Hybridan Small Cap Feast - 05 Sep 23

5th September 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

Hybridan Small Cap Feast 15/08/2023

Andrada Mining 7p £107.7m (ATM.L) The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provides an update on the previously proposed Funding Package with funds managed by Orion Resource Partners announced on 15 September 2022. On 11 August 2023, Andrada signed binding documentation for an updated, conditional US$25m funding package with Orion. The financing agreement is as follows: US$2.5m (c£2.0m) equity at 6.39p and US$10m (c£7.9m) Converti

Morning Note – 15 August 2023

Morning Note – 2 August 2023

Hybridan Small Cap Feast - 27 Jun 23

27th June 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 objecti

Morning Note – 27 June 2023

Hybridan Small Cap Feast - 19 Jun 23

19th June 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 objecti

Morning Note – 19 June 2023

Hybridan Small Cap Feast - 07 Jun 23

7th June 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 objectiv

Morning Note – 7 June 2023

Evgen Pharma - FY 2023 finals

Evgen reported full-year results to end March 2023 with a pre-tax loss of £5.0m (FC est. £4.1m), driven by higher R&D and CMC spend. The consequent higher R&D tax credits reduced the net loss to £4.0m (FC est. £3.5m) resulting in net cash of £5.0m (FC est. £5.5m). Data readouts in 2023 should drive key value points and include Phase I PD/PK data for new Suforadex formulation and relevant preclinical data for SFX-01 as (i) a radiosensitising agent in cancer radiotherapy, (ii) as a treatment in CD

Morning Note – 22 March 2023

Morning Note – 16 March 2023

Morning Note – 8 December 2022

Evgen Pharma - Interim results: good progress and a long cash runway

Interim results were unremarkable, but the post-period partnership deal with STALICLA for sulforaphane in CNS indications changed the Group’s funding outlook markedly for the better. The long cash runway (company guidance to end-2024), which is likely in our view to be extended with an anticipated achievable milestone payment from the STALICLA collaboration and/or any future oncology collaborations for sulforaphane, places Evgen in the low-risk category from a funding perspective. We make no cha

LIBERUM: Aptamer* - Prelims supports growth projections

LIBERUM: Aptamer* - Initiation - Build better binders

LIBERUM: Futura Medical: The Futura's coming

Update on Life Sciences expansion

Despite continued strong revenue growth from the existing Point-of-Care and Life Sciences activities, it is now apparent the new capacity expansion programme for enzymes fermentation will not contribute to revenues this year. As a result, management is now guiding to FY23 group revenues of ~£53m and Adj EBITDA of ~£10m, both around £4m lower than previous expectations. We update our forecasts accordingly and expect more information around the shape of the revenue ramp up in FY24 at the upcoming

Destiny Pharma plc+ (DEST, House Stock at 57p) - Primed to go

Interims in line – new forecasts for Life Sciences

Interims are in line and show strong growth from key product lines, which bodes well for future sustainable growth. Having already rebased our FY23 estimates to remove any contribution from the delayed South Bend facility, we reintroduce FY24 & FY25 forecasts to reflect the revised schedule of revenues ramping up. These show group revenues on an improving trend and EBITDA margins strengthening towards 22%. The shares trade on an FY24 EV/EBITDA multiple of sub-10x, falling to 8x in FY25. There is

Shield Therapeutics - $26.1m fundraise ($20.0m debt)/$6.1m equity)

Shield raised $26.1m through a $20m term loan facility with SWK Holdings (unconditional) and $6.1m equity placing to fund several initiatives to drive improvement in gross-to-net (GTN) prices (including new field access team), fund the working capital needs (inventories and receivables) of the US growth story and repay the $5.7m AOP Health convertible loan. The interims and Q3 update clearly show the fruits of the Viatris collaboration, with covered lives increasing 20% to 123m (vs. 100m) and st

Venture Life Group - Strong cash generation

Venture Life has published its interim results to the end of June 2023, reporting group revenue growth of 24.4% to £23.5m, supported by both VLG brands and Customer brands. Although gross margin was down in the period as anticipated, tight operational cost control delivered improved adjusted EBITDA margin of 18.9% (H1/22A: 17.6%). As in previous years, we expect H2/23E to deliver stronger adjusted EBITDA and maintain our £11.6m FY23 expectation. Significantly, cash flow generation was strong in

Hybridan Small Cap Feast - 14 September 23

14th September 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 ob

Interim results

Belluscura has reported interims in line with our expectations and notes strong momentum across its product range, particularly the DISCOV-R, and ‘transformational' progress in its global roll-out after signing Agreements with InnoMax and McKessen.

Warpaint London+ (W7L, House Stock, 303p) - Stand-out FY23A interim results – forecasts unchanged

Oxford BioDynamics+ (OBD, House Stock at 10p) - Early availability of prostate cancer test

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Interims – trading in line with upgraded estimates

NIOX delivered a strong H1, driven by Clinical revenues +29% in the period. Trading is in line with the forecasts that were materially upgraded in July. Margins continue to strengthen and cash flow is following the increased profitability. Having returned £10.5m via a special dividend in September, we expect a maiden ordinary dividend to be declared at the finals in March, reflecting the strong fundamentals and highly cash generative nature of the model. We continue to view NIOX as a unique asse

Morning Note – 20 September 2023