LIBERUM: ReNeuron* - Prioritising data as tough calls made

ReNeuron Group - Encouraging data for iPSCs opens potential

ReNeuron Group has presented encouraging preclinical data surrounding the company’s conditionally immortalised induced pluripotent stem cell (CI iPSC) line. The results show that, using the group’s proprietary conditional immortalisation technology, ReNeuron can achieve enhanced control of growth and survival of CI-iPSC-derived cells, including Schwann cells, providing a potentially key differentiator over traditional iPSCs. While we acknowledge that these are early stage results, the latest dat

ReNeuron Group - Pushing on with CustomEx in H123

With its H123 interim results, ReNeuron highlighted progress across its proprietary exosome platform, CustomEx. The company reported H123 revenues of £438k (H122: £58k), primarily related to income associated with a £320k payment from Fosun Pharma as part of a technology transfer and supply agreement. ReNeuron pared back its operating losses (£4.3m in H123, down from £6.1m in H122), largely with reduced clinical trial-related costs following the company’s strategic refocus on exosomes. ReNeuron

ReNeuron Group Interims

ReNeuron’s interim results announcement provided important support to the company after a year of change. The decision not to raise money when market conditions were unfavourable has resulted in a cash conservation programme that extends ReNeuron’s FY23 cash position beyond our previous estimates while ensuring continued development of the technology platform and maximisation of partnering opportunities. As investors’ focus return to the potential for a CustomEx™ licensing transaction, the incre

LIBERUM: UK Small & Mid Cap Dispatches

LIBERUM: ReNeuron* - Cuts ahead but path to upside intact

ReNeuron Group - Rebranding in exosome targeted drug delivery

ReNeuron is a UK-based stem cell research company now strategically re-focused on the development of its exosome drug delivery technologies. Recent encouraging preclinical proof-of-concept data demonstrated the potential of ReNeuron’s exosomes to deliver complex therapeutic payloads with high tissue specificity. Drug delivery remains a major challenge in both central nervous system (CNS) and cell and gene drug development, and we view these as key markets for ReNeuron to offer differentiation. P

ReNeuron Group - Differentiating in exosome drug delivery

ReNeuron Group, a stem cell-derived exosome technology company, has presented encouraging preclinical data highlighting the enhanced drug delivery capability of its customisable exosome platform (CustomEx) over conventional human embryonic kidney-derived (HEK) exosomes. The company’s CustomEx exosomes displayed a minimum 10-fold increase in cellular uptake across three cell types (endothelial, neural and epithelial) compared to HEK-derived exosomes, with an 18-fold increase observed in endotheli

ReNeuron Group Update

At the recent Exosome Based Therapeutic Development Summit, ReNeuron’s new data demonstrated an improved competitive profile of its exosome platform beyond its tropism and other advantages. In addition, the platform now has a name – CustomEx™. The CustomEx™ exosome platform has now expanded its innate or potentially engineered tropism advantages further. Specifically, by showing improved exosome uptake in three tissue types and a higher level of siRNA delivery versus the HEK cellgenerated exosom

LIBERUM: ReNeuron* - New data to launch CustomEx™

ReNeuron Group Update

Following ReNeuron’s strategic review and change of management, the company has refocused on the exploitation of its exosome platform. We have likewise focussed our research on the potential for, and value of, ReNeuron’s exosomes. In this note, we do not dwell on the past but explore the potential for ReNeuron’s exosomes and why they may be the answer to pressing drug delivery questions. One of its previous products – now under the control of a partner – remains as an upside to our valuation.

Hybridan Small Cap Feast 01-08-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Inteliqo Limited, intends to join the Aquis Growth Market. Inteliqo Limited provides sales, marketing and distribution services to technology product owners under long-term distribution agreements. The Company has agreed its first such agreement in respect of the Ipedia iQ product range. The iQ product is a smart translation earphone (earbuds) system which offers integrated real time speech

LIBERUM: Best of the Week

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

LIBERUM: ReNeuron* - Results set scene for important year

Positive full year update highlights upside risk

VLG has reported a positive year end update after a strong Q4 performance, particularly across its Customer Brands division. The team at Biokosmes delivered an exceptional year, helping to protect key customers against the ongoing supply chain difficulties. This performance puts VLG on track to at least deliver FY profit expectations, and we have upgraded FY22 EPS by 5.5%. While we make no changes to FY23 forecasts at this stage, on balance we see risk to the upside. On just 5.0x EV/EBITDA, and

Hybridan Small Cap Feast - 25 Jan 23

25 January 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 object

Kromek - Interim results – strong revenue growth

Kromek reported interim results with revenues up 44% to £6.8m, an EBITDA loss of £2.7m and period-end cash of £1.0m. A record order book and good visibility over our FY 2023 revenue forecast of £18m (c.91% of which 84% is already contracted or shipped) should still deliver a positive EBITDA in H2, but given inflationary cost pressures and a negative FX impact on translated US costs, it is unlikely to offset the H1 loss as previously anticipated. We reduce FY 2023 EBITDA and PBT by £2.4m and £2.8

Hybridan Small Cap Feast - 17 Jan 23

17 January 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 object

Morning Note – 31 January 2023

Tissue Regenix - Initiation of coverage – positive FY 22 trading update

Tissue Regenix is a commercial-stage regenerative medicine business with a broad range of products targeting large addressable markets in orthopaedics/sports medicine, biosurgery and dental. Its differentiated product portfolio is underpinned by two proprietary processing technologies (BioRinse® and dCELL®) that deal with the repair or replacement of bone and soft tissue (e.g. skin, tendons). Its last trading update was positive, indicating 24% (26% CER) revenue growth in 2022 and a move into EB

Confirming further upgrades post positive update

At the trading update earlier this week, NIOX indicated FY22 EBITDA would be around £7.0m, ~15% ahead of already upgraded expectations, with net cash coming in at £19.4m. This was driven by 15% underlying revenue growth, improved gross margins on mix and ongoing operational efficiencies. We formally update our estimates in this note, increasing our FY22 PBT/EPS forecast by 20% but, prudently, leaving FY23/24 unchanged for now. The outlook remains positive with latent growth potential in the US a

Hybridan Small Cap Feast - 23 Jan 23

23 January 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 object

Hybridan Small Cap Feast - 19 Jan 23

19 January 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 object

Hybridan Small Cap Feast - 30 Jan 23

30 January 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 object

Hybridan Small Cap Feast - 20 Jan 23

20 January 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 object

Hybridan Small Cap Feast - 26 Jan 23

26 January 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 object

SHORE CAPITAL - Oxford BioDynamics+ (OBD) - House Stock at 15p

Cenkos: RUA Life Sciences Plc -- Vascular graft distribution agreement

RUA Life Sciences has signed a global distribution agreement with Corcym, a medical device company focussed on treating heart conditions. The agreement will cover the distribution of RUA's large bore straight and aortic root grafts, for which RUA is currently working towards gaining FDA clearance. We expect RUA's grafts to be complementary to Corcym's existing product portfolio which is sold in over 100 countries. The agreement establishes global distribution for the vascular grafts and validate

Successful completion of POLB 001 LPS challenge trial

POLB announces today that it has now received the initial results having completed the Lipopolysaccharide (LPS) human challenge clinical trial for POLB 001, a viral strain agnostic, small molecule immunomodulator being developed to address the unmet medical need for severe influenza. Importantly POLB was safe and well tolerated and the team will be able to use this dataset as part of their discussions with potential partners at the annual JPMorgan Conference in January 2023. The full read out of