Cenkos: RUA Life Sciences Plc -- Vascular graft distribution agreement

RUA Life Sciences has signed a global distribution agreement with Corcym, a medical device company focussed on treating heart conditions. The agreement will cover the distribution of RUA's large bore straight and aortic root grafts, for which RUA is currently working towards gaining FDA clearance. We expect RUA's grafts to be complementary to Corcym's existing product portfolio which is sold in over 100 countries. The agreement establishes global distribution for the vascular grafts and validate

Commercialisation partnership signed

RUA’s global commercialisation partner for its range of large bore vascular grafts has been announced as Corcym SRL. Corcym is the heart valve business bought out from Sorin/Livanova in 2021 and is a specialist cardiovascular medical device company with complementary products – like sutureless/minimally invasive aortic valves, mechanical heart valves, aortic prostheses and mitral valves and repair devices. RUA Vascular’s products for straight and aortic root grafts will fit perfectly into Corcym

This Week's AIM Highlights 16th December 2022

Cenkos: RUA Life Sciences Plc -- Group progress

RUA Life Sciences has reported its interim results for the six-months to September 22, detailing progress across each of its four business units. The company has delivered strong revenue growth of 56%, while maintaining tight control on its cost base, such that the end of period cash balance was £2.5m vs £3.0m at March 2022, ahead of an expected R&D Tax Credit. Discussions with the FDA on the vascular graft devices have progressed and RUA sees the requirements of the human clinical study much re

Hybridan Small Cap Feast 12/12/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company, is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £323m. Expected 13 December. Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resou

Messages from the interim results

RUA Life Sciences’ interim results include in-depth updates on the development of its vascular graft and aortic heart valve products. They also provide more detail on its cash-generative businesses which together are now segmented into Vascular, Structural Heart, Biomaterials and Contract Manufacture. For the latter two, a 56% increase in revenue compared to the same six-month period in 2021 left our previous FY 2023 forecasts of total revenue and cash looking a bit anaemic with the Board’s expe

Hybridan Small Cap Feast 14-11-2022

Dish of the day Joiners: Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory

Positive trading and regulatory update

RUA Life Sciences’ trading update was accompanied by a regulatory update on its vascular graft products. Investors look for companies to do three things – achieve clinical, regulatory, and commercial success. While the first of these is awaiting all the clinical trial components to be in place, which the trading update notes that the company is now much closer to, we note RUA’s achievement of the second and third of these tasks. The valiant efforts that RUA has made on cost control and sales gr

Positive AGM Statement

RUA Life Sciences’ AGM statement led with an update on its two revenue-generating businesses for the first four months of FY 2023. This leaves us room to upgrade our FY revenue forecasts, but for the moment we have kept them unchanged, and our valuation remains at £121.0m or 545p per share. Progress on RUA’s vascular and heart valve products continues and a clinical trial update on the former is expected in late September. All resolutions were passed at the RUA Life Sciences AGM. Revenues from

FY 2022 Final Results

RUA Life Sciences’ FY 2022 results included total revenues that increased by 6% on the previous year highlighting the movement beyond the pandemic of the medical device sector. After the dust has settled on the revised requirements for the 510(k) vascular graft re-submission, the way forward is now clear which we explore in the body of this note. Our forecasts have only needed modest and non-material updates for RUA’s YE 2022 financials and our valuation remains unchanged. Our financial estima

Cenkos: RUA Life Sciences Plc -- FY22 Prelims

RUA Life Sciences has announced preliminary results for the year to March 22, in line with the May 22 Trading Update. Revenues grew 6% to £1.6m with an operating loss of £2.4m. Fiscal year-end cash was £3.0m. At the division level, the company continues to make progress with its vascular graft programme, targeting regulatory approvals in late 2024 and market entry during 2025. Both RUA Biomaterials and RUA Medical Devices division had strong years with underlying volumes up for Biomaterials and

Cenkos: RUA Life Sciences Plc -- Trading update

RUA Life Sciences has released a trading update for the 12-months to March 2022, noting revenues are expected to be £1.6m, up 6% YoY (Cenkos est £1.8m), loss before tax of £2.4m (Cenkos est £2.8m) and year-end cash of £3.0m (Cenkos est £1.8m). The company has provided an update on its four business divisions, with a discussion on the progress of the vascular graft programme which was delayed towards the end of 2021. RUA are targeting vascular graft approval in late 2024 with a market launch in 2

The pandemic clouds disperse

RUA Life Sciences’ trading update illustrated both a recovery from the challenges of the pandemic faced by medical device companies which translated into increased revenues at RUA Medical Devices and increased investment in its vascular and heart valve products. RUA’s cash balance has decreased from £6,294k at the end of FY 2021 to £2,963k a year later but this was much higher than our previous FY 2022 estimate and we have aligned with the higher YE 2022 cash position in RUA’s trading update.

FY22 in line – focus on core increasing

FY22 results are in line with revised estimates. Management continues to intensify its focus on the growing, profitable and cash generative Point-of-Care and Life Sciences activities, where confidence in the latter opportunity is increasing. We make some modest changes to our forecasts to reflect further streamlining post-period end and point to the strong growth outlook from FY24 onwards. We believe this is being overly discounted by the market and view the shares as being in deep value territo

Clean exit from ADL Health

EKF has announced a clean solution has been found for the non-core Laboratory Testing business ADL Health, selling the business back to one of its management team. Having pared back our estimates for this division in February, we expect no further material impact on earnings from this move. Strategically, we view it as positive, removing a distraction and further re-focussing activities back towards the core established Point-of-Care & Central Labs business and the growing new Life Sciences acti

Hybridan Small Cap Feast - 23 Mar 23

23 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

SHORE CAPITAL - Destiny Pharma plc+ (DEST, House Stock at 30p)

Hybridan Small Cap Feast - 06 Mar 23

6 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 objective

Positive momentum persists

2022 was a pivotal year for NIOX as it moved firmly into sustainable profitability and cash generation. The foundations for a scalable platform are now well-established and the group enters 2023 with strong momentum (revenues in the first two months of the year were +19%). Having upgraded our forecasts following the trading update in January, we push through further EBITDA upgrades on improved margin assumptions. NIOX is a rare asset and fully deserves a premium rating. We stay at Buy, with an i

Tissue Regenix - FY 2022 – a pivotal year to a sustainably profitable business

Tissue Regenix reported full-year results to 31 December in line with its January trading update that indicated it had reached EBITDA profitability in Q4. What was undisclosed then was that it included a $0.45m provision, without which it would have generated an adjusted EBITDA of c.$0.4m in H2, illustrating the positive underlying progression to a profitable and sustainable growth company. The outlook remains positive – new products, new geographies and additional distributors/strategic partner

Morning Note – 27 March 2023

Hybridan Small Cap Feast - 21 Mar 23

21 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 - 24 Mar 23

24 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

SHORE CAPITAL - Warpaint London+ (W7L, House Stock at 198p)

Hybridan Small Cap Feast - 14 Mar 23

14 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

LIBERUM: Medica Group PLC* - Two deals and on track for FY’23

Hybridan Small Cap Feast - 16 Mar 23

16 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 - 20 Mar 23

20 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