Avacta Group - FY23 results, Chris Coughlin appointed CEO

Avacta reported results for FY23 but more importantly announced the appointment of Christina Coughlin as CEO wef 1 May, replacing Alastair Smith who is stepping down today. FY23 results were better than consensus at the EPS level. Net cash ended the year at £16.6m, as previously disclosed, which has since been bolstered by the £31m gross equity raise enabling Avacta to fund the AVA6000 programme through Phase 2 clinical trials, as well as advancing other candidates in its pre|CISION™ and Affime

Hybridan Small Cap Feast - 30 April 2024

30th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Wincanton (WIN.L) has left the Premium list of the Main Market Byotrol (BYOT.L) has left the AIM Market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admis

Trinity Delta Lighthouse: Avacta

Trinity Delta view: Prioritisation of the Therapeutics division continues, with Christina Coughlin’s appointment as CEO (having been on the Board since March 2022 and Head of R&D since February 2024). Once the Diagnostics division has been divested, Avacta will become a fully focused biotech company. This strategy is underpinned by the proprietary pre|CISION platform, and lead peptide drug conjugate AVA6000. Completion of the two-weekly safety study and progression into dose expansion cohorts du

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: TSCO, DLG, VTY, AVCT, ETX, SAA, CPI, SDY, & THG.

Avacta Group - AACR update

As pre-announced, Avacta has presented the results of the 3-weekly P1 Arm 1 study of its AVA6000 lead clinical asset, based on the pre|CISION™ drug development platform at the American Association for Cancer Research's annual general meeting. The update does not cover progress on the ongoing 2-weekly dosing study which is underway, and Avacta confirmed current guidance on timing including being on track to begin the dose expansion study in 2H24. There are compelling updates on the progress repor

Trinity Delta Lighthouse: Avacta

Trinity Delta view: The proprietary pre|CISION platform is key to Avacta’s investment case, hence updated data that continue to support key hypotheses for AVA6000 are reassuring. Future efficacy data from studies planned to start in H224 will be key, and could also help to more broadly validate pre|CISION. The recent £31.1m fundraise (March 2024 Lighthouse), which provides a cash runway of c 24 months ie into early 2026, will be used to advance the therapeutics pipeline, in particular AVA6000, a

Hybridan Small Cap Feast - 21 Mar 24

21st March 2024 @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 object

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: LGEN, CTEC, SMDS, QLT, BREE, RAT, GFRD, CPI, ECOR, LIKE, & AVCT.

Trinity Delta Lighthouse: Avacta

Trinity Delta view: The upsized fundraise of £31.1m (gross), together with existing cash of £16.6m (at 1 January 2024), are expected to provide a cash runway of c 24 months (ie into early 2026) covering a number of value inflection points in AVA6000’s development pathway, which could bring opportunities for non-dilutive funding for the broader pre|CISION platform. Monetising Diagnostics through divestment would also bring in non-dilutive funding, but may, in our view, be targeted for later in th

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: AHT, GSK, ITRK, HSX, HOC, GRG, SPT, & AVCT.

Avacta Group - £33m raise to progress drug pipeline

Avacta has announced an equity raise for up to £26.8m, since increased to £32.5m on strong demand. The funds raised are to progress the drug development pipeline, primarily for Avacta's lead clinical asset AVA6000, where the company anticipates a potential start of the expansion cohorts in several orphan diseases in 2H24 followed by the Phase 2 study, consistent with previous guidance. Avacta has also confirmed its intention to divest its Diagnostics division in a manner which maximises benefit

Hybridan Small Cap Feast: 19 Jan 24

19th January 2024 @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 obje

Hot Off The Wires - The Day Ahead

Today's news and views, plus announcements from: ORIT, FOUR, ROO, WIN, DFS, MPE, & AVCT.

Hardman & Co Healthcare Index: 2023 – Capital demands dent performance

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (

Macfarlane Group+ ( MACF, House Stock at 142p) - AGM trading update, improving markets anticipated

UK's best rated holiday provider: still ~£4 too cheap to us

Anexo Group (ANX LN) - Solid performance across divisions

Anexo has reported FY23 results, with a solid performance across the Group, boosted by the agreement of its first Emissions action in the year. Increased activity levels in Credit Hire and a large portfolio of claims in Legal Services underpin our forecasts, with the benefit of future Emissions Case agreements providing upside risk should settlements be reached.

Hardman & Co Insight: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy

The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and the key issues, including interest rates, inflation and power prices. As a 31-strong group, its combined market capitalisation is no

AUCTUS ON FRIDAY - 03/05/2024

AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target price of A$0.75 per share: Raising new equity to fund a high impact activity programme – ADX has raised A$13.5 mm of new equity priced at A$0.105 per share. One free-attaching option will be issued for evert two placement shares with an exercise price of A$0.15 per share and an expiry date of 08/05/2026. The proceeds from the raise will fund (1) the production testing of the 450 m gas column encountered at

Braemar - Diversification paying dividends

Braemar’s FY24 trading update was in line with expectations, with revenues of c £150m and underlying operating profit of c £18m. Underlying operations continue to expand and diversify and the company remains well-positioned to drive its future growth strategy. The trading outlook is promising and Braemar should be able to leverage its strong balance sheet in pursuit of strategic growth. We have maintained our underlying estimates for FY24 and FY25, but edge down the valuation based on the lower

Hybridan Small Cap Feast - 08 May 24

8th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange

Hybridan Small Cap Feast - 07 May 2024

7th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Dual Listing: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hyb

Elixirr - Outperforming competitors and the global Consulting market

Elixirr offers investors exposure to the long-term growth trends in the global Consulting market (including digitisation and the ongoing technology revolution, demand for innovation, efficiency and specialised expertise) all turbo charged by the group’s ‘challenger’ strategy driving market share gain from a low base. FY 2023 results showed the power of Elixirr’s differentiated model with revenue up +20% and adj. EPS up +22% in a market subdued by global uncertainty. With net cash of £18m, a posi

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

LIBERUM: The Liberum Leisure Digest: NLW increase - pricing power is key

UK Equities: Overlooked, oversold, and over here

In this note we look at the gap between perception and reality in the UK equity market, the opportunities and threats in the economic and market outlook, and the emerging consensus that the valuation discount versus other major markets is at or close to an inflection point. We consider the benefits of UK equity strategies both for income investors and for those seeking exposure to the higher growth potential of smaller and mid-cap companies.

Mining Monthly: March Edition

What you need to know: • Following a long period of consolidation, gold broke out in March, hitting record highs, and continuing to push higher as we enter April. • Silver and copper also had strong months up 10% and 4%, respectively. • More notably, we are finally seeing the equities outperform their underlying metal price with the GDX, SIL, and COPX up 22.7%, 21.1% and 19.4%, respectively, significantly outperforming broader markets. • With precious metals taking the limelight, the rest of the

Probably better asking an octopus

When a boy of the Algonquin people of Quebec reached puberty, they were taken to a secluded area and given a powerful and extremely hallucinogenic poison called Wysoccan, in the hope that this would purge their young minds of any memory of their childhood and leave them with a clean slate to face the years ahead. Some were so badly stricken by the drug that they would also lose the ability to speak and be unable to recognise members of their own family. Having spent most of the last fortnight

Elixirr - 58% EPS growth and undiminished potential

Elixirr’s distinctive offering in the consulting market has supported another very strong set of results, with revenue up +67% (we estimate organic +35%) and EBITDA margins remaining very strong at 31%, reflecting the high level of value-add. The model is highly cash generative and net cash of £32m at December 2021 provides fire power to continue to acquire and add complementary services that will support continued strong growth. We make no changes to our forecasts, having upgraded FY 2022E EPS