Cenkos: ValiRx Plc -- Collaborative Services Agreement

Inaphaea BioLabs, a wholly owned subsidiary of ValiRx, has entered into a collaborative services agreement with Physiomics, a life sciences consultancy which supports oncology drug development through advanced statistics and biological modelling techniques. The agreement will allow Inaphaea's customers to utilise Physiomics' capabilities under a single contract, enhancing the offering and advancing Inaphaea's transition into a translational contract research organisation (tCRO). We maintain our

Cenkos: ValiRx Plc -- Inaphaea BioLabs Launch

ValiRx has launched its new laboratory facility under the brand, Inaphaea BioLabs. Inaphaea will be a lab-based preclinical services business based in MediCity, Nottingham, offering a wide range of cell-based techniques to customers across the biopharmaceutical sector and academia. Having hired two experienced scientists, Inaphaea is well positioned to commence operations by the start of Q2/23. We believe the appointment of Andrew Carnegie to lead commercial development is a strong indication of

Cenkos: ValiRx Plc -- Laying the Foundation

ValiRx has raised £1m via an equity placing to support the build out of a new lab facility and strengthen its balance sheet. ValiRx has also raised a further £0.3m via a broker offer, subject to shareholder approval. The new laboratory is the first step in building out ValiRx' translational contract research organisation (tCRO), providing a foundation from which ValiRx can bolt-on additional technologies via acquisition. It will also enable internal project work to be brought in-house, generatin

Hybridan Small Cap Feast - 13 Jan 23

13 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

This Week's AIM Highlights 9th December

Cenkos: ValiRx Plc -- Launch of Cytolytix

ValiRx has announced the formation and launch of a new subsidiary, Cytolytix Ltd, which has signed an IP licence agreement with King's College London (KCL) for the triple negative breast cancer (TNBC) peptide, CLX001. Cytolytix is 60% owned by ValiRx, with the balancing share held by KCL and the IP inventors. Following the completion of a successful evaluation programme in July 2022, CLX001 will be the first asset sourced from academia promoted into preclinical development by ValiRx. ValiRx has

Hybridan Small Cap Feast 24/10/22

Joiners: Eastinco Mining (ATN.L) has joined AIM. Leavers: Ted Baker has left the London Stock Exchange. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea, intends to join the Premium Segment of the Main Market. Ithaca Energy is one of the largest independent oil and gas companies in the UKCS, ranking 2nd by resources and 3rd by production. During the six months ended 30 June 2022, Ithaca Energy's average daily prod

Cenkos: ValiRx Plc -Interim Results

ValiRx has announced its interim results for the six months ended 30 July 2022. Group operating loss widened to £1.07m, however, when adjusted for share-based payment charges, this only represented a 3.6% increase YoY, driven predominately by R&D costs. We have updated our forecasts for FY22E which have been impacted particularly by the completion of the July fundraise and the promotion of the King's asset to full in-licensing. We issue new forecasts to FY23E and reiterate our Buy rating.

Cenkos: ValiRx Plc -- Successful Evaluation Agreement

ValiRx has completed a successful evaluation of the triple negative breast cancer asset developed by King’s College London (previously an undisclosed London university) and will initiate preclinical studies imminently. The company cited good evidence of biological activity and promising data for its use in an additional disease area (ovarian cancer) as reasons to promote this asset towards a full in-licensing. Importantly, it provides strong validation of ValiRx’ strategy and demonstrates the co

Cenkos: ValiRx Plc -- Progressing the Preclinical Pipeline

ValiRx has conditionally raised £1.5m (gross) via an equity placing to progress its existing preclinical projects, reinforce its balance sheet as it looks to build out its translational contract research organisation (tCRO) and service the working capital needs of the underlying business. The transaction also includes a broker option which could raise up to a further £1.0m. ValiRx is now well placed to advance its pipeline assets towards formal preclinical development and secure its position as

Cenkos: Healthcare Sector - Ward Round

Weekly round-up of AIM-listed healthcare news. Venture Life Group, GENinCode, Kromek, Alliance Pharma, Polarean Imaging, Benchmark Holdings, Ondine Biomedical, Verici Dx, Faron Pharmaceuticals, Avacta Group, Abingdon Health, Open Orphan, Belluscura, Hutchmed (China), Oxford Biodynamics

Initial Equity Trading Comments - 15 May 2023

Kromek - Placing raises £7m with Open Offer of up to £1m

Kromek raised £7m (with up to £1m via an Open Offer) to strengthen the balance sheet and provide the working capital for the CT programme to bridge the gap before supply agreements with recently announced Tier 1 and Tier 2 OEMs commence in earnest. As the only independent commercial scale manufacturer of the next-generation detector (CZT) for use in CT and SPECT imaging systems, Kromek is actively engaged with 9 OEMs (both Tier 1 and Tier 2), with 3 agreements having now been signed (FC estimate

LIBERUM: Aptamer* - Prelims supports growth projections

LIBERUM: Aptamer* - Initiation - Build better binders

Hybridan Small Cap Feast - 19 May 23

19th May 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 objectiv

Vetting the opportunity

Monday''s trading update caused the shares to drop 13%, leaving c28% upside on the possible all-cash offer price by EQT, set at 4,070p per share. While the market seems sceptical on the deal going through (outcome expected by June 2), we believe EQT will proceed and most likely on unchanged terms. We turn opportunistic and upgrade the shares to outperform. Destocking and European slowdown behind the trading update Destocking in the USA went deeper than expected by a couple of weeks, with inven

Extensions provide £12m revenue underpin

Oncimmune (ONC LN) - Successful divestment & debt refinancing enhances potential for value growth

This morning Oncimmune announced the successful divestment of its lung cancer diagnostic (EarlyCDT®) business to US cancer detection specialist Freenome Holdings Inc., for £13m in cash. Sale proceeds have been used to pay down almost 50% of outstanding debt principal. The remaining €6.0m of debt has been refinanced. Oncimmune is now focused solely on its ImmunoINSIGHTS™ discovery business. In a separate deal, Freenome has purchased ImmunoINSIGHTS™ services worth at least €1.14m per year for a pe

ReNeuron Group Prelims

Preliminary FY 2023 results from ReNeuron Group plc (RENE.L) highlight its transition via restructuring from a clinical-stage drug developer to a drug delivery platform based on its exosome technologies. As such, clinical trial spend is being minimised to cover legacy obligations only and in future will be conducted instead by partners, such as Fosun Pharma. The generation of data validating its CustomEx™ exosome platform to enable partnering and licensing transactions can be completed more cost

Fusion Antibodies Update

Fusion Antibodies has announced a £1.5m fundraising concurrently with a cost cutting exercise that should together provide it with an 18-month cash runway as it transitions towards a higher-value proposition. The fundraising is being conducted at 5p/share, a price that reflects the current adverse funding environment. A new strategy will see the focus shift towards commercialising the new integrated service offering and exploiting AI partnership opportunities, ahead of OptiMAL and OptiPhage. We

Hybridan Small Cap Feast - 22 May 23

22nd May 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 objectiv

Hybridan Small Cap Feast - 25 May 23

25th May 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 objectiv

Funding the opportunity in medical imaging

On 18 April Kromek announced a major seven-year agreement with a Tier 1 OEM to develop and incorporate its CZT-based detectors in the OEM’s advanced medical imaging scanners, and further deals have since followed. In order to fund these opportunities, on 5 May the Group announced a fund-raise of £8m (gross). It is our assumption that the Tier 1 OEM segment targeted is the CT scanner market. This was worth an estimated US$6.7bn in 2022 and, at a 5.6% CAGR, is expected to reach US$9.92bn by 2029.

Cenkos: Creo Medical Group Plc -- Lung: First in human completed

Creo Medical has announced the successful completion of the first in human use of its MicroBlate Flex device to ablate a lung lesion, undertaken at the Royal Brompton Hospital, London. The patient was treated as part of the recently announced human clinical study aimed at demonstrating the safety and efficacy of its MicroBlate Flex device for the microwave ablation of lung lesions accessed minimally invasively via a bronchoscope. We believe this procedure represents a significant milestone for C

Avon Protection - Termination of coverage

Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.