Morning Note – 20 September 2022

Morning Note – 7 September 2022

Morning Note – 5 September 2022

Synairgen - FY 2021 – focused on SNG001 inclusion in platform trial

Synairgen reported a FY 2021 adjusted net loss of £48.2m (FC est. -£46.7m), the delta due to higher-than-expected R&D (c.£4.9m), which was partially offset by a higher R&D tax credit. Period-end cash was £33.8m (FC est. £37.0m). SPRINTER results, presented at the American Thoracic Society on 16 May, identify a responder group of higher risk patients and provide a strong clinical rationale to investigate SNG001 in a trial evaluating progression and/or mortality in such patients. Synairgen is focu

Morning Note – 16 May 2022

Hybridan Small Cap Feast 17/03/2022

Joiners: Cleantech Lithium (CTL.L) has joined AIM. The Group is intending to produce lithium using a sustainable direct lithium extraction method, which returns water to its source instead of depleting vital aquifers. Each of the Projects are based in Chile, one of the world's best regions for solar and other renewable energy. The intention is to utilise renewable energy for process power. The result being that the overall process will have a very low CO2 footprint potentially giving a critical

Morning Note – 21 February 2022

Synairgen - Phase 3 headline data readout – missed primary endpoints

Headline data from the Phase 3 SPRINTER trial did not meet its primary and key secondary endpoints. Whilst obviously disappointing, this can perhaps be explained by the changing way in which hospitalised COVID-19 patients are now treated; the goalposts have moved! Standard of care (SOC), which now includes dexamethasone and remdesivir, has changed since the positive Phase 2 study was conducted. However, the potential for SNG001 to be included in the externally funded platform trials such as RECO

Morning Note – 6 January 2022

Synairgen - Phase III data in early 2022 – transformational event

Considering Synairgen’s upcoming Phase III readout of SNG001 for the treatment of hospitalised patients with moderate COVID-19, we assess the prospects for SNG001, re-visit our valuation and assess the outlook for subsequent value appreciation. Positive Phase III data will not only open the opportunity for a much-needed COVID-19 drug therapy for hospitalised patients, given the high number of patients still being admitted to hospitals, but will potentially open the prospect of future pandemic pr

11 for 22 - Investment ideas for 2022

Where next for markets in 2022? In our view, if COVID is not on the way out, we are just going to have to live with it now and it will have less and less impact on economic forecasts going forward. Instead, the bigger issues for investors to deal with in 2022 are cost inflation and staff shortages for business (which are already hitting earnings momentum), energy cost inflation and higher taxes hitting the consumer wallet, and markets that start from very elevated valuation multiples compared wi

Morning Note – 11 November 2021

Hybridan Small Cap Feast 20/10/2021

Joiners No Joiners Today. Leavers No Leavers Today. What’s cooking in the IPO kitchen? Devolver Digital to join AIM, an award-winning digital video games publisher and developer in the indie games space. Recently awarded indie 'Publisher of the Year 2021' by GamesIndustry.biz. Offer TBA. Due early Nov. Life Science REIT to join AIM raising up to £100m. This will be the first London listed real estate investment trust (REIT) focused on UK life science properties providing investors with exposure

EBITDA on track; strong order book

VLG has delivered a pleasing and reassuring H1 result against a challenging backdrop. The recent acquisitions are performing strongly and it has been able to mitigate a lot of the recent incremental cost/inflation headwinds. Trading so far in H2 is slightly ahead of plan and it has a very strong order book which will lead to increased H2 weighting. Confidence in EBITDA forecasts is therefore high. We have, however, reduced our PBT/EPS forecasts on the back of higher D&A (non-cash) than expected.

12m to May-22 results

Oncimmune has released results for the 12m period to May-22, ahead of its changed year and to August. These results reflect a period of investment into the commercial team for ImmunoINSIGHTS and increased penetration into the Top 15 global pharma customers, where a number of MSAs have been signed. These are expected to translate into faster contract wins and management reports a current weighted value pipeline of £11.0m across the business, providing increased revenue visibility. Cost savings in

SHORE CAPITAL - Warpaint London+ (W7L) - House Stock at 129p

Interim results update

Belluscura has made very significant progress in technology, manufacturing and sales in the year to date and remains strongly positioned to achieve considerable scale next year.

Upgrade cycle continues as brand demand grows

Trading momentum has been sustained in early Q3, triggering a 3rd upgrade YTD. There is clear evidence the growth strategy is bearing fruit. Distribution gains are increasing brand reach both in the UK and overseas. This appears to be an ideal time for its on-trend value-for-money proposition to gain traction in its key channels, potentially with counter-cyclical characteristics as consumers start trading down. After a further pull-back (YTD now -29%), valuation is out of synch with its growth t

Cenkos: OptiBiotix Health Plc -- GoFigure Launch with Apollo

OptiBiotix has launched its GoFigure weight management range in India through its commercial partner Apollo Hospitals (Apollo). Apollo owns and operates the largest pharmacy network across India and will initially stock the GoFigure range in key stores in major Indian cities, as well as online. Apollo is one of three large partners which entered commercial agreements with OptiBiotix in late-2021. The launch demonstrates OptiBiotix' strategic shift towards selling a greater proportion of finished

LIBERUM: Medica Group PLC* - Continued growth, but costs set to rise

Interims – recovery continuing

H1 saw a continued recovery in revenues, which are now comfortably back above pre-pandemic levels, despite some territories lagging. The group’s sustainability and cost-saving messaging looks to be increasingly resonating as health systems globally look to address the twin challenges of elective recovery and environmental impact. Some inflationary and supply chain issues have been experienced, although these are expected to ease in H2 as mitigations take effect. We make no change to our forecast

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.

Morning Note – 21 September 2022

Hybridan Small Cap Feast 21/09/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Independent Living REIT plc, intends to float on the Premium Segment of the Main Market. The Company's investment objective is to address the shortage of high-quality supported housing, delivering capital growth and inflation-linked income returns for its investors whilst providing a fair deal for society through savings for the UK taxpayer, and improved outcomes for residents. Raising £150

Cenkos: Venture Life Group Plc - Strong trading

Venture Life has published its interim results for the 6-months to June 22, which show profits slightly ahead of the previous trading update. Revenues grew 36% in the period to £18.9m, while both gross and adjusted EBITDA margins improved strongly, 5.0 and 3.6 percentage points, respectively. Growth was driven by recent acquisitions, with new distribution deals and product launches through the period. Performance has continued into H2/22, with further deals signed and trading in-line with expect

Interims – transition proceeding to plan

Interims show a strong underlying performance with “core established” revenues +11.5% in the period. As previously discussed, the business is in the process of transitioning away from Covid-related work and implementing the growth strategy of the new management team. Initial indications are positive and investment plans are on track, which should set the business up for strong growth in FY23 and beyond. We make no material changes to forecasts and continue to see substantial potential upside on

Morning Note – 26 September 2022

Deltex Medical Interims

Deltex Medical Group (Deltex Medical) develops and markets a “best in class” haemodynamic monitoring system using Doppler ultrasound technology. Its TrueVue ODM+ platform is the world’s first fluid management and cardiac output monitoring technology which directly measures both blood flow velocity and blood pressure. With access to some international markets back to pre-COVID levels, the need to reduce elective surgery backlogs, the launch of a new monitor later this year, including the first it