We believe Intelligent Ultrasound is within months of receiving first royalties from the sale of its lead artificial intelligence (AI) software product. This will mark a considerable milestone in the company's development and deliver a significant positive value inflection in our opinion. While the company expects to have sufficient funds for the next 12 months, which should see it to this milestone, it has announced the raise of c£5.2m (gross) to support and de-risk its on-going product development and strengthen its balance sheet. Assuming a growing royalty contribution from FY21E onwards, we believe the raise can see the company through to profitability.
Companies: Medaphor Group
Intelligent Ultrasound (MED.L): Installation of ultrasound simulator at NHS Nightingale ExCel Hospital
Intelligent Ultrasound (MED.L): Final results for 2019
Intelligent Ultrasound has announced its unaudited results for the year ended 31 December 2019. As expected in the January Trading Statement, the Group delivered revenues of £5.9m, while the adjusted EBITDA loss of £3.1m was slightly improved on the anticipated range £3.3m to £3.4m. Cash1 at year end was £7.3m, as expected. Strong progress was made through the year with significant agreements signed by both divisions. In light of the current COVID-19 uncertainty, we withdrew our forecasts yesterday and moved our recommendation to Under Review.
Intelligent Ultrasound has provided a market update ahead of its FY19 results update, expected on 26 March 2020 and launched a COVID-19 training module for its Point-of-Care training simulator, BodyWorks. The module will be provided free to hospitals and is already installed on simulators in the UK and the US. The COVID-19 pandemic is creating considerable market uncertainty and as such we are withdrawing our forecasts and moving our recommendation to Under Review. However, we believe the company's cost reduction measures will allow it to meet our previous FY20E EBITDA forecast of -$4.1m, regardless of its sales for the year. We note that the AI development programme remains on-track and the group has sufficient funds to see it well into FY21E.
Intelligent Ultrasound has provided a trading update on 2019E, a significant year in the company's development, highlighted by the signing of a co-development agreement in July for its lead artificial intelligence (AI) product with a world leading ultrasound equipment manufacturer. While revenues for the year are expected to come in slightly below our expectations, the FUJIFILM SonoSite agreement (announced Oct-19), should support double-digit growth in FY20E. We maintain our Buy recommendation.
Intelligent Ultrasound Group plc (MED.L): Trading update | Midatech Pharma plc (AIM: MTPH.L; Nasdaq: MTP): Positive results from MTD201-102 study
Companies: Medaphor Group Midatech Pharma
Intelligent Ultrasound (IU) has announced an agreement with the ultrasound manufacturer FUJIFILM SonoSite (SonoSite) which will see the two companies deliver training for physicians undertaking point-of-care ultrasound (POCUS). For SonoSite, the agreement will accelerate the training of its POCUS system users, enhancing the value of its products, while we expect the agreement to raise the profile of IU's recently launched POCUS training platform (BodyWorks Eve) with potential simulator customers. We maintain our Buy recommendation.
Redx Pharma (REDX.L): Poster presentation for new drug candidate | Intelligent Ultrasound (MED.L): AI database now exceeds four million images | Evgen Pharma (EVG.L): Stem breast cancer update
Companies: REDX MED EVG
AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.
Companies: NAK GFIN CCS PHD MED OSI DDDD MWE THRU
The recently announced agreement with a leading ultrasound equipment manufacturer covering its lead artificial intelligence (AI) software product provides strong industry validation of the utility of the company's AI software and indicates the potential value within Intelligent Ultrasound's Clinical AI division. We estimate that this first agreement could generate annual double-digit USDm, high margin revenues for Intelligent Ultrasound and that further deals could be signed going forward. The company has announced it is raising up to £6.5m to support its AI software product development. We maintain our Buy recommendation.
Interswitch, a Nigeria-based payments firm, has hired advisers to resurrect plans for a stock-market listing in London and Lagos later this year, which may value the financial technology company at $1.3 billion to $1.5 billion. Voyager AIR The Company will focus on the acquisition, leasing and management of primarily widebody aircraft, with asset management services to be provided by Amedeo Limited the IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m. 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.
Companies: SIM THAL SML FIPP MED GGP TOM DDDD SBIZ
Redx Pharma (REDX.L): Sale of asset to Jazz Pharmaceuticals | Intelligent Ultrasound (MED.L): Trading update | Feedback plc (FDBK.L): Trading update and strategy review
Companies: REDX MED FDBK
Intelligent Ultrasound (IU) has announced it has signed its first long-term agreement for its AI software with a leading ultrasound equipment manufacturer. This agreement provides strong market validation of IU's developing AI software portfolio and, once established, we believe this agreement has the potential to significantly transform the financial profile of the company. We reiterate our Buy recommendation.
As announced with its Trading Update, Intelligent Ultrasound has delivered 27% revenue growth for FY18A, generating revenues of £5.3m while the EBITDA pre-exceptional loss of £2.7m was lower than the expected £3.0m loss. Within these figures is an increased investment in R&D to £1.8m (2017A £1.1m). Cash at year end was £5.6m (Cenkos est £5.0m). Over the period the company successfully launched its latest simulator and progressed development of its AI clinical products. We maintain our Buy recommendation.
Research Tree provides access to ongoing research coverage, media content and regulatory news on Medaphor Group.
We currently have 34 research reports from 3
A number of REITs have the ability to thrive in current market conditions and thereafter. Not only do they hold assets that will remain in strong demand, but they have focus and transparency. The leases and underlying rents are structured in a manner to provide long visibility, growth and security. Hardman & Co defined an investment universe of REITs that we considered provided security and “safer harbours”. We introduced this universe with our report published in March 2019: “Secure income” REITs – Safe Harbour Available. Here, we take forward the investment case and story. We point to six REITs, in particular, where we believe the risk/reward is the most attractive.
Companies: AGY ARBB ARIX BUR CMH CLIG DNL HAYD NSF PCA PIN PXC PHP RE/ RECI SCE SHED VTA
Laboratory Services Contracts Signed
Companies: Open Orphan
Diaceutics is expected to report 20% YoY revenue growth in H1E. This strong performance against a difficult global backdrop reinforces the recession proof growth qualities of the business model. With the launch of the DXRX platform this year, we expect further operational benefits to flow through the business.
MaxCyte’s new clinical and commercial licence agreement with Apeiron Biologics allows the use of MaxCyte’s proprietary Flow Electroporation technology for manufacturing Apeiron’s gene-silencing siRNA therapy, APN401, for clinical studies. The deal is the latest in a series of clinical and commercia
Cambridge Cognition ("COG") has provided a trading update for the 6 months to 30 June and presented its growth strategy at an excellent Capital Markets Day. The Group continues to build on an impressive H1 2020, announcing additional contract wins that take the order intake to £4.9m (+88% vs H1 2019). COG is currently 'seeing unprecedented demand' for its solutions which enable pharmaceutical companies to continue clinical trials even while participants are unable to physically visit clinical trial sites.
Companies: Cambridge Cognition
With CHF13bn ($14bn) annual sales, Roche is a dominant force in the global diagnostics market. Interestingly, in recent years, most diagnostics majors have witnessed material re-ratings – also a function of increased M&A euphoria. Now, in the backdrop of COVID-19, Roche has also emerged as a prominent player on the testing front. With big pharmas moving away from (low-growth) non-pharma offerings, is it time for Roche to consider unlocking value from Diagnostics?
Companies: Roche Holding
Today Ergomed held its annual general meeting (AGM). As expected, no new financial details were provided, although the executive chairman released a statement with a general business update. Q120 trading was good with ‘solid overall growth in revenue’ and cash generation ‘remained strong’. In Q220, Ergomed continued to grow the order book across the business and maintained its ‘revenue growth trend’. Its staff successfully adapted to remote working conditions and no employees were made redundant or furloughed. The H120 trading update will be released in July 2020 as usual, but Ergomed stated within its AGM update (June 10) that it is confident the results will be ‘in line with current market expectations’.
The announcement announced today highlights the potential breadth of the KidneyIntelX platform, opening up new routes to expand data inputs and test utility, and create opportunities alongside pharmacological therapy as a companion diagnostic. The first agreement with the University of Michigan adds an additional 800 chronic kidney disease (CKD) patients (adding to Mount Sinai’s 1,500 patients and the University of Groningen’s 3,500 patients) to analysis the performance of KidneyIntelX in different settings. This will ultimately carry additional sway with healthcare centres, regulators, and payers. The option to exclusively license a new urinary biomarker, urinary Epithelial Growth Factor (uEGF), shows the potential to add additional biomarkers and body fluids into the platform to further enhance the prognostic performance of KidneyIntelX. We understand there is a relatively immaterial upfront payment to access this new biobank, and a similar immaterial cash payment to gain the biomarker license option with additional milestones and standard tiered royalties payable if exercised. The second data sharing agreement with a major undisclosed pharma partner highlights KidneyIntelX’s potential use as a companion diagnostic (e.g. for SGLT2 inhibitors) and the potential to use the test multiple times to monitor drug response. This builds on work being conducted in Groningen with data expected H2 CY’20. Ultimately, pharmaceutical collaborations could drive additional long-term value creation and may open opportunities for lucrative licensing and M&A deals. At this juncture we make no changes to our forecasts and eagerly await further updates. We reiterate our positive stance on Renalytix.
Companies: Renalytix AI
AVO’s goal is to deliver an affordable and novel proton therapy (PT) system, called LIGHT, based on state-of-the-art technology developed originally at the worldrenowned CERN. Over the past two years, the project has been significantly derisked through important technical milestones. AVO is working on the verification and validation phase, prior to LIGHT being used on the first patients to support CE certification. A recent equity issue, new loan facilities and some commercial announcements earlier in 2020 highlight the increasing confidence that is building in AVO’s ability to achieve its goal to deliver LIGHT in the near future.
Companies: Advanced Oncotherapy
ReNeuron has released further follow-up data from the ongoing human retinal progenitor cell (hRPC) trial, which shows a robust sustained averaged response. This data set completes the six-month data on eight patients and extends, for one individual, to 18 months, who showed a good net gain. The next dose level, two million cells in nine patients, remains delayed due to COVID-19. A filing to start a pivotal study is expected in the second half of CY21. Our indicative value remains at £107m.
Companies: Reneuron Group
Collagen Solutions (COS.L): Supply agreement with NovaBone
Companies: Collagen Solutions
RenalytixAI (RENX.L): Proposed dual-listing on Nasdaq | e-therapeutics (ETX.L): Covid-19 project update | RedX (REDX.L): Appointment of Non-Executive Director
Companies: RENX ETX REDX
Having taken time to assess the potential impact of COVID-19, IXICO has today provided a trading update for FY20E and an expectation for FY21E revenue growth. Revenues and EBITDA for FY20E are expected to be at least £9.1m and £0.9m respectively. Revenue growth for FY21E is expected to remain at double-digit levels. We view the trading update as a display of confidence in the ability of the company's remote access business model, proprietary technologies, and centralised AI data analytics capabilities to continue to serve its client base. We have re-instated forecasts for IXICO and reinstate our Buy recommendation.
Open Orphan (ORPH) is a specialist Contract Research Organisation (CRO) offering pharmaceutical services relating to orphan and emerging therapies, and is pioneer in the testing of vaccines and anti-viral treatments through the use of human viral challenge (HVC) studies. FY19 financial results refl
Renalytix’s US IPO filing document went live overnight (having previously been filed confidentially). Whilst there are no details on size of offering, but the document is rich with details of the use of proceeds which we encourage UK investors to read. We are doing the same and will update our views in due course. Associated with the US filing document, another release this morning announces the publication of a circular, and outlines details for a new General Meeting on the 13 July 2020 to approve the issue of new shares, as well as board changes if the US IPO goes ahead. Namely, Julian Baines (Non-executive Chair) and Richard Evans (NED and Audit committee Chair) are stepping down from the board, Christopher Mills will assume the role of interim chair whilst a search for a successor is conducted.