Since the late 17th century, when the National Debt – effectively today’s public sector net debt (PSND) – was virtually nil, it has fluctuated widely, with financing various wars being the key factor. PSND soared on the back of the Napoleonic Wars, before falling during much of the 19th century. But the onset of World War 1 (WWI) in 1914, and especially of World War 2 (WWII) in 1939, saw PSND reach record levels.
Companies: ARBB ARIX BBGI E7F0 DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
AVO’s goal is to deliver an affordable and novel PT system, called LIGHT, based on state-of-the-art technology developed originally at the world-renowned CERN. Over the past two years, important technical milestones have significantly derisked the project. Now, AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE marking. In its recent technical update, the company highlighted progress made over the past three months towards a ful
Companies: AVO ARBB ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN RECI STX SPO SCE TRX VTA
Shield Therapeutics (STX) has announced the appointment of a new chief executive officer (CEO), Greg Madison, with effect from 1 June 2021. Greg is a seasoned CEO with previous experience of the US iron deficiency market. Notably, he led the transformation of Keryx Biopharmaceuticals (2015–18) into a US commercial stage company focused on Auryxia (ferric citrate), an oral product for the treatment of iron deficiency anaemia and hyperphosphatemia. Given the primary focus for STX now is to establi
Companies: Shield Therapeutics Plc
Shield Therapeutics (Shield) is a commercial-stage pharmaceutical company delivering specialty products that address patients’ unmet medical needs, with an initial focus on treating iron deficiency (ID). Feraccru®/Accrufer® has been approved by the regulators in both Europe and the US. Following completion of a capital increase in March 2021 to raise the necessary funds, momentum has picked up significantly in preparing for the US launch of Accrufer, which is due around the end of June. Even on
Companies: QTX STX TRCS
Shield Therapeutics’ (STX) FY20 results reported total revenue of £10.4m reflecting an $11.4m (£9.7m) upfront payment received from ASK Pharm (Feraccru out-licensing deal that covers China) and £0.7m from royalties on Feraccru sales from European partner Norgine. In March 2021, STX raised net funds of £27.8m, which will be utilised to support the US launch and commercialisation of Accrufer (iron deficiency). The focus for STX now is to establish and expand its US-based operations ahead of a Q221
Companies: PHD AGL STX XSG XSG ARB
Shield’s FY 2020 results contained few surprises, given the trading update that accompanied its fundraising in February. Revenues of £10.4m included £9.7m of milestones, which included grossed-up £1m withholding tax on ASK Pharm’s upfront milestone and royalties from Norgine of £0.7m. Net cash at 31 March following February’s fundraising was £28.2m, providing the necessary resources to fund the launch of Accrufer in the US and complete Feraccru’s paediatric study and early formulation work for P
In the past few weeks, all the listed multi-national pharmaceutical companies have reported results for 2020, which has given us the opportunity to update our industry statistics and drug database. This report provides the first, snapshot publication of global and US rankings of the top 20 drug companies for 2020. Comparisons are made with historical data to show how different company strategies have evolved. In addition, summary analysis has been provided for the sales evolution of therapeutic
Companies: AVO ARIX BBGI CLIG DNL FLTA ICGT OCI PCA PIN PXC RECI STX SCE TRX VTA YEW
Cornerstone FS to join AIM, an SME focused, cloud-based provider of international payment, currency risk management and electronic account services focused on removing the complexity of international payments for customers. Raising £2.2m. Mkt Cap £12.3m. Due 18 Mar. Imperial X (AQSE:IMPP) to join the Main Market (standard). It is also proposed that on Admission to the Official List, the Company will change its name to Cloudbreak Discovery Plc. With effect from Admission, Imperial X will hold equ
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STX is preparing to launch prescription iron replacement treatment Accrufer in the US, a market estimated to be worth US$1.2bn pa, the largest global market for iron replacement treatment. A self-launch can provide STX with the lion’s share of projected profits, peak sales estimate of up to US$400m
Shield Therapeutics (STX) has placed c 83m shares at a deep discount (30.0p/share) to the market price, resulting in a gross raise of £25m. The funds will be utilised to support the US launch and commercialisation of Accrufer (iron deficiency), and thus clarify the strategy in this territory for its key asset. STX will now focus on establishing its US-based operations ahead of imminent launch of the product (launch stocks are ready to be shipped). Our higher valuation reflects the retention of f
Research Tree provides access to ongoing research coverage, media content and regulatory news on Shield Therapeutics Plc. We currently have 180 research reports from 10 professional analysts.
In its first Litmus test after an ‘ambitious’ CMD in June 2021, the British giant has put up a decent show. The group witnessed recovery in the base business, particularly in vaccines which benefited from the sales of COVID-19 vaccine adjuvant. While the near term continues be tricky due to resurfacing COVID-19 concerns, encouraging trends on the COVID-19 vaccine / treatment front and growing HIV and oncology prowess should calm the nerves.
Companies: GlaxoSmithKline plc
ANGLE announced its second pharma services contract with an undisclosed drug development company, using Parsortix firstly to develop two custom CTC assays to look at biomarkers of DNA damage repair, for which it will be paid c.$0.4m and, secondly, if successful, to use these validated assays for longitudinal analysis in a subsequent clinical trial planned to start in H2 2022. The revenue from the first phase of the contract is expected to be recognised over a 12-month period. ANGLE also confirme
Companies: ANGLE plc
Smith & Nephew reported consensus beating Q2 21 sales growth of 40.3%, thanks to a strong recovery in Orthopaedics (+43.4%) and ‘sports medicine & ENT’ (+50.9%). Regionally, growth was driven by the established markets (+46.8%). For H1, revenue growth came in at 27.8% with a trading margin of 17.6% (+920bps, 40bps ahead of consensus). Guidance of 10%-13% top-line growth and an 18%-19% trading margin was re-iterated. Following the broadly in-line performance, we do not expect any significant ch
Companies: Smith & Nephew PLC
Oncimmune has announced an autoantibody profiling contract with the prestigious DanaFarber Cancer Institute. The contract opens up ImmunoINSIGHTS autoantibody profiling service to a number of Dana-Farber led oncology studies. We estimate the contract win to have minimal initial financial value, but importantly it brings influence and provides a framework for future use amongst pharmaceutical sponsors. Consequently, we make no changes to our estimates (projected 66% CAGR FY’21-23 in ImmunoINSIGHT
Companies: Oncimmune Holdings Plc
Verici Dx’s new scalable commercial testing facility in Franklin, Tennessee has earned a CLIA Certification for Registration by CMS that provides a permit to begin clinical testing. This award is in line with the accelerated CLIA approval strategy announced in February. It is an important milestone that brings forward expectations of a CPT code to be awarded in Q1 2022 (vs. Q2 2022) and removes a key regulatory barrier that was required to facilitate the commercial launch in 2022 of its two flag
Companies: Verici Dx Plc
EKF recently unveiled a strategy for driving growth in the business over the next few years. It will be led by a refreshed executive management team and board, building on renewed strength in the core business and opportunities in developing wider contract development and manufacturing activities. Accretive bolt-on acquisitions will also be considered, all funded by the current strong net cash position of the group. Overall, the ambition is to deliver sustainable double-digit EBITDA growth into
Companies: EKF Diagnostics Holdings plc
This morning Oncimmune announced a new contract with the Dana-Farber Cancer Institute (Harvard Medical School affiliate based in Boston, US) whereby the latter will utilise Oncimmune’s proprietary SeroTagTM ‘biomarker discover engine’ to identify predictive patient responses to novel checkpoint inhibitor (CPI) based cancer therapies. As in the case of yesterday’s announcement (see our note Cutting edge COVID-19 research validates ImmunoINSIGHTS as a valuable research tool) this new deal further
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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Belluscura is a medical device company focused on developing lightweight and portable oxygen enrichment technology. The group has announced that it has signed its fourth distribution agreement and started manufacturing the X-PLO2R, putting it firmly on track to meet its target commercial launch in Q3. The fourth distribution agreement is with a US Service disabled veteran-owned small business that deals exclusively with the US federal government in areas of veterans affairs. This follows on from
Companies: Belluscura PLC
Exceptional trading conditions through the Chinese Lunar New Year in February have prompted a further positive trading update from ECO, indicating revenue and EBITDA for FY21 will be significantly ahead of estimates that have already been upgraded several times. Conditions have also remained buoyant in markets such as the US and Brazil, with other territories remaining in line. As a result, we upgrade our FY21 revenue forecasts by a further 11% to £101.7m which translates to an adj EBITDA upgrad
Companies: ECO Animal Health Group plc
Semper Fortis Esports* recently announced its intention to IPO onto the Access Segment of the Aquis Stock Exchange Growth Market. Semper is a multi-operational Esports organisation focusing on gaming technology solutions, brand enhancement and high growth team infrastructures. The company plans to raise £2.5m to develop their three core areas of establishing an esports team, forming partnerships with brands for sponsorship and B2B consultancy services. The Board are highly experienced in spor
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Companies: Medica Group Plc
Doctor Care Anywhere Group's (DOC) Q221 update highlights that underlying revenue has continued to increase, driven by its expanding internet hospital and subsequent growth in diagnostic referrals. Management remains confident that FY21 revenue will be at least 100% above FY20 levels, implying a total revenue of at least £23.2m. Its balance sheet remains strong with net cash of £31.5m. The expected Q421 launch of its digitally integrated virtual and in-person primary care service with Nuffield H
Companies: Doctor Care Anywhere Group PLC Shs Chess Depository Interests Repr 1 sh
SDL delivered a better than forecast H1, outperforming sales and AOP estimates. Revenues moderated by just 1% to £180.7m, with AOP up 1% to £16.3m. Increased demand from strongly performing verticals (Online Retail, Technology) has offset declining volumes from CV19 impacted sectors (Leisure, Travel, Automotive). KPIs continue to move in the right direction, with ARCV rising 7% y/y, and Linguistic Productive Utilisation stable at 67%. The Group delivered 60 new technology customer wins in H1, an
Companies: RWS Holdings plc
Warpaint’s interim results for FY2020 reflect the impact from Covid-19, with revenues of £13.5m, down 29% year-on-year (yoy) and adjusted profits from operations of £0.4m. Importantly, net cash has improved to £3.8m, up from £2.7m at the end of December 2019. We highlight the outlook statement, in particular, the recovering revenue in H2, the proposed interim dividend of 1.5p, together with an additional 1.3p to reflect no final dividend was paid for 2019, as signs of confidence from the Board.
Companies: Warpaint London PLC
