AOP Health International Management, under which it will get a $5.7m cash advance, to be paid back by the future milestone payment ($11.4m) that STX expects to receive upon the approval of Accrufer in China in 2026. Although the payback terms are favourable to AOP, we would not expect it to further invest if it did not have a clear line of sight to payback via the China approval, and more broadly STX’s ability to become profitable. In today’s relea