Hybridan Small Cap Feast - 21 June 2024

21st June 2024 * 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: Delistings: Chamberlin (CMH.L) has delisted from the AIM market. What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 19 June 2024: IntelliAM, an artificial intelligence company focused on the consumer goods industry, is

Trinity Delta Lighthouse: ANGLE

Trinity Delta view: ANGLE’s start to 2024 has been positive, with the execution of important new Pharma Services contracts with large pharma and securing c £8.8m (gross) in new funding to help widen the adoption of the Parsortix system. The new funds will be directed towards further building the products and service business lines, increasing headcount, and capex to augment laboratory capabilities for molecular applications. These initiatives should help build on the commercial momentum seen in

Hybridan Small Cap Feast - 05 June 24

5th June 2024 * 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: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 22nd May: Raspberry Pi announces an intention to float onto the Premium listing segment of the Main Market. Raspberry Pi is a designer and developer of high

ANGLE: Gathering momentum in Pharma Services

Three new Pharma Services agreements with large cap pharma in 2024 demonstrate that ANGLE’s business development activities are successfully translating into customer income. These deals will make a valuable contribution to near-term revenues and also have the potential for more sizeable future revenues. Successful development of the underlying Parsortix-based assays could mean a transition into longer-term contracts for larger later-stage clinical studies, perhaps ultimately becoming companion

Hybridan Small Cap Feast - 03 May 24

3rd May 2024 * 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 Dish of the day Admissions: TheWorks (WRKS.L) has transferred to AIM from the Premium Segment of the Main Market. Electric Guitar (ELEG.L) has transferred to AIM from the Standard Segment of the Main Market. Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Tak

Hybridan Small Cap Feast - 24 April 24

24th April 2024 * 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 Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

ANGLE: Building content to drive widespread adoption

ANGLE’s investment case rests on where Parsortix’s position in mainstream cancer diagnostics eventually lands. The place of liquid biopsies is now established and, increasingly, the additional clinical value that CTC (circulating tumour cells) assays bring is becoming clear. Addressing the many, varied opportunities directly is challenging and time consuming, with numerous barriers to overcome. Management is creating industry awareness through its demonstration and acceleration activities, which

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Hybridan Small Cap Feast - 11 Dec 23

11th December 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 obj

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