Morning Note – 8 June 2022

Evgen Pharma - Full-year results: SFX-01 clinical focus for the year ahead

Evgen reported full-year results to end March 2022 with a pre-tax loss of £3.1m slightly better than our forecast loss of £3.3m. As a result, net cash and short-term investments were also higher at £9m vs £7.6m. The Group made good pre-clinical progress on several fronts during the year on lead asset SFX-01 including in cdk4/6 resistant breast cancer, glioblastoma (including US FDA Orphan Drug Designation), Juvenile Myelomonocytic Leukaemia, scale up of manufacturing and formulation improvements

Evgen Pharma - New SFX-01 collaboration

Evgen Pharma has announced a new collaboration with the Universita Sapienza di Roma to investigate the potential radiosensitisation effects of Evgen’s lead cancer drug SFX-01. SFX-01 is the anti-cancer drug sulforaphane stabilised using Evgen’s Suforadex technology platform. SFX-01 has already completed a phase II open label study in the treatment of metastatic breast cancer and is being evaluated in the brain cancer glioblastoma, which is due to commence a Phase II study in H2 2022 (where in th

Hybridan Small Cap Feast 25/05/22

Joiners: No Joiners Today. Leavers: Clipper Logistics has left the Main Market following a Cash takeover. What’s cooking in the IPO kitchen? According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to

Hybridan Small Cap Feast 18/01/22

Joiners: No Joiners Today. Leavers: Sumo Group has left AIM following a takeover. What’s cooking in the IPO kitchen? Unbound Group PLC, (currently called Electra Private Equity PLC) to join AIM. Unbound Group, will be the parent company for a range of brands focused on the 55 plus demographic. Initially focused on Hotter Shoes, Unbound's curated, multi-brand retail platform will offer additional products and services that will enhance the enjoyment and wellbeing of its targeted customer communit

Morning Note – 18 January 2022

Hybridan Small Cap Feast 11-01-2022

Joiners: Electric Guitar (ELEG.L) was established in 2021 through the issue of shares to the founders as a special purpose acquisition vehicle which will seek an acquisition target in the digital media sector. The Company intends to act as a consolidator and operator in the digital advertising market. The Company has today joined the Main Market. £1.2m raise. Mkt cap £1.74m. Leavers: Amryt Pharma has left AIM. Its American Depositary Shares remain trading on NASDAQ. What’s cooking in the IPO kit

Morning Note – 11 January 2022

Morning Note – 7 December 2021

Evgen Pharma - Interims

Evgen reported interim results to 30 September that are in line with our full-year expectations, with adjusted net loss of £1.44m. Highlights for the period include the Orphan Drug designation granted by the FDA for SFX-01 in the malignant glioma indication. Evgen continues to progress SFX-01 in glioma (brain cancer) and metastatic breast cancer (mBC) pre-clinical models, with the aim of commencing a glioma Phase Ib/II trial in 2022 and potentially a Phase IIb trial in mBC patients who have beco

Hybridan Small Cap Feast 10/11/2021

Joiners ProCook, the UK's leading direct-to-consumer specialist kitchenware brand has joined the Main Market (Premium). ProCook's revenue grew by 37% to £53.4m in FY21 (ending 4 April 2021), with Adjusted EBITDA growing by 246% to £13.3m in the same period. Offer size £39.7m. Mkt cap £158m. Leavers No Leavers Today. What’s cooking in the IPO kitchen? Ashtead Tech, subsea equipment rental and solutions provider for the global offshore energy sector to join AIM. The Directors have a high degree of

Morning Note – 20 September 2021

Morning Note – 13 July 2021

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

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

Morning Note – 30 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

CMA conclusion; small bolt-on; and in line trading

An update from CVS this morning covering conclusion of the CMA process, a further acquisition and update on trading. The CMA investigation into the acquisition of Quality Pet Care (QPC) is now complete, thereby bringing to an end a 9 month process. As part of the undertaking, CVS yesterday completed the sale of QPC for cash proceeds of c.£9m, implying a c.£12m impairment. Whilst the CMA episode has clearly been a setback, it does not seem to have fundamentally impaired ongoing M&A ambitions give

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.

Hybridan Small Cap Feast 04/07/2022

Joiners: Re-admission of 888 Holdings to the Main Market following the reverse takeover of William Hill. Leavers: Umuthi Healthcare Solutions has left the Main Market. 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 Company is proposing to change its name to Fiinu Group plc. Fiinu intends to be a provider of a consumer banking product, the Plugin Overdraft ®, which is designed to provide custo

ReNeuron Group Prelims

FY22 results largely pre-date the strategic decision to focus active R&D exclusively on the exosome platform, primarily as a drug delivery modality. ReNeuron is switching staff and financial resources onto this exciting, but early-stage platform, although recognition of its value still needs to be established. ReNeuron has seven research collaborations in exosomes with more under discussion and has shown that these can deliver a potent growth factor to the brain in an animal model. New explorato

Morning Note – 4 July 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

Continued growth and margin improvement prompt further upgrades

A positive AGM update confirms strong revenue growth has continued YTD and further margin improvement means management again expect EBITDA to be materially ahead of expectations. The business model is now settled, with additional distributors appointed in the US which should help drive further penetration into the Primary Care market there. China revenues were strong and with no sign yet of any slowdown, despite being cognisant of renewed lockdowns there. Gross margins have remained robust on po

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