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

Allergy Therapeutics - Interim results – aligning the business to core technolog

Allergy Therapeutics reported six-month results to 31 December, which were in line with the trading update on 13 January and reflect the previously articulated strategy to focus on its core brands (Pollinex, Pollinex Quattro, Acarovac and Venomil) and technology platforms (MATA MPL and VLP), resulting in the discontinuation of non-core products, including TyroMILBE and Orallvac in Germany. Revenues fell 5% (CER) to £48.7m although were +4% on a like-for-like basis; with pre-R&D EBIT down 38% to

Morning Note – 26 January 2022

Morning Note – 13 January 2022

Allergy Therapeutics - Half-year trading update

The six-month trading update to 31 December reflects the discontinuation of non-core products, ongoing COVID-19-related headwinds, principally in Germany and Italy, exchange-rate headwinds (-5%) and product phasing issues, with revenues falling 10% to £48.7m. Underlying like-for-like growth, however, was 3% at constant exchange rates (CER). Period-end cash was £41.4m, which implied a c.3% increase (+£1.m) in underlying cashflows in the period. We have reduced revenue forecasts by 9% in FY 2022 t

Commercialising and developing a differentiated portfolio

Allergy Therapeutics continues to trade solidly in a challenging environment. Its H122 trading statement confirmed six-month revenues to end-December 2021 of £48.7m (H121: £54.0m, down 5% on CER) reflecting commercial portfolio streamlining, phasing, and German headwinds. FY22 revenue guidance is for an upper single digit percentage decline on FY21, with pre-R&D operating profit in line with current consensus. A strong cash balance of £41.4m, when coupled with modest additional debt, will fund t

Morning Note – 25 October 2021

Allergy Therapeutics - Grass MATA MPL – positive results; major de-risking event

Positive headline results announcement, showing a statistically significant and clinically meaningful difference between Grass MATA MPL and placebo in hayfever patients in the exploratory field study (G309), is considered a major de-risking event. Not only does it increase the probability of successfully completing the pivotal Phase III study (G306) in the US and EU, but it underpins the broader MATA MPL platform, which includes tree and ragweed pollen, and increases the likelihood of completing

Positive top line G309 results for Grass MATA MPL

▪ Allergy Therapeutics has reported highly encouraging top line data from its G309 exploratory field trial of Grass MATA MPL. Both treatment arms demonstrated statistically significant improvement over placebo on the primary endpoint, the combined symptom and medication score (CSMS). The six-week arm showed a 29.1% improvement (p=0.0367), with this rising to 36.8% (p=0.0088) in the 14-week arm. These represent a significant reduction in both daily symptoms and the use of relief medication. Both

Morning Note – 23 September 2021

Allergy Therapeutics - FY 2021 results

Allergy Therapeutics reported FY 2021 results that were 95% (+£2.1m) ahead of adjusted pre-tax profit expectations, driven by lower than forecast overhead costs. This underpinned 20% growth in pre-R&D EBIT to £16.9m on 6% CER revenue growth. Year-end net cash was £36.9m, providing the company with the financial resources to complete both its Grass MATA MPL Phase III trial and complete the VLP Peanut Phase I trial. The readout of the exploratory Phase III (G309) Grass MATA MPL study in the autumn

FY21 results show continued strong growth

Allergy Therapeutics has reported solid FY21 trading, with revenues up 8% (6% CER) to £84.3m (FY20: £78.2m). Pre-R&D operating profit rose 19% to £16.9m (FY20: £14.2m) given lower promotional and marketing spend due to COVID-19 restrictions, coupled with tight cost control. R&D investment increased from £9.0m to £12.9m to support the two key programmes: the G309 Grass MATA MPL exploratory field study and the VLP Peanut ex vivo biomarker study. Cash of £40.3m (FY20: £37.0m) is sufficient to fund

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

LIBERUM: Futura Medical* - Strategy on track, FM71 data in Sept

Shield Therapeutics - FY results: focus on funding and growing the US

Full-year results were in line with the preliminary guidance issued in early 2022. Feraccru revenues in Europe increased with a 60% increase in volumes and the US commercialisation of Accrufer continues, with broader insurance coverage (100m lives covered). As with many small cap companies, access to growth capital is currently difficult; however, the group has raised a $10m loan from a major shareholder providing a cash runway till end-2022. Our assumption is that further funding comes from deb

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 113p

Record H1 as distribution widens and offer resonates

Trading continues to track ahead of expectations, which have been upgraded twice so far YTD. There is clear evidence the growth strategy is bearing fruit. Distribution gains are increasing brand reach both in the UK and overseas. This appears to be an ideal time for its on-trend value-for-money proposition to gain traction, potentially with counter-cyclical characteristics as consumers start trading down. After the recent pull-back, valuation is undemanding for a 3-yr EPS CAGR of 13% with risk p

Cenkos: OptiBiotix Health Plc -- Final results

OptiBiotix has reported final results for the year to December 2021, with revenues growing 45% to £2.2m and the EBITDA loss increasing to £1.0m, reflecting the increased investment in the business. Post-period end, OptiBiotix has continued to return value to shareholders through the successful spin-out and listing of its ProBiotix Health division. Future growth of the company is supported by commercial agreements with large partners and a substantial pipeline of opportunities through its 2nd gen

Next Gen XPLOR and D2C

Belluscura has announced the launch of the next generation X-PLOR portable oxygen concentrator and expanded distribution through a D2C offering and partnership distribution plan for smaller DMEs.

SHORE CAPITAL - Oxford BioDynamics+ (OBD) - House Stock at 16p

Morning Note – 30 June 2022

Hybridan Small Cap Feast 20/06/2022

Joiners: No Joiners Today. Leavers: Tungsten Corp and Sensyne Health have both left AIM. Hibernia REIT has left the Main Market. What’s cooking in the IPO kitchen? Visum Technologies seeking admission to The AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Due 30 June. LifeSafe Holdings, a fi

Positive AGM statement

The strong momentum from Q4-21 has continued into H1-22, with revenues expected to be up by more than 22% YoY. The outlook remains positive supported by strong industry demand and market share gains in the UK, where the group’s sustainability and affordability credentials are increasingly resonating. Whilst some macro pressures remain, these look to be manageable. We therefore make no change to our forecasts at this stage, but are highly encouraged by current trends and remain optimistic for the

LIBERUM: SourceBio International* - Scaling growth and trading well

Morning Note – 27 June 2022

Hybridan Small Cap Feast 30/06/2022

Dish of the day Joiners: Visum Technologies has joined the AQSE Growth Market. The Company's business is to own and operate an "on-ride" video and photographic camera system that it sells and/or licenses to customers (being theme parks, ride manufacturers, souvenir imaging providers, and other leisure operators). Leavers: No Leavers Today. What’s cooking in the IPO kitchen? Immediate acquisitions (IME.L) is to re-join AIM via a Reverse Takeover of Fiinu Holdings Limited. Once complete the Compan

Cenkos: ValiRx Plc -- Progressing the Preclinical Pipeline

ValiRx has conditionally raised £1.5m (gross) via an equity placing to progress its existing preclinical projects, reinforce its balance sheet as it looks to build out its translational contract research organisation (tCRO) and service the working capital needs of the underlying business. The transaction also includes a broker option which could raise up to a further £1.0m. ValiRx is now well placed to advance its pipeline assets towards formal preclinical development and secure its position as