HCA hospitals in the UK authorise Steriwave

Following on from the positive news of the first commercial adaption of Steriwave by the NHS last month, OBI announced that HCA healthcare UK has approved Steriwave for use in its hospitals to prevent healthcare associated infections (HAIs) and reduce the use of antibiotics. Steriwave has already been successfully used in a small patient population in HCA Healthcare UK hospitals, but this approval will allow additional hospitals and healthcare facilities to adopt the technology more widely. We v

First commercial adaption of Steriwave by the NHS

A very positive announcement by OBI confirming that Mid Yorkshire Teaching NHS Trust has approved the commercial adoption of Ondine’s groundbreaking light-activated antimicrobial, Steriwave. The approval will see the use of Steriwave expanded across hip and knee surgery patients at Pontefract and Pinderfields NHS Hospitals to reduce the incidence of surgical site infections (SSIs). This adoption as standard-of-care for orthopedic patients follows a successful, initial deployment that is being us

Steriwave roll out continues apace

OBI has made significant commercial progress to date in 2024, ahead of management’s expectations. Ondine’s Steriwave® technology is deploying in eight new healthcare facilities, including six new hospitals. This brings the total number of hospitals to 22, representing a 38% increase year-to-date and nearly quadruple the number a year ago. The new commercial deployments of Steriwave are paid adoptions that have begun or were agreed before the end of February 2024. The news today is positive and o

Runway extended as US Ph3 plans develop

OBI announced on Friday December 8th, 2023 the closing of the broker option and the successful completion of the Fundraising (comprising the Placing, Subscription and Broker Option), raising c. £2.85m (CAD$ 4.91m) in total. The rationale of the raise was primarily to provide working capital to maintain the high pace of sales growth in Canada of its proven photodisinfection technology. Secondary objectives were to invest in additional business development to further accelerate commercialisation a

Steriwave recommended as SOC

OBI reports that an independent, peer-reviewed research paper has been pusblished in the cCanadian Journal of Surgery The study spanned an eight-year period and involved 13,493 patients with 8823 patients receiving Steriwave®. The paper concludes that nasal photodisinfection should be the standard of care for all patients undergoing emergent or elective spine surgeries. This is a very positive recommendation as it builds upon the current consensus on the benefits of nasal dis-infection. We re-it

Interims in line with focus on US trial & fundraising

OBI’s FY23 interim results were broadly in line with SCM forecasts. Cash at 30 June 2023 totalled CAD$4.6m (YE22 CAD$13.3m. OBI continued to demonstrate substantial progress across the business, as OBI continued to build upon its excellent technological platform with the focus on the preparation of its Phase 3 clinical study in support of the commercialisation of Steriwave in the US. The need for additional funding is clear and OBI is exploring a range of financing options, including non-dilutiv

Ondine Biomedical - Steriwave initiates UK pilot study with NHS

Ondine Biomedical has announced the initiation of its first NHS pilot study for Steriwave, the company’s lead product for nasal photodisinfection. The pilot is based at the Mid Yorkshire Teaching NHS Trust and will assess the effectiveness of Ondine’s technology in preventing surgical site infections (SSIs). The study will have a duration of six months and involve 500 hip and knee surgery patients using Steriwave for nasal decolonisation prior to surgery. With hospital-associated infections (HAI

Pilot study roll out continues

OBI has partnered with Kelowna General Hospital (KGH) on a pilot program to prevent hospital-acquired infections (HAIs). During the pilot, all orthopaedic patients at KGH will be treated with Ondine’s Steriwave® nasal photodisinfection therapy prior to surgery. Steriwave is already in use at a number of hospitals across Canada, including Vancouver General Hospital and The Ottawa Hospital. In these hospital settings, pre-surgical use of Steriwave has resulted in significant improvement in post-su

First NHS pilot study initiated

Mid Yorkshire Teaching NHS Trust has this week started the first UK pilot evaluation of Ondine Biomedical’s Steriwave® nasal photodisinfection for the prevention of surgical site infections (SSIs). The six-month pilot will see 500 elective hip and knee surgery patients nasally decolonized using Steriwave prior to their surgery. Nasal decolonization is recommended by NICE to eliminate pathogens in a patient’s nasal cavities, like MRSA, which are major causes of SSIs. A patient with a surgical sit

Ondine Biomedical - Proprietary platform testing standard of care

Ondine Biomedical is focused on becoming a leader in tackling antimicrobial resistance (AMR) at the source, by leveraging its capabilities and proprietary platform technologies. The company specialises in the field of photodisinfection, a unique approach to preventing the spread of infections that uses light to destroy pathogens. Its lead product Steriwave was first approved by Health Canada, and Ondine has since partnered with HCA Healthcare, a leading US hospital group, to run US clinical tria

Solid FY 22 builds robust foundations

OBI announced its FY22 results this morning which were CAD with SCM forecasts. Revenues of CAD$ 0.6m were in line, adj. EBITDA of CAD$ -18.3m (SCMe CAD$ -15.3m) and eps of -10c (SCMe -7.9c). Cash at YE totalled CAD$13.1m (SCMe CAD$16.3m). The differences were largely due to the increase in R&D expenditure and marketing expenses. The year also demonstrated substantial progress across the business, as OBI continued to build upon its excellent technological platform. The Q1, 23 update confirmed the

Shield Therapeutics - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

Cambridge Nutritional Sciences - Operational efficiencies; adjusted EBITDA profi

Cambridge Nutritional Sciences (CNS) has provided a trading update for the 12 months to 31 March 2024, noting that a combination of strong sales growth and significant margin improvements, driven by operational efficiencies, have played key factors in the group’s expectation of being adjusted EBITDA positive in FY 2024. Revenues are expected to be £9.8m (30% YoY growth), ahead of our £9.0m forecast, with gross profits expected to exceed £6m, which is again ahead of our year-end forecast of £5.6m

Warpaint London+ (W7L, House Stock at 375p) - Trading ahead of expectations - +10% upgrade implied

Cambridge Nutritional Sciences - H1 2024 interims: Executing a newly focussed st

Cambridge Nutritional Sciences (CNS) has published its H1 2024 results to end September 2023. Group revenues grew 44% to £4.9m and gross profits increased by 63% to £3.1m, with the company benefitting from newfound operational efficiencies. With its now streamlined strategy focussing on the core Health & Nutrition business and the initial signs of an encouraging uptick in sales momentum, we believe the company is well positioned for growth that will help create future value for shareholders. We

Hybridan Small Cap Feast - 22 April 2024

22nd 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

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

e-therapeutics - Termination of coverage

Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web

Morning Note – 8 April 2024

Venture Life Group - Strong organic growth; focus on EBITDA

Venture Life has reported FY23 results to December 2023, following the February trading update. Revenues grew 17% in the year to £51.4m (our est. £50.7m) and adjusted EBITDA was £11.6m (our est. £11.6m). Cash conversion was 85%, generating £9.8m of cash from operations. Cash generation and no M&A in 2023 allowed the company to de-lever, closing FY23 with net debt to adjusted EBITDA at 1.3x. Management have focused on growth with three therapy areas generating double-digit revenue growth and onli

Hybridan Small Cap Feast - 17 April 24

17th 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

LIBERUM: Futura Medical: An increasing degree of confidence

Hybridan Small Cap Feast - 23 April 2024

23rd 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: Bidstack Group (BIDS.L) has left the AIM market 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

Shield Therapeutics - FY 2023 TU; total revenues in line but Accrufer scrip revi

Total reported revenues and other income were $17.5m (our forecast $16m) in 2023 vs $5.5m in 2022. The composition of that revenue was different to our expectations such that Accrufer US revenues of $11.6m compared with $3.6m in 2022 but came in below our estimate of $13.6m. In the release, the company has noted that the methodology used by the third-party data provider for US Accrufer scrips has resulted in an overstatement for 2023. Revised figures for 2023 have been given showing 77,000 total

Morning Note – 7 December 2023