TheraCryf: Initiation - Strong Healing

TheraCryf is a clinical stage drug development company focused on commercialising its proprietary formulation of sulforaphane, SFX-01, and two novel drug candidates acquired in the recent Chronos transaction. The primary targets for SFX-01 are cancer and neurodevelopmental disorders while TheraCryf's new orexin and DAT programmes, extend the company's reach into neuropsychiatric drugs, currently a very active area for acquisitions and partnering. Potential target markets total in the billions of

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: FUTR. MRCH, EVG, CAV, & GHH.

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: PRU, INVP, CCC, JMAT, & EVG.

Morning Note – 20 March 2024

Evgen Pharma - Acquisition and £0.85m equity raise

Evgen Pharma has acquired Chronos Therapeutics Ltd for a total upfront consideration of c£0.9m, payable in Evgen shares. Accompanying this, Evgen has conditionally raised gross proceeds of £0.85m through an equity placing with the potential to raise a further £1.0m through a retail open offer and additionally up to £2.0m. The proceeds will fund several initiatives including maintenance of the acquired Chronos Therapeutics patent portfolio and to continue support manufacturing for lead clinical a

Morning Note – 17 January 2024

Morning Note – 31 October 2023

Evgen Pharma - Interim results: Sufficiently funded to progress SFX-01

Evgen Pharma’s H1 2024 results provided an overview of the encouraging operational progress they had made, to date, across the SFX-01 developmental pipeline. Evgen finished the period with a net cash balance of £3.7m, in-line with our forecasts and management guidance, capitalises the company into calendar year (CY) Q4 2024E and provides sufficient time for multiple opportunities to be progressed for SFX-01 that could create further value for investors. We note that the glioblastoma (brain cance

Hybridan Small Cap Feast 26-10-2023

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Announced ITF 2 October: Adsure Services, the holding company for TIAA Limited, a specialist business assurance provider operating across the Housing, Healthcare, Government, Education, Charities, and other sectors in the UK, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 30 October. Tekcapital announced intention to spin off and IPO on 2 October: MicroS

Hybridan Small Cap Feast - 05 Sep 23

5th September 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 obj

Hybridan Small Cap Feast 15/08/2023

Andrada Mining 7p £107.7m (ATM.L) The African technology metals mining company with a portfolio of mining and exploration assets in Namibia, provides an update on the previously proposed Funding Package with funds managed by Orion Resource Partners announced on 15 September 2022. On 11 August 2023, Andrada signed binding documentation for an updated, conditional US$25m funding package with Orion. The financing agreement is as follows: US$2.5m (c£2.0m) equity at 6.39p and US$10m (c£7.9m) Convert

Morning Note – 15 August 2023

Morning Note – 2 August 2023

Hybridan Small Cap Feast - 27 Jun 23

27th June 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 objecti

Creo Medical - Setting the stage for pivotal growth

Creo Medical’s FY23 results recapped strategic, regulatory and operational wins for its core electrosurgical device suite, including Speedboat’s approval for upper gastrointestinal (GI) procedures in Europe and launch of Speedboat UltraSlim. With MicroBlate and SpydrBlade nearing commercial launch and increased traction with partners Intuitive Surgical and CMR Surgical, we anticipate the product uptake curve to steepen in the medium term. FY23 was a solid year with 13.4% y-o-y revenue growth and

Diaceutics | FY23 results - executing on strategy

As previously disclosed, Diaceutics delivered revenue of £23.7m for FY23, up 22% YoY (+19% in constant currency) and ended the year with £16.7m in cash and net cash. The reported net loss of £1.7m was in line with our forecast. This was the first year of executing the accelerated growth strategy which was reflected in the growth in revenue, the transition to a higher proportion of recurring revenue driven by adoption of the enhanced DXRX platform while an expanded and reorganised marketing struc

Morning Note – 21 May 2024

Oxford BioDynamics+ (OBD, House Stock at 8p) - Growing appreciation of EpiSwitch

Oncimmune Holdings - New strategy gaining traction

The root-and branch strategic review that was undertaken by the new management team in 2023 has seen Oncimmune emerge as a new company, in our view. With the disposal of the EarlyCDT-Lung business to Freenome in May 2023, the company now has a single vision of using its precision medicine, autoantibody detection platform to work alongside biopharma and CRO partners, helping them discover new drug targets and biomarker strategies, making the clinical trial process more efficient through appropria

Allenby Capital: Fusion Antibodies - Update

Evidence of a stabilisation in business activity with the early signs of a recovery emerged in the recent the year-end trading update (30.04.24) and in management commentary at an investor presentation (16.05.24) at Fusion Antibodies plc. The update suggests revenue of £599k was recorded in the H2 FY24, in line with expectations set at the time of the last fundraising. This represents a ~10% rise over H1’s £541k, although this is still well down on the comparative period. However, revenue in the

Zeus Industrials Round-Up - 9 May 2024

Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.

Arecor Therapeutics: AT278 ultra-concentrated insulin superior to benchmarks

Arecor’s lead compound AT278, a unique ultra-rapid and ultra-concentrated insulin, has successfully shown superiority to benchmark fast-acting or concentrated insulins in a Phase I study in Type II diabetes (T2D). This follows a similarly positive outcome in a previous Phase I study in Type I diabetics (T1D). Demonstrating AT278’s clinical efficacy in difficult-to-treat overweight/obese T2D patients confirms the validity of the formulation, shows its profile is attractive for T2D patients with h

Avon Protection - Unmasking its growth potential

Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r

Creo Medical Group - Speedboat savings validated

An official NHS Supply Chain case study has quantified the savings made by an NHS Trust from adopting Creo Medical’s Speedboat device to perform Speedboat Submucosal Dissection (SSD) in comparison to surgical alternatives. In total, the net cash saving from 130 SSD procedures for the NHS Trust was calculated at £687k, including savings from reduced length of hospital stay and reduced theatre costs. Notably, these savings did not include the patient and financial benefits associated with reduced

LSE AIM Market Screener - 22 June 2023

 The market capitalization of 806 AIM stocks was £89.3bn as of 20 June 2023. FTSE AIM All Share Index was down 5.55% YTD to 785.2 as of 21 June 2023. There were 32 companies delisted from AIM over the period December 2022-June 2023. Among the top YTD winners, there were Celadon Pharmaceuticals (up 209%, MktCap £95m), Vast Resources (+211% YTD, Mkt Cap of £15m), B90 Holdings (+200%, MktCap £22mn), Verditek (154%, MktCap £6mn), Star Phoenix Group (+162%, MktCap $1.6mn), Inspecs Group (+162%, Mk

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Diaceutics | FY23 update – 22% revenue growth, £16.7m YE cash

Diaceutics has released a trading statement for the year to December 2023 guiding to revenue growth of 22% YoY to £23.7m, up 19% on a constant currency basis. The order book jumped 57% to £26.6m, of which c£12.3m is expected to be realised in FY24, and which currently stands at £30.8m. The proportion of recurring revenue continues to increase and is now over 50% (FY22 35%). Cash at YE23 stood at £16.7m, indicating a near halving of the rate of cash burn in 2H23 compared to 1H23. We adjust our FY

Warpaint London+ (W7L, House Stock at 470p) - Outstanding FY23A - Upgrades!

Shield Therapeutics - FY 2023A results, we introduce FY2024 forecasts

STX has released FY2023A results, with no surprises versus the Q1 2024 update on 30 April 2024. Total product revenues were $13.1m, (US Accrufer sales $11.6m, ex-US revenues $1.5m (mainly Germany and the US) and other income $4.4m (largely Viatris-related milestones). Total 2023A US Accrufer scrips were 77k, more than tripling versus 2022A, and evidence that having the Viatris deal and extra sales reps fully deployed from May 2023 is having a positive impact. The 2023 operating loss was $31.1m,