Hybridan Small Cap Feast - 20 Jan 23

20 January 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 object

Trinity Delta Lighthouse: Allergy Therapeutics

Trinity Delta view: The pivotal G306 Grass MATA MPL Phase III trial is one of two important clinical studies planned, with the other the Phase I PROTECT VLP Peanut trial. Data for both of these key pipeline assets are expected next year, with results from G306 during Q423. The G306 study is fully funded, and should generate reliable and robust results given the size and scope. Management sees $300-400m peak sales for Grass MATA MPL in the US, which could be transformational for Allergy Therapeut

Hybridan Small Cap Feast 28/10/22

Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. The offer will initially comprise new ordinary shares and the proceeds will be used to repay existing shareholder debt, includ

Allergy Therapeutics: Manufacturing pause takes it toll on revenues

Allergy Therapeutics has quantified the potential near-term revenue impact from the voluntary UK manufacturing pause. Whilst this is only expected to last around six weeks, FY23 revenues are expected to be 13-18% below current consensus expectations. This is unfortunately due to the interruption occurring during the peak production period, which is undoubtedly disappointing given management guidance of a return to near double-digit growth in FY23. This setback puts increasing pressure on the pip

Morning Note – 28 October 2022

Allergy Therapeutics - Manufacturing update

Allergy Therapeutics expects to restart production at its UK manufacturing site on 14 November. While this is welcome news, the c.7-week voluntary shut-down falls in the peak production months in preparation for dosing patients ahead of the pollen season in the spring. Management has indicated that it expects revenues to be c.13-18% lower than FY 2023 market consensus of £80m (i.e. £10-14m). While its competitors will no doubt take advantage of this hiatus, we think it will be a FY 2023 event on

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

Allergy Therapeutics: On the starting blocks towards key data expected in 2023

The next 12-18 months will be key for Allergy Therapeutics, with the base European commercial business set to return to growth, whilst important pipeline readouts could propel the company closer to US market entry. In Europe, temporary headwinds impacted growth in Germany, Allergy Therapeutics’ largest market; these should abate, enabling a return to near double-digit revenue growth. Meanwhile, clinical trials for both VLP Peanut and Grass MATA MPL are set to initiate this year for data in summe

Morning Note – 29 September 2022

Allergy Therapeutics - FY 2022 results and £17m fundraise

Allergy Therapeutics reported FY 2022 results £1.4m below our adjusted pre-tax loss forecast of £10.8m, driven by higher COGS and finance charge, with sales in line and net cash £1.0m higher than forecast. Clinical focus remains on the start of its pivotal Phase III Grass allergy trial (G306) in Q4 2022 and the Phase I VLP Peanut trial imminently, the outcomes from which in 2023 will determine the long-term shape and value of the business, for which we remain very optimistic. FY 2023 will see hi

Trinity Delta Lighthouse: Allergy Therapeutics

Trinity Delta view: Revenues continue to be impacted by the planned portfolio streamlining, masking underlying performance, albeit these effects should wash out in FY23 with a return to near double-digit growth anticipated. Tight cost control continues, with phasing affecting various line items, for Net Income to be in-line with consensus. Importantly, the two key pipeline programmes, VLP Peanut and Grass MATA MPL, remain on-track to initiate trials this year. Cash together with some debt should

Morning Note – 15 July 2022

Allergy Therapeutics - FY 2022 trading update

The company released a trading update for the full year to 30 June 2022. Revenues are reported to be £72.8m (FC £75.8m). Despite this, the net loss is expected to be broadly in line with market consensus, helped by lower R&D expenses and tight control over operating expenses. Cash at 30 June was £20.5m (FC £24.5m), partly due to R&D pre-payments as well as lower revenues. Both the pivotal Phase III Grass MATAMPL trial and Phase I VLP Peanut allergy vaccine remain on track to start recruitment in

Allergy Therapeutics: Solid commercial performance with major R&D upside

Allergy Therapeutics continues to execute on its clearly defined three pillar strategy for growth in both the near- and mid-to-longer term. In Europe, interim results demonstrate continued robust performance. Key pipeline programmes Grass MATA MPL and VLP Peanut have also made significant progress, with both set to start major clinical trials this year. These high value and well differentiated assets underpin future entry into the commercially important US market. Cash of £41m, plus the £10m cre

Morning Note – 3 March 2022

Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

Hybridan Small Cap Feast - 17 Jan 23

17 January 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 object

LIBERUM: Medica Group PLC* - In line statement adds assurance

Confirming further upgrades post positive update

At the trading update earlier this week, NIOX indicated FY22 EBITDA would be around £7.0m, ~15% ahead of already upgraded expectations, with net cash coming in at £19.4m. This was driven by 15% underlying revenue growth, improved gross margins on mix and ongoing operational efficiencies. We formally update our estimates in this note, increasing our FY22 PBT/EPS forecast by 20% but, prudently, leaving FY23/24 unchanged for now. The outlook remains positive with latent growth potential in the US a

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

Hybridan Small Cap Feast - 19 Jan 23

19 January 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 object

Hybridan Small Cap Feast - 30 Jan 23

30 January 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 object

Hybridan Small Cap Feast - 26 Jan 23

26 January 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 object

SHORE CAPITAL - Oxford BioDynamics+ (OBD) - House Stock at 15p

Cenkos: RUA Life Sciences Plc -- Vascular graft distribution agreement

RUA Life Sciences has signed a global distribution agreement with Corcym, a medical device company focussed on treating heart conditions. The agreement will cover the distribution of RUA's large bore straight and aortic root grafts, for which RUA is currently working towards gaining FDA clearance. We expect RUA's grafts to be complementary to Corcym's existing product portfolio which is sold in over 100 countries. The agreement establishes global distribution for the vascular grafts and validate

Diaceutics - FY22 Trading Update - Jan 2023

FY22 has proven to be a great year for Diaceutics, which comfortably beat revenue expectations and maintained its EBITDA margin in the face of a transitioning business model and a highly inflationary world. It has also announced a key strategic update as well as new enterprise level agreements with two “top 10 global pharma companies”. We detail these later in the note, but together they represent $7m of data subscription agreements over 2 years, which to us further highlights the success of th

Successful completion of POLB 001 LPS challenge trial

POLB announces today that it has now received the initial results having completed the Lipopolysaccharide (LPS) human challenge clinical trial for POLB 001, a viral strain agnostic, small molecule immunomodulator being developed to address the unmet medical need for severe influenza. Importantly POLB was safe and well tolerated and the team will be able to use this dataset as part of their discussions with potential partners at the annual JPMorgan Conference in January 2023. The full read out of

This Week's AIM Highlights 16th December 2022

Hybridan Small Cap Feast 10/10/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placement.

This Week's AIM Highlights 13th January 2023