Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on Netscientific. We currently have 41 research reports from 3 professional analysts.
NetScientific (NSCI) – Corporate – New data published further demonstrates NEATstik’s potential | Goldplat (GDP) – Corporate – Kilimapesa mine on Care-and-Maintenance
Companies: Netscientific Goldplat
NetScientific is a transatlantic healthcare IP commercialisation company. The Group has this morning released full year results to 31 December 2018, which illustrate a loss from continuing operations of £4.0m; these excluding Wanda and Vortex which were sold on 22nd March 2019. Group cash as at 30 April 2019 stood at £3.0m (31 December 2018 £2.9m), of which £1.7m was held in the parent company.
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Loungers plc—the operator of 146 café/bar/restaurants across England and Wales under the Lounge and Cosy Club brands, announces its intention to seek admission on AIM, offer to raise £61.6m at 200p with market cap of £185m, expected 29 April 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. Distribution Finance Capital Holdings plc — specialist lender which builds relationships with manufacturers and then provides working capital solutions up and down their supply chains to drive their growth is looking to join AIM. No raise, secondary offering of £19.8m at 90p, expected market cap of £95.98m. Expected 09 May 2019.
Companies: DVO AIR PHTM NSCI MCON SXX SNX LOK SCLP
Network International Holdings—Potential Intention to Float— leading enabler of digital commerce across the Middle East and Africa region, operating across over 50 highly underpenetrated payment markets that contain a total population of 1.5 bn. 2018 rev $298m, underlying EBITDA $152m. Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, due to join AIM 21 March. Mkt Cap c. £53m Raising £17m at 76p.
Companies: KZG VLE INFA NAH TRB NSCI DISH MSMN PTRO TUNE
Techniplas –global producer and support services company providing highly engineered and technically complex components, making the supply chain to original equipment manufacturers more efficient. FYDec17 rev $515m. Diaceutics, a data analytics and implementation services company which services the global pharmaceutical industry, is looking to join AIM late March, offer TBC.
Companies: SHH MCM ESRE ASO IHC PPH IPEL GINV OCI NSCI
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 December.
Companies: AMS 88E RGD PPC CMH I3E EDL WRES TENG NSCI
In late November 2018, NetScientific announced that its portfolio company PDS Biotechnology and Edge Therapeutics (NASDAQ: EDGE) will merge. The new entity will trade on the NASDAQ and PDS’s shareholders will maintain majority ownership with a 70% stake, whereas Edge’s shareholders will hold the remaining 30%. The transaction is expected to close in Q119 and NetScientific’s ownership is expected to decrease to 9.2% (from 13.1%). The newly formed entity says it intends to use the combined cash balance of ~$25m to initiate several Phase II clinical trials of its PDS0101 cancer vaccine and to fund operations into 2020.
Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). Total fundraising in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. Finncap—proposed acquisition of M&A adviser Cavendish Corporate Finance and AIM admission. Offer TBA Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due 29 Oct Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due late Oct Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: EMIS SKIN AFC SAF IKA NEXS DEST MWE NSCI MPAC
NetScientific is a transatlantic IP commercialisation company focussed on differentiated and game changing medical technologies across five core assets. Selected by a highly relevant clinical/scientific board, NSCI provides exposure to potentially disruptive companies in diagnostics, digital health delivery and therapeutics. Our analysis shows that >70% of the core portfolio value lies within Glycotest, liver testing for hepatocellular carcinoma, and Vortex, circulating tumour cell isolation. A $10m Series A funding round for Gylycotest was recently announced, which we view as a major milestone for the group, with partnerships and trials reported to be underway for other investee companies - further news of successful outcomes is the key near-term catalyst for the shares. Our risked based SOTP analysis points to fair value of 68p.
NetScientific announced the completion of a $10m Series A funding for Glycotest with Fosun Pharma, a Chinese pharmaceutical company with a market capitalisation of HK$71bn. As part of the transaction, Fosun will invest an initial tranche of $3m, with another $7m due upon the completion of certain milestones, in return for a 40% interest in Glycotest as well as the China rights for its hepatocellular carcinoma (HCC) panel. The transaction still needs to be approved by regulatory authorities in both China and the US (where Glycotest is based). Approval is expected in around 30 days’ time.
Renalytix AI—developer of artificial intelligence ("AI") decision support and clinical management tools for improving early diagnosis, continual monitoring and drug development for kidney disease. incorporated in March 2018 as a subsidiary of EKF Diagnostics Holdings (AIM-EKF). total fundraising in the range £21 - 25 m. Mkt cap - c. £67.5- £71.0m. Due 2 Nov. Kropz PLC—an emerging plant nutrient producer with an advanced stage phosphate mining project in South Africa, a phosphate project in the Republic of Congo and exploration assets in Ghana. Looking to join AIM, offer TBC, market cap TBC. Due Late October. Azalea Energy—oil and gas production and development company based in Louisiana, United States. Net production of 13 MMcfe/D (2,200 boepd) and total 1P proved reserves of 91 Bcfe (15.1 mmboe), 2P reserves of 111 Bcfe (18.5 mmboe) raising up to $38m, expected mkt cap over $100m. Due 29 Oct Path Investments— First acquisition of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Seeking £10m raise. Due late Oct Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months.
Companies: CSH CGNR ICON TEG LWRF SAE NTOG EMR BIRD NSCI
NetScientific recently announced half-year results for 2018, with incremental progress continuing to be made, although we are yet to see that progress in reported revenues. In May 2018, Wanda, which focuses on digital health, and its partner Health Resource Solutions (HRS), achieved a 46% reduction in hospital readmissions in a high-risk congestive heart failure (CHF) population. In addition, in August ProAxsis announced a CE Mark for a fourth product, the ProteaseTag Active Proteinase 3 immunoassay, which was accompanied by a commercial sale to a large US biotechnology company.
Green Man Gaming—pure play e-commerce and technology company in the digital video games industry. revenue CAGR growth of 26.7% in the last three years to £47.5m. Due 28 Sep. EBITDA Profitable. Offer TBA Crossword Cybersecurity PLC* (NEX:CCS)—the technology commercialisation company focusing exclusively on the cyber security sector is exploring its options in relation to a potential move to the AIM market of the London Stock Exchange which, if it were to proceed, would likely take place over the next few months. 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: PEG MWG TIDE COG RBD NTBR AST NSCI FPO SSY
Sensyne Investments - healthcare technology company that creates value from accelerating the discovery and development of new medicines and improving patient care. Raising £60m. Mkt Cap £225m. Due 17 Aug. Path Investments (PATH) -RTO of a 50 per cent. participating interest in the producing Alfeld-Elze II gas field located 22 kilometres south of Hannover in Germany. Offer TBA. Due late Aug. Vitesse Media (VIS) — To be renamed Bonhill Group. RTO of the trade and assets of InvestmentNews, a Business Information and Data & Insight brand supporting the US financial adviser and wealth manager community Due 17 Aug. Raising £18.6m at 80p. Mkt cap £26.7m. 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: NANO VAST NSCI TERN DMTR SAVP HW/ EVR FDBK PVG
Stratmin Global Resources RTO of Signature Gold a specialist Australian gold exploration company focused on the exploration and development of large-scale Intrusion Related Gold System. Offer TBA. Due 4 June. Will leave AIM under rule 41.
Companies: ABBY ACT LTG DCD RUR WTI STM WTE VEL NSCI
Research Tree provides access to ongoing research coverage, media content and regulatory news on Netscientific. We currently have 41 research reports from 3 professional analysts.
|19Sep19 13:24||RNS||PDS - positive data for immunotherapy treatment|
|19Sep19 11:00||RNS||Interim Results for six months ended 30 June 2019|
|01Aug19 13:44||RNS||PDS second quarter 2019 financial results|
|31Jul19 08:41||RNS||PDS Biotechnology Corp liquidity funding program|
|09Jul19 14:58||RNS||Holding(s) in Company|
|08Jul19 16:04||RNS||Holding(s) in Company|
|18Jun19 14:27||RNS||Result of Annual General Meeting|
Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.
Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM
We initiate coverage on life sciences company OptiBiotix Health plc (“OPTI”) with an OUTPERFORM recommendation and a target price ("TP") of GBp97 per share. OPTI discovers and develops targeted microbiome-modulating probiotics, prebiotics and other functional food ingredients backed by scientific and clinical evidence. Since its founding in 2014, the company has developed four products for cardiovascular lifestyle diseases and entered >45 commercial deals with corporate partners through which it generates revenues throughout the value chain. The first two ingredients, LPLDL for cholesterol reduction and SlimBiome for weight loss were launched in May 2017 and are already generating revenues. We expect total revenues including those of latestage assets SweetBiotix (calorie-free sweet fibres for sugar replacement) and LPGOS (prebiotic that enhances the effect of LPLDL) to exceed £50m by 2025E.
Companies: Optibiotix Health
Interim results to 30 June 2019 showed a 21% decline in revenues, partly reflecting delays to contracts as well as other short-term market factors, which led to a 50% increase in adjusted pre-tax losses to £1.66m given the higher (+25%) R&D investment. Period-end cash was £2.1m. With a renewed commercial focus on high-value clinical trials market as well as its suite of new products, eCOA (electronic clinical outcome assessment) and NeuroVocalix (voice biomarker), however, the company continues to generate interest from large pharma, which is reflected in a growing order book, up 4% from 31 December 2018. This underpins our expectations for growth in 2020. We reduce our forecasts to reflect the impact of short-term factors in 2019 and introduce a target price of 90p, which implies a 2020 EV/Sales multiple of 3.5x. The business is being managed to ensure that it becomes cashflow breakeven in Q4 2020, with sufficient cash to ensure that it gets to profitability.
Companies: Cambridge Cognition
Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.
Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI
In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.
Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF
It has been a challenging trading period for Surgical Innovations, with the UK facing significant pressures resulting in many elective surgeries being postponed or cancelled. The company is directly exposed to these trends, which unfortunately show no signs of abating in the short term. We reduce our FY19 revenue expectations by £1.5m, which flows through to a £0.7m reduction in PBT. More positively, good progress is being made in opening new accounts (both in the UK and internationally), which should leave the group well placed once conditions improve. Importantly, the group remains profitable, cash generative and with net cash on the balance sheet.
Companies: Surgical Innovations Group
Full-year results to 30 April 2019 were in line at the revenue line but 5% (£0.1m) better than expected at the adjusted pre-tax profit level. Underpinned by c.5.5% organic growth, the 20% and 26% increases in revenue and adjusted EBITDA were driven by full-year contributions from ATC and QSI, acquired in FY 2018, as well as five acquisitions in FY 2019. Notable was the 35% increase in free cashflow. Additional investments into Sentek, Atik, Graticules and Astles and the integration of ATC with Thermal Exchange in FY 2020 should benefit the businesses in FY 2021. We upgrade our FY 2020 adjusted EPS by 7% as well as introduce FY 2021 forecasts, which indicate 13% EPS growth. The company indicates that it expects to add at least one new business in FY 2020, which will be incremental to these forecasts. We are raising our target price by 9% to 60p, reflecting the improved gross margins and stronger underlying cashflow.
Companies: Scientific Digital Imaging
Medica is the UK market leader in teleradiology, providing outsourced image analysis and reporting services to the NHS and private sector. It is benefitting from structural growth in demand for complex medical images and an NHS struggling to manage workflows efficiently. We view the current share price weakness as being temporary and offering a strong buying opportunity. The valuation is very attractive given the strong mid-teens organic growth outlook. We initiate coverage with a Buy recommendation and 186p TP, offering a TSR of 30%.
Companies: Medica Group
Avacta is developing its Affimer technology for use in therapeutic and diagnostic/reagent applications. The potential of the Affimer technology lies in its formatting capabilities, particularly in the creation of bispecific and TMAC Affimer drug conjugates. Its lead therapeutic asset (AVA004) is a programmed death-ligand 1 (PD-L1)-targeting Affimer for which the company expects to submit an investigational new drug (IND) application in Q420. AVA004 will serve as the first clinical validation of the Affimer technology and will form the base of the clinical development of a PD-L1/LAG-3 bispecific (AVA021) and the first TMAC Affimer drug conjugate (AVA004/100). We value Avacta at £51m or 44p/share.
Companies: Avacta Group
Recent results confirmed the robustness of Aivlosin® sales and ECO’s business model, against a challenging market backdrop in China and the US. Although we have tempered short-term estimates to reflect the uncertain timing of China recovery, we believe ECO is well placed to benefit from expected industry changes. We continue to view ECO as a core holding in Animal Health, and reiterate our positive stance.
Companies: Eco Animal Health Group
The introduction of IFRS 2 in 2004 generated considerable debate about the best approach for handling ‘share-based payments’ (SBP). While it is clearly a cost to shareholders, which should be included in the statutory reporting lines through the P&L account, the question arose as to whetherit should be part of our underlying EBIT calculation.
Companies: AVO AJB AGY ARBB CLIG DNL DPP FLTA GTLY GDR KOOV MCL MUR NSF OXB PCA PHP RE/ REDX RMDL STX SCE TRX TON SHED VAL VTA W7L
Shield reported interim results to 30 June 2019, which showed convincing early signs of success from Norgine’s promotional activity of Feraccru in England and Germany, with in-market pack volumes 60% higher in Q2 compared with Q4 2018. Revenues increased 428% to £2.6m, with royalties of c.£0.3m boosted by £2.3m of milestone payments. This resulted in an adjusted net loss of £0.7m (vs £6.7m). Net cash at 30 June was £6.5m, providing a cash runway to Q3 2020, which excludes potential significant up-front payments and milestones for US and China rights, for which licensing deals are expected by year-end. With full data release of key AEGIS-H2H data also due in late October, we expect the shares to appreciate significantly over the remainder of the year. We make minor changes to forecasts, reflecting Feraccru’s stronger performance in Europe, and reiterate our price target of 350p.
Companies: Shield Therapeutics
Following the recent commercial update, IXICO has released a trading update highlighting its strong revenue growth and anticipating the results for FY19 will be ‘materially ahead of current market expectations'. In light of this performance and ahead of the release of the full year results to Sep-19, we are upgrading our forecasts as discussed below. We believe IXICO's proprietary AI algorithms, focus on the growing CNS market and established client relationships support our Buy recommendation.
The challenges associated with value creation drive all investors. Any investment professional is eager to make their mark by picking organisations that are able to deliver superior returns. Increasingly investors look into how organisations are governed and how effective the top decision-making bodies of organisations really are. In this white paper, we shed light on research findings and reveal the seven hallmarks of effective boards. The seven hallmarks are proven to create more effective boards and are set to be the next lever in the value creation process. Better Boards has created advanced board evaluation tools designed to motivate and inspire and above all, contribute to superior value creation.
Companies: AVO AJB AGY CLIG DNL DPP FLTA GTLY GDR KOOV MUR NSF OXB PCA PHP RE/ RMDL STX SCE TRX TON SHED VTA W7L
Scancell has formed a non-exclusive collaboration with a leading antibody technology company, with a view to out-licensing its glycan antibodies and AvidiMab technology. Antibodies against glycans (carbohydrates on proteins or lipids) are difficult to make but have much potential in oncology as many are highly specific to tumour cells. AvidiMab enables an antibody to kill cancer cells directly, without mediation by other elements of the immune system. The potential of the glycan antibodies and AvidiMab platform, although they are still preclinical, is such that we believe Scancell could receive significant upfront and milestone payments, providing material non-dilutive funding for the core ImmunoBody and Moditope platforms.