Companies: CPT SRB UFO FOX MOS NUOG CBOX JIM GCM NSCI
Intention to float by Gemfields Group. No Capital Raise. Currently listed on JSE. (GML:JNB) at circa £122m. The Group's key producing assets, the Kagem emerald mine in Zambia (believed to be the world's single largest producing emerald mine) and the Montepuez ruby mine in Mozambique (one of the most significant recently discovered ruby deposits in the world), are both expected to have long mine-lives with potential for expansion. Also owns the Faberge brand. Due Valentines Day 2020.
Companies: THR CPT ERGO FAB EKF FCRM EMR WPHO POLX OCI
The developer of the proprietary self-test device (myLotus®) the most accurate home-use fertility tracking and pregnancy testing system available in the U.K., this week announced the birth of the first UK baby conceived with the assistance of myLotus. Isabel Gordon, mother of Sony Rocco Gordon (congratulations from Hybridan!) is a textbook example of women who are let down by existing fertility trackers that don’t establish a signature individual to each user. “My average LH levels (luteinizing hormone) were quite low so only myLotus® would have been able to catch my spike using the numerical factor.” What’s more Isabel fell pregnant within her first cycle of using myLotus®!
DNEG Limited One of the world's leading digital visual effects, animation and stereo conversion companies for feature film and television.The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.
Zaim Credit Systems— Zaim currently provides loans of up to Russian Roubles 30,000 (£375) to retail customers through its network of just over 95 sites predominantly in Moscow. Looking to raise £2.6m. Mkt cap £10.9m. Due 4th Nov. 2018 net interest £10.1m, PBT £835k.
Companies: THR CPT CCS INTO PPH PRM BST SAE LEK KDNC
African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.
DNEG Limited intends to apply for adm ission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.
Companies: VRE TCM SEE SSY SDX BEG BSE OBD CPT
Hemogenyx Pharma (HEMO.L): Interim Results | Concepta plc (CPT.L): Interim Results
Companies: Hemogenyx Pharmaceuticals Concepta
The UK-based FemTech Healthcare Company founded to help women accelerate their ability to naturally conceive has announced interim results for the six months ending June 2019. The highlight of the period was the agreement announced in March 2019 to supply Boots UK with the recently launched myLotus home-based utility test. Signed with just three months of the period left, it is of little surprise that this made only a small contribution to revenues which came in at £15k in contrast to zero in the comparative period. Concepta managed to reduce losses by 15.5% to £1.26m and cash balances were up from £248k to £1.53m reflecting the £2.2m placing at 3p that occurred in April 2019.
Entertainment AI (EAI) - This was an RTO into Blockchain Worldwide (BLOC), It has also transferred from the standard list to AIM. Focused on providing its global automotive and lifestyle audiences and its strategic partner audiences with real-time access, in a frictionless way, to "in the moment" opportunities from more relevant short form video content to "one-click" e-commerce, £8.6m raised. H1 2019 actuals - GTChannel subsidiary's MCN gross advertising revenue at $8.7 m, up 107%
Companies: ALT MPM PYC IQE THR CPT SOLI SAV SEE AMYT
We believe that Concepta’s myLotus monitor, tests and App represent the most powerful home-based fertility aid available in the market today; helping women to identify their fertile days with absolute accuracy and results comparable to hospital-based tests. myLotus sets out a new technically advanced product versus the less accurate and traditional fertility methods currently available. This platform combined with the option of support by qualified medical professionals represents a step change in enabling women who are trying to conceive to take control of their own fertility journey.
ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market.
Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m·
Uniphar, a diversified healthcare services business w ith a workforce of over 2,000, is looking to join AIM. Raise TBC, expected mid-July 2019
Companies: CPT RENX RGO TMT ADT RDT RGM IPEL 9537 CWR
Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 2019. SDX Energy plc—a North Africa focused oil and gas company, announces its intention to complete a Canadian plan of arrangement under section 192 of the Canada Business Corporations Act and will have shares de-listed from the TSX-V and admitted to trading on AIM. Expected 28 May 2019, anticipated market cap of £76m Renold plc—a leading international supplier of industrial chains and related power transmission products, announced that it will cancel the listing of the Company from the premium segment and apply for admission on AIM. Expected 06 June 2019. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019
Companies: CPT BKS AOR MBH TEK EYE IDEA HDD PYC
Jadestone Energy (JSE.TO)—an independent oil and gas production and development company focused on the Asia-Pacific region. Pro-forma production of 13.9 mboe/d, 2P reserves of 45.3 MMboe, and a 2P NPV10 of US$563.7 million . Offer TBA. Current mkt cap C$135m. Due early August.
Ovoca Gold (to be renamed Ovoca Bio PLC) - RTO of IVIX, a Russian company developing a drug candidate for the treatment of female sexual dysfunctions. No monies to be raised, market cap of £8.5m, due 30 July
Kropz PLC-Intention to float by the emerging plant nutrient producer with an advanced stage phosphate mining project in
South Africa and exploration assets in West Africa
Companies: GATC CGNR ASO IGAS CVSG CNIC ARE CPT VP/ MILA
City law firm Rosenblatt reported in the press to be considering a London listing. The commercial firm had a reported revenue of £16m in 2017
VR Education Holdings—a virtual reality software and technology company. Raising £6m at 10p, mkt cap £19.3. Due 12 March
SimplyBiz, a Financial Services Firm, reported to be considering an IPO targeting a market capitalisation of between £140m and £155m in a listing that would raise £30m of new money.
Bacanora Lithium—Readmission. No new money. Mkt cap £140m. Due 21 March. the new holding company for Bacanora Minerals Ltd
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area. Vendor placing and new funds to a total of €225m, Target gross proceeds €207m. Expected Mid March
Polarean - Medical drug-device combination company operating in the high resolution medical imaging market. Offer TBC. Due Early March
Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
Companies: OPTI SSTY CMS DGOC CPT FIH AGM TERN GMAA
Core Industrial REIT—established to invest in Irish-based industrial properties, predominantly located in the Greater Dublin Area . Vendor placing and new funds to a total of €225m, Target gross proceeds €207m.
TruFin—holding company of an operating group comprising three growth-focused FinTech and banking businesses operating in three niche lending markets: supply chain finance, invoice finance and dynamic discounting. Offer raising £70m at 190p with
market cap of £185m, expected 21 Feb
Polarean - The medical drug-device combination companies operating in the high resolution medical imaging market. Offer TBC. Due 22 Feb
Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC
Companies: ORPH CPT ORR SCLP SDM LID TPOP EPO IDP TENG
Venn Life Sciences* (VENN.L) | Fitbug Holdings* (FITB.L) | Concepta (CPT.L) | First Derivatives (FDP.L) | San Leon Energy (SLE.L) | Telit Communications (TCM.L) | Grafenia (GRA.L) | Paysafe Group (PAYS.L) | Tyman (TYMN.L) | Savannah resources (SAV.L)
Companies: ORPH CPT FDP SLE TCM GRA PAYS TYMN BIDS
Research Tree provides access to ongoing research coverage, media content and regulatory news on Concepta.
We currently have 31 research reports from 4
Kromek has received a material order from DARPA to further develop a biopathogen detector totalling $5.2m. This is an incremental market opportunity for the company and the majority of the contracted value is likely to be recognised in the company’s new fiscal period to April 2021.
Companies: Kromek Group
Open Orphan, a niche Contract Research Organisation (CRO) and world leader in testing the efficacy of vaccines and antivirals, raised £12.6m (gross) to fund development of the world’s first COVID-19 challenge model. Compared with traditional trials, challenge studies can fast-track testing of vaccines and antivirals, with reduced costs and fewer volunteers. The company is in active discussions with 12 global vaccine manufacturers with regards such a challenge model. Given the paucity of lab testing capability in the UK, Open Orphan is exploiting its in-house virology lab to offer third-party services and commercialise a lab-based COVID-19 antibody test, for which it has UK exclusivity from Quotient. We initiate coverage with a target price of 19p, based on a sum-of-the parts analysis.
Companies: Open Orphan
Many of the world’s best and most important products (eg Space exploration, nuclear medicine/power & the internet) were originally invented by the military. It’s happened again – but this time to combat airborne pathogens like Ebola, SARS/MERS and all manner of other biological nasties doing the rounds. You see on 10th December 2018, Kromek was awarded a $2.0m contract by DARPA (research arm of US Dept. of Defense) to develop a vehicle-mounted bio-threat detector. The idea being that this should be able to rapidly identify (within 1 hour) any dangerous germ that might have been released into the environment, say by terrorist groups, organised criminals &/or rogue states.
FY results showed an adjusted net loss of £3.8m, with year-end cash of £2.5m – in line with the trading update at the time of the recent £14m placing. Near-term focus remains on the outcome of study SG016, and although the enrolment rate into the COVID-19 trial has slowed in recent weeks, with 98 out of the targeted 100 patients having been enrolled, top-line data is expected to be presented in July. The company also confirmed that the trial of SNG001 in COVID-19 patients within the home setting and to be conducted virtually has commenced. Additionally, MHRA gave approval to run an interim analysis (109 out of targeted 120 patients) without compromising the integrity of the COPD Phase II trial, with data expected to be presented in the summer: a busy summer, with two potential value inflection points. We reiterate a target price of 120p, of which c.80p relates to the use of SNG001 in COVID-19 disease, with the prospect of this being increased on successful Phase II outcomes for both COPD and COVID-19.
The potential of cell therapies is starting to become clear, and MaxCyte’s technology lies at the heart of many of these next-generation treatments. The pivotal role its platform plays is shown by ten major partnership agreements formed with leading cell therapy players over the past 18 months. These can earn pre-commercialisation milestones in excess of $800m, transforming MaxCyte’s medium- and longer-term revenues as the underlying programmes advance through clinical development. CARMA, MaxCyte’s proprietary cell therapy platform, is nearing a key inflection point, with Phase I data from its lead asset due in 2020. Management is targeting CARMA to be self-financing by 2021. We raise our valuation to £260m (340p/share), from £195m and 341p, with the core business alone valued at £158m (206p/share).
Avacta is leveraging the antibody-like properties of Affimers for Therapeutic and Diagnostic applications across multi-billion dollar markets, including testing and treatment for COVID-19, building a differentiated pipeline and global partnerships. The near-term key is the roll out of its SARS COV-2 antigen tests, including potentially one of the first Point-of-Care tests to-market, offering game-changing commercial scope, sufficient to significantly accelerate the clinical development of its Therapeutic pipeline.
Companies: Avacta Group
Accelerating the COVID-19 Opportunity
Synairgen (SNG.L): Preliminary 2019 results | Yourgene Health (YGEN.L): COVID-19 testing service launch and business update
Companies: Synairgen Yourgene Health
RenalytixAI has announced it has received a CLIA Certificate of Registration for its new clinical laboratory operation in Salt Lake City, Utah. This supports key elements in its commercial strategy, allowing clinical testing and test billing to begin and facilitating wider insurance payer coverage. We have made refined our forecasts to include the US commercial scale-up of KidneyIntelX and good progress made to date. Consequently, we have upgraded our intrinsic value from 351p to 420p/share.
Companies: Renalytix AI
We are initiating coverage on specialist pharmaceutical services provider Ergomed. We believe it should prove relatively resilient during the COVID-19 crisis and has the fundamentals in place to execute its growth strategy. Ergomed announced impressive audited numbers for FY19, with revenue up 26% to £68.3m and EBITDA up 5.5x to £12.5m. The FY19 announcement is effectively Ergomed’s fourth profit upgrade for FY19 and a small beat on recently reset FY19 expectations. Ergomed trades at a discounted EV/EBITDA of 10.1x vs the contract research outsourcing (CRO) sector average of 11.5x (FY20). We value Ergomed at £186m or 399p/share. Ergomed’s strong organic growth is benefiting from a clear strategic focus on high growth pharma sectors, margin control and order book growth (up 15% to £125m in FY19, giving 90% visibility to 2020).
Mount Sinai and Renalytix has formed a JV, called Kantaro (75:25% equity interest, respectively), to develop and scale production of Mount Sinai’s high-performing Covid-19 antibody test kit, in a move that is potentially transformative for Renalytix and demonstrates the strength of the Renalytix-Mount Sinai relationship. An antibody test allows the study of immune response to Covid-19, the precise rate of infection, the identification of donors of therapeutic serum/plasma, and importantly may correlate with protection/immunity. Whilst it is still too early to identify what constitutes a protective response and the usefulness of an antibody test in the real-world setting, clearly the potential market opportunity is vast. The JV is in the process of validating the scaled assay and seek final EUA of the test kit before sales can commence. Kantaro has also collaborated with Bio-Techne to manufacture and distribute the antibody test kits at scale, with a goal of producing >10m patient tests per month by July. We anticipate sales could begin in July 2020 (Q1 FY’21, and to come at a modest extra financial costs to Renalytix other that time and internal resources. It is too early to pinpoint the financial implications and make changes to our forecasts. Nevertheless, for illustration at full capacity and a conservative estimated reimbursed price of $400/test kit, we anticipate this could translate to >$50m additional income on an annualised basis for Renalytix.
4D pharma has announced its FY’19 results for the period ending 31 December 2019. Results are in-line with our expectations, although the reported cash position of £3.8m does not reflect the Group’s current position because since period-end 4D pharma has completed a £22m equity fundraising. Cash runaway is now indicated until the end of Q4 2020 on current activity levels. This takes them through key potentially value-adding readouts expected in 2020, including full results from the Phase II programme of Blautix in IBS in Q3 2020, and additional oncology data for MRx0518 from the now completed Part A of the Phase I/II study in Q3 2020 and two ongoing Phase I biomarker studies in H2 2020. Management also flagged that the ongoing recruitment into the Phase I/II asthma trial has been impacted due to Covid-19, although this is somewhat offset by the initiation of the Phase II trial in hospitalised Covid-19 patients. 4D pharma continues to seek a partner for this Covid-19 programme and recently published a presentation supporting the scientific rationale for MRx-4DP0004’s use in Covid-19 hospitalised patients. The MSD collaboration continues to progress well and management are actively pursuing additional research collaborations that could create additional value for shareholders. Year-to-date the Group has made excellent progress progressing its clinical pipeline, and we look forward to these key potentially value-creating readouts later in 2020.
Companies: 4D Pharma
Physiomics, the oncology consultancy using mathematical models and its Virtual Tumour™ technology to support the development of cancer treatment regimens and personalised medicine solutions, has today announced the completion of an £0.83m over-subscribed fundraise at 3.5p. This includes Director participation and the arrival of the Company’s first small-cap institutional fund onto the register.
Surgical Innovations has provided some useful context to the current trading environment. Whilst revenues are significantly down in Q2 so far, they are perhaps not down to the levels initially expected and there are some encouraging if tentative signs of life as hospitals prepare to recommence elective surgeries. The group’s cash position has increased to £1.65m (from £1.28m at the Y/E) and, with an undrawn £0.5m RCF and a new £1.5m CBILS facility, the group has £3.65m of available liquidity. This should be sufficient to cover its operational requirements for several months and to fund working capital as and when activity begins to pick up. Prior to the Covid-19 shutdown, momentum had been building in terms of market share gains, with new account wins in the UK and new distributor markets opening up globally. The company’s resposable model is ideally suited to the increased focus on sustainability, particularly reducing the use of single use plastics. With a number of new products expected to launch progressively over the next few years, we believe the company has bright prospects, once the short term challenge around Covid-19 has been navigated.
Companies: Surgical Innovations Group
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