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 (

Hybridan Small Cap Feast 18/09/2023

Dish of the day Joiners: No joiners today. Leavers: Egdon Resources has left AIM. What’s cooking in the IPO kitchen?** Announced ITF 12 July: Substrate Artificial Intelligence, an artificial intelligence company based in Spain that creates, buys and scales companies around AI in diverse sectors such as fintech, agritech, energy, human resources, and health, intends to join the Access Segment of the AQSE Growth Market. Admission delayed. Announced ITF 6 July: Blackpoint Biotech plc, a medical can

Hybridan Small Cap Feast - 15 Mar 23

15 March 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 10/01/2023

Dish of the day Joiners: Tap Global Group (previously named Quetzal Capital Plc) has joined the Access Segment of the AQSE Growth Market via a Reverse Takeover. The Company is an innovative and fully integrated provider of crypto settlement and fiat banking, based on its proprietary artificial intelligence middleware. £3.1m raised. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resources exploratio

Hybridan Small Cap Feast 31/10/22

Joiners: Bowen Fintech (BWN.L), a special purpose acquisition company to acquire technology companies in the financial services sector has joined the Standard Segment of the Main Market. £2m raised. Leavers: Vertu Capital has left the Main Market following a RTO. Vox Valor Capital (VOX.L), formerly Vertu Capital, has joined the Standard Segment of the Main Market. What’s cooking in the IPO kitchen?** Ithaca Energy, a UK independent exploration and production company focused on the UK North Sea,

Hybridan Small Cap Feast 25/05/22

Joiners: No Joiners Today. Leavers: Clipper Logistics has left the Main Market following a Cash takeover. What’s cooking in the IPO kitchen? According to news reports, The Very Group, is looking to float after calling off their plan for a £4bn IPO last year due to a volatile market. The ecommerce group is owned by the Barclays family. According to the Sunday Times, the retailer has offered incentives to senior leaders at the firm for pulling off a flotation, which the Barclays family now hope to

Small Cap Feast: 27/0721

Joiners: Northcoders (CODE.L), an independent provider of training programmes for software coding, has joined AIM. It offers a range of training and software development solutions to individual and corporate customers. The Company's offering includes 'bootcamp' training courses, government funded apprenticeships and bespoke training courses and software development solutions. The Company operates a hybrid delivery model by providing its services in person at one of Northcoders' regional office '

SP Angel Healthcare Conditions

Advanced Medical Solutions Group plc (AMS.L): Trading update

Small Cap Feast

Small Cap Feast

The Pebble Group, a provider of products, services and technology to the global promotional products industry, announces its intention to seek admission of its shares to trading on the AIM market of the London Stock Exchange, which is expected to take place in early December 2019.The Group delivered revenue of £99.8m in the year ended 31 December 2018.No mention of bottom line and a suggestion that funds raised would provide an exit to private equity shareholders and the repayment of debt. Offer

Small Cap Feast

Roxi Music UK music streaming service plans London IPO as it goes up against Spotify. They have appointed investment bank Arden Partners for an initial public offering (IPO) on the London Stock Exchange later this year.

Small Cap Feast

Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019 Expected market cap of £36.5m Argentex a UK-based forex service provider founded in 2011 by its current management team which operates as a Riskless Principal for nonspeculative and forward foreign exchange as structured financial derivatives is looking to join AIM. Offer TBC

Small Cap Feast

PetroTal Corp is an oil and gas company whose shares are currently admitted to trading on the TSXV. The Company is focused on development of oil and gas assets in Peru and it currently has controlling interests in three onshore Peru license blocks. No new funds being raised. Due 21 Dec. Mkt cap c.£80m Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected mid Dec

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,

Morning Note – 13 May 2024

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.

Trinity Delta Lighthouse: HUTCHMED

Trinity Delta view: Partner Takeda has executed an impressive initial launch of Fruzaqla in the US, which provides confidence in future successful launches in Europe and Japan (once regulatory approvals are secured), and for Fruzaqla’s longer-term growth prospects with expansion to additional indications. Fruzaqla’s commercial prospects are a key contributor to HUTCHMED’s path to profitability, which is supported by the growing traction and market share capture of its China oncology products, pl

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

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

Hybridan Small Cap Feast - 09 May 2024

9th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: E-Therapeutics (ETX.L) has left AIM. Advanced Oncotherapy (AVO.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has a

Oxford Cannabinoid Technologies - Early signs of revival in clinical activity

Oxford Cannabinoid Technologies (OCT) has announced its H124 results (to end-October 2023), an eventful period for the company, marked by successful clinical progression of lead asset OCT461201, albeit with some funding challenges. Key highlights included the initiation and subsequent positive safety data from OCT’s first Phase I clinical trial (Programme 1) and a foray into oncology (Programme 4). Tight funding conditions halted subsequent clinical progress, although the recently announced £1.3

IRLAB Therapeutics - External validation boosts quarterly recap

In its Q124 report, IRLAB recapped its efforts in targeting major aspects of Parkinson’s disease (PD). The update was enhanced by the recently announced R&D collaboration for IRL757, which is anticipated to fully fund all development activities through clinical proof-of-concept and support the advancement of the development programme through efficacy signal readouts in both PD and Alzheimer’s patient populations. IRLAB will take the compound into a Phase I study, funded by the MJFF, later this m

Hybridan Small Cap Feast - 13 May 2024

13th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Shanta Gold (SHG.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t

Futura Medical: Eroxon poised for launch in key US market

Futura Medical’s investment case has shifted firmly onto commercial execution. The highly successful initial launches of Eroxon, its novel topical gel for ED (erectile dysfunction), by partner Cooper Consumer Health in the UK and Belgium are now being followed by roll-outs across the major European markets. The much-anticipated launch in the commercially important US market by consumer healthcare giant Haleon is expected before February 2025. Launches in Other Regions are anticipated throughout

Cost actions support FY24 outcome

Creo Medical - Solid FY23 lays the groundwork for 2024

Creo Medical has released a trading update for FY23, an active year for the company, with progress made across all business segments. Traction improved in H223, following Speedboat Inject’s European clearance for upper gastrointestinal (GI) procedures and the accelerated approval and launch of Creo’s slimmest electrosurgical device, Speedboat UltraSlim. Top-line growth was supported by continued streamlining of the cost structure, resulting in a better-than-expected underlying EBITDA loss (impro

Avon Protection (AVON LN) - Initiation: plenty of potential

Avon Protection is now on the right path strategically, focused on core body protection systems. We initiate coverage with a valuation of 1,100p against a current share price of 916p (+20%). The investment case is finely balanced. Global defence stocks have outperformed with rising conflict and bigger government budgets. We may now see a period of reflection for the sector as investors refocus on pipeline conversion and margins. Avon has performed well but somewhat lagged the global sector. The

Oxford BioDynamics+ (OBD, House at 34p) - Much to look forward to