Funding to support Proxima 4 roll-out being finalised

Sphere Medical has announced that plans for a fund raise are being finalised. Soundings from both existing and prospective new investors suggest there is support for an equity issue. We remind that the current use of cash is around £7-8m per annum. An operating update shows that interest in Proxima 4 continues to build and the number of product demonstrations and evaluations is rising. The three distributors have received their initial supplies and started their marketing campaigns. Our valuatio

Commercialisation is underway

The challenge for Sphere Medical over the next 12 months is to transition a promising technology platform into a viable commercial operation. The receipt of the CE Mark in late-16 led to Proxima 4 being launched across several major European markets. An increasing number of hospitals have begun clinical evaluations, and the focus over the coming year is translating these expressions of interest into meaningful sales. We remind that we estimate that Sphere Medical will likely have a funding requi

Sphere Medical - Monitoring System that Could be Transformational

Sphere Medical is launching Proxima 4, the first patient-attached blood gas and electrolytes (BGE) monitoring system on the market, which could transform the way critically ill patients are treated.

2016 results highlight the progress achieved

The past 12 months mark Sphere Medical's transition from a promising technology platform into a commercial organisation. The receipt of the CE Mark has been followed by launches of Proxima 4 across several major European markets. An increasing number of hospitals have begun clinical evaluations, and the focus over the coming year is translating these expressions of interest into meaningful sales. Our valuation, based on a three-phase DCFbased model, remains unchanged at £30.2m, equivalent to 21.

Commercialisation now begins

Sphere Medical has launched Proxima 4, a closed system for analysing a patient's blood gases, across the key European markets. The direct sales team will address the UK, Germany, the Netherlands and Belgium, with their distributor marketing in Italy. A new distribution partner has been announced for Spain, with launch there expected in Q217. Further regional partnerships are expected during the coming year. This represents a landmark as Sphere Medical transitions towards commercialisation. We ma

CE Mark opens the door to commercialisation

The CE Mark represents Sphere Medical's transition from a promising technology platform into a commercial organisation. The initial launches of Proxima 4 across major European markets are expected before end-2016. Gaining meaningful sales traction will require well-connected local marketing partners. An Italian distributor is already in place and additional partnerships are expected during the coming year. The reduction in investment risk sees our three-phase DCF-based model valuation increase f

On the cusp of commercialisation

The coming 12 months should mark Sphere Medical's transition into a commercial organisation as the launch of Proxima 4 across major European markets translates into revenues. The delay in receiving the CE Mark is clearly disappointing; however, the preparations for its marketing are well advanced. Updating and rolling forward our three-phase DCF-based model yields a valuation of £21.8m, equivalent to 15.4p a share, which is up from £14.4m, 10.2p per share, previously. We again remind that we exp

First Belgian order for Proxima confirmed

The first order from Belgium, to the 700-bed UniversitairZiekenhuis Brussel teaching hospital, has been confirmed. This sale follows a one-year evaluation procedure and means Sphere Medical's direct sales team has now won contracts in the UK, Germany and Belgium. Meanwhile, Proxima 4's CE Mark is still expected shortly and preparations remain on track for a first launch before year-end. We remind that our three-phase DCF-based model yields a valuation of £14.4m, equivalent to 10.2p per share, bu

CE Mark expected shortly, launch preparations on track

Today's trading update confirms Proxima 4's CE Mark is expected soon and that preparations are on track for a first launch before year-end. A distributor for Italy has been appointed and we expect the European regions not addressed by the in-house sales team to be next on the agenda. Other pre-launch activities are also progressing well, including improved connectivity with electronic patient records, further major hospitals undergoing evaluations, and the Welsh manufacturing facility coming on

Worthy of further evaluation

The finalisation of Proxima 4's development phase opens the way for its commercialisation in Europe, with CE Marking expected mid-2016. The experience gained with Proxima 3 has provided valuable insights that should improve market traction. A launch employing the in-house sales team is expected before year-end but exploiting Proxima 4's potential will require a well-placed existing player. The identification of a suitable marketing partner is a critical next step, with initial discussions underw

Reassurance on RCF funding and FCF in Q1

VLG has issued a reassuring statement regarding its RCF/funding. Liquidity is sufficient and stable, and no impact or risk to the business is expected to arise from events at Silicon Valley Bank, one of the lenders under its RCF. The Board is confident of being able to refinance that portion of the RCF either at or before renewal in Jun24. In addition, VLG reports a strong start to the year, including good cash generation following the strong final quarter of FY22.

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

LIBERUM: Futura Medical* - Eroxon live in EU, FDA decision now Q2

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

Hybridan Small Cap Feast 08/03/22

What’s cooking in the IPO kitchen?** Fadel Partners, a developer of cloud based brand compliance and rights and royalty management software, working with some of the world's leading licensors and licensees across media, entertainment, publishing, consumer brands and hi-tech/gaming companies intends to join the AIM market. FADEL has two solutions, being IPM Suite and Brand Vision. Expected Admission date is late March 2023. Onward Opportunities Limited intends to join the AIM market. The Company'

Morning Note – 21 March 2023

Morning Note – 16 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 - 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

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

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

Timely reminders of an unsafe world

As the acronym suggests, Kromek’s technology in the CBRN segment detects a wide range of threats, from radiological to biological hazards. These are united by two common themes: practicability – making ultra-high performance detection devices compact, robust and easily-deployed – and connectivity – enabling data sharing and analysis, to facilitate rapid response. A number of recent events and reports around the world serve as a timely reminder that Kromek’s CBRN technology has urgent practica

Hybridan Research: 15/03/2023: Sareum Holdings plc: Application in Australia for Clinical Development of SDC-1801

Sareum today announces that it has initiated an application to perform Phase 1 clinical studies on SDC-1801 in Australia under the Clinical Trial Notification (CTN) scheme. The documents required have been submitted to a Human Research Ethics Committee (HREC). A decision on approval by the HREC and acceptance of the CTN by Australia’s medicines regulator, the Therapeutic Goods Administration (TGA), is expected in Q2 2023. SDC-1801 is a TYK2/JAK1 inhibitor being developed as a potential new thera

Hybridan Research: 22/03/2023: Sareum Holdings plc: Expecting regulatory approval in Australia for clinical development of SDC-1801

Sareum today announces its unaudited results for the six months ended 31 December 2022. The Company’s operating expenses were £1.748m, up 72% year-on-year, reflecting the increased R&D associated with preparation for clinical trial, and this resulted in a loss before tax of £1.731m. As at 31 December 2022, the cash balance was £2.941m (vs. 30 June 2022: £4.261m). Application in Australia for clinical studies on SDC-1801: Post period end, Sareum submitted an application for Phase 1 clinical stu