Redx Pharma is a UK-based clinical stage drug discovery company that specialises in developing highly specific small molecules based on its proven medicinal chemistry expertise and research platform. These are either “best-in-class” or “first-in-class” and target existing unmet needs in large oncology and fibrosis indications. A driven management team is implementing a focussed and ambitious strategy that should be transformative for the business over the medium term. The approach has been validated by a series of out-licensing and partnering deals. Knowledgeable and supportive shareholders have rebuilt the balance sheet, but further funding is, in our view, required to capitalise on the existing opportunities. Our valuation, based on conservative assumptions, is £296m, equivalent to 152p/share, and 92p fully diluted.
Companies: Redx Pharma Plc
Redx Pharma (REDX.L): Research agreement with Jazz Pharma | Amryt Pharma (AMYT.L): Positive top line results from Epidermolysis Bullosa trial
Companies: Redx Pharma Plc (REDX:LON)Amryt Pharma PLC (AMYT:LON)
Redx Pharma (REDX.L): Out licensing agreement with AstraZeneca | Genedrive (GDR.L): Collaboration with Beckman Coulter to automate SARS-CoV-2 PCR testing
Companies: REDX GDR D6M
Redx Pharma (REDX.L): $30m financing package and interim results | Cambridge Cognition (COG.L): Positive trading update for H120 | Yourgene Health (YGEN.L): Research use only COVID-19 PCR test launched
Companies: REDX COG YGEN
RenalytixAI (RENX.L): Proposed dual-listing on Nasdaq | e-therapeutics (ETX.L): Covid-19 project update | RedX (REDX.L): Appointment of Non-Executive Director
Companies: RENX ETX REDX
Novacyt S.A* (NCYT.L): COVID-19 test update | Redx Pharma (REDX.L): Short term loan agreement
Companies: Novacyt SAS (NCYT:LON)Redx Pharma Plc (REDX:LON)
Abal Group (formerly on AIM) to relist as Supply@Me, a growing innovative "inventory monetisation" platform, having originated more than EUR300m of prospective "inventory monetisation deals" in its first six months of operating (to June 2018). In the first half of 2019, an additional prospective EUR300m was originated. As at the date of the publication of the Prospectus and Circular to Abal shareholders, dated 4 March 2020 , EUR972m of prospective contracts have been originated. Raising £2.2m. Due 23 March. The Proof Of Trust has announced its intention to list on the Standard Market. The Blockchain based business, owns patents to a protocol which facilitates dispute resolution based upon smart contract disputes. Transaction details TBC.
Companies: THR NSH FIPP RBD CDM OTMP TRB ROCK REDX ANIC
Redx (REDX): Final results for 2019 | Tizinana Life Sciences (TILS.L): Development of TZLS-50
Companies: Redx Pharma Plc (REDX:LON)Tiziana Life Sciences PLC (TILS:LON)
Redx (REDX.L): Funding secured from specialist investors
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Venture Life has developed significant momentum through 2020, reflected in the strong share performance over the year. Building on this momentum, the company has announced it is conditionally raising £34m via an equity raise to help it secure additional M&A opportunities. At this time, Venture Life has identified three opportunities, which we estimate could deliver significant earnings accretion if all are completed. We have updated our forecasts to reflect the raise but at this time have left our underlying assumptions unchanged. We expect Venture Life to maintain the momentum it has developed, supported by the proposed raise and M&A opportunities; we re-iterate our Buy recommendation.
Companies: Venture Life Group Plc
Moderna announced the first interim analysis from the Phase III study of its COVID-19 vaccine candidate, which was found to be c.95% effective in preventing symptomatic COVID-19 disease. This follows a similar announcement from Pfizer/BioNTech last week, and the caveats we mentioned at that time remain the same. AstraZeneca-Oxford University are also due to announce initial results this month. While these results are highly encouraging, we reiterate that they do not diminish the urgent need for COVID-19 treatments and testing, which will still be required for years to come, and we outline why. We consider Synairgen, Avacta, genedrive, Omega Diagnostics and Open Orphan to offer good buying opportunities.
Companies: AVCT ODX SNG GDR ORPH
Oxford University and AstraZeneca announced the first interim analysis from the Phase III study of its COVID-19 vaccine candidate, which was found to be 70% effective in preventing COVID-19. This follows similar announcements from Moderna, and Pfizer/BioNTech in the previous two weeks, and the caveats we mentioned at the time remain the same. While all of these results have been highly encouraging, we reiterate that they do not diminish the urgent need for COVID-19 treatments and testing, which will be required for years to come. We consider Synairgen, Avacta, genedrive, Omega Diagnostics and Open Orphan to offer good buying opportunities.
ReNeuron, a UK-based stem-cell therapy developer, has announced today a fundraising of up to £17.5m (gross) through the means of a placing, subscription and open offer. The Company has also announced its FY’21E interim results as well as the latest data from its lead candidate hRPC in the ongoing Phase I/IIa clinical trial for Retinitis Pigmentosa (RP). The additional funding aims to provide liquidity for the next 18 months, and through key clinical development milestones for the hRPC programme and exosome collaborations. **** As joint broker to ReNeuron, we are restricted and can therefore provide factual comment only. Shareholder approval for the transaction will be sought at the General Meeting to be held on the 11th December 2020 ****
Companies: ReNeuron Group plc
Full-year results for the year to 30 June were in line with the 10 July trading update, with FY 2020 revenues of £1.1m (-55%) with an adjusted pre-tax loss of £6.5m (-18%) and year-end cash of £8.2m (+134%). They reflect a year which brought notable challenges, but also significant opportunities, which genedrive has responded to. While regulatory delays have thus far prevented material revenues from COVID-19 testing, they have the potential to be transformational in FY 2021. GDR confirmed that it is in advanced negotiations to sole supply a MoH in Europe, which could be worth low double-digit millions of pounds. Whilst we have reduced our FY 2021 revenue forecast (£2.7m to £1.8m, -33%), this excludes any revenues from the high-throughput SARS-CoV-2 test, or the POC test, as modelling their impact is not possible at the moment, which leaves significant room for upside. We leave our target price under review.
Companies: Genedrive Plc
ReNeuron Group (RENE.L): Interim results
Scancell’s outlook has been transformed by the recent investment by Redmile of a further £12.1m in equity and £17.9m in Convertible Loan Notes (CLN). These funds, together with an over-subscribed £3m Open Offer, boost Scancell’s cash to c £48m. After a sustained period of being under-resourced, attention now turns to execution and delivery. The additional funds will be used to progress and broaden the ImmunoBody and Moditope portfolios and further develop the Avidimab platform. The onus will inevitably shift to timely progress across a broader front, including clinical data for SCIB1, Modi-1, and COVIDITY and, in time, material commercial partnerships for Avidimab. We update our valuation to £144m (17.7p per share).
Companies: Scancell Holdings Plc
EKF has confirmed it expects a strong Q4 from both the core business and ongoing demand for the Primestore MTM sample collection device. As a result, FY20 performance is now expected to comfortably exceed market expectations, which have already been upgraded several times through the year. We upgrade our FY20 EBITDA forecasts by a further 6% to £24.4m and look forward to further updates in due course. EKF is a Best Idea for 2020 and we expect strong momentum to continue.
Companies: EKF Diagnostics Holdings plc
Venture Life aims to become a global leader in the self-care branded product market, where there are a number of structural growth drivers. It has a unique and scalable platform to develop, manufacture and distribute products, including its own brands and international customers’ brands. What is already a high margin business is poised to deliver a compelling mixture of top line growth with significant operating leverage. Performance in H1 (EBITDA +347%) highlights the potency of VLG’s model. Acquisitions can also leverage the platform to drive growth, and management has a very strong track record here. On top of this exciting growth play, there is also a chance that its Dentyl dual-action mouthwash could have applications to slow/reduce CV19 transmission, adding to the upside potential.
President Trump likes to project himself as a highly successful businessman, but surprisingly little is known about his true financial position. Various articles, including a 2016 in-depth analysis by The Wall Street Journal, have speculated about his income and asset base. All sorts of claims and counter-claims have been made about his wealth – by Trump himself, pitching his fortune at some $9bn, and by journalist Timothy O'Brien, suggesting that it is as “low” as $150m-$250m. It is doubtful whether we shall ever know the truth, but we can use Trump’s UK corporate filings to gain an insight into his businesses in Scotland.
Companies: AVO ARBB ARIX CLIG DNL FLTA ICGT PCA PIN PHP RECI STX SCE TRX SHED VTA YEW
Successful trials in Tesco have led to the W7 brand being distributed in a significant number of additional stores, including Tesco Extras. Performance in Wilko of its Technic and Body Collection brands has been ahead of expectations, leading to additional gift ranges being stocked there too. These distribution gains bode well for incremental sales/profit next year, and underline the appeal of the group’s value-for-money on-trend brands. Valuation is undemanding, particularly with the added attraction of a 6.4% dividend yield.
Companies: Warpaint London PLC
Pfizer and BioNTech announced the first interim analysis from the Phase III study of its COVID-19 vaccine candidate, which was found to be >90% effective in preventing COVID-19. While the results are very promising, we believe there was a large over-reaction in the market in response to the news. It should not have been unexpected – we hoped for positive results from vaccine manufacturers this month, and we hope there is more to come, as AstraZeneca-Oxford University and Moderna are also due to announce initial results this month, and overall there are 11 vaccines in Phase III testing. However, these early results do not diminish the urgent need for COVID-19 treatments and testing, which will still be required for years to come, and we outline why. We consider the price falls to stocks such as Synairgen (-39%), Avacta (-36%), genedrive (-38%), Omega Diagnostics (-25%) and Open Orphan (-9%) to offer good buying opportunities.
FAB is a specialised Contract Research Organisation operating in monoclonal antibody engineering and production and supply. The company generated a 9% increase in H121 revenue driven by core antibody engineering expertise and demand for supply services. FAB’s trusted reputation, the continuing significance of antibodies for therapies and diagnostics, and operational continuity adjustments, together created encouraging resilience to the pandemic’s impact. The pace of progress in developing its differentiated Mammalian antibody library, OptiMALTM, translates into a commercial launch target in FY22.
Companies: Fusion Antibodies Plc
In the positive trading update today, ReNeuron announced that patient dosing has commenced in the US in the expanded Phase IIa clinical trial for the lead hRPC candidate for Retinitis Pigmentosa (RP). We are pleased to see the trial is under away given the backdrop, and we expect data from the expanded cohort over the next 12 months. This data alongside previously announced highly positive hRPC data aims to be sufficient for ReNeuron to seek regulatory approval in H2 2021 to commence a single pivotal clinical study programme (i.e. potentially one trial off regulatory approval). A milestone that could pave the way for licensing agreements. We continue to believe the hRPC programme is highly novel programme that is differentiated against peers, and we forecast peak global sales potential of £880m. We also note that ReNeuron has signed its fourth research evaluation agreement with a leading biotech to evaluate the use of ReNeuron’s exosomes for the delivery of novel therapeutics. Whilst these deals are initial modest, they aim to produce proof-of-concept data that could pave the way to more lucrative licensing agreements for the exosome technology. Lastly, after the retirement of John Berriman, it was announced that Dr Tim Corn will become Chairman heading a significantly leaner Board. We make no forecast changes and reiterate our intrinsic value implied from our valuation analysis of 177p/share.
RUA have announced an earlier than expected update on the testing of its Elast-Eon-coated tri-leaflet artificial heart valve from its pilot pulsatile flow program. This testing is meant to simulate not just the flow of blood through the valve, but the viscous patterns that occur during the opening and closing of the valve, in the simulation of typical natural conditions. Not only have the minimum ISO Standard performance requirements been easily surpassed, but there were indications of reproducibility and ease of manufacture.
Companies: RUA Life Sciences Plc