Hybridan Small Cap Feast - 16/04/2024

16th 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: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radical Limited for

Hybridan Small Cap Feast - 10 April 2024

10th 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: Change of Market: TheWorks (WRKS.L) a multi-channel value retailers of books, arts and crafts, stationery, toys and games, offering customers a differentiated propositio

Hybridan Small Cap Feast - 05 Apr 24

5th April 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 objecti

Sareum Holdings - A decisive period ahead for SDC-1801

Sareum Holdings’ H124 results highlighted the company’s swift progress for lead asset SDC-1801, since gaining regulatory approval in Australia to start human studies in mid-CY23. SDC-1801, a TYK2/JAK1 inhibitor targeting the autoimmune space, has reported a good safety profile to date and top-line data for the ongoing Phase Ia study are expected in Q2 CY24, a key catalyst for the company. The TYK2 class’s safety and efficacy has been validated by the likes of Sotyktu and TAK-279, and SDC-1801’s

Hybridan Small Cap Feast: 2 April 2024

2nd April 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 objecti

Hybridan Small Cap Feast - 28 Mar 24

28th March 2024 Happy Easter @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 inve

Hybridan Small Cap Feast - 15 Mar 2024

15th March 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: Forward Partners Group (FWD.L) has left AIM following its acquisition by Molten Ventures (GROW.L) What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: Change of Market: Our daily digest of news from UK Small Caps If you wo

Hybridan Small Cap Feast - 13 Mar 2024

13th March 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: Our daily digest of news from UK Small Caps If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”. Hybridan Chefs

Sareum Holdings - Positive clinical step forward in SDC-1801

Sareum Holdings has announced positive clinical progression for SDC-1801, its lead asset and novel TYK2/JAK1 inhibitor targeting the autoimmune space (with an initial focus on psoriasis). Preliminary data from the single ascending dose (SAD) study (part 1) and the food effects study (part 3), from its ongoing Phase Ia trial (in healthy volunteers) for SDC-1801, indicated a favourable safety profile and were supportive of once-daily oral dosing. The multiple ascending dose (MAD) arm continues to

Hybridan Research: 15/02/2024: Sareum Holdings PLC: Completion of single ascending dose part and food effect study of Phase 1a

Sareum today announced the completion of the single ascending dose (SAD) part and the food effect study of its Phase 1a clinical trial for the lead programme SDC-1801. The Phase 1a trial is designed to investigate the safety, tolerability, pharmacokinetics and pharmacodynamics of an oral formulation of SDC-1801 in healthy subjects (trial ID ACTRN12623000416695p). These preliminary results indicate that SDC-1801 has the potential to achieve therapeutically effective dose levels with no serious ad

Hybridan Small Cap Feast - 15 Feb 24

15th February 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 obj

Sareum Holdings - SRA737 – new partnership to kick off the year

Sareum Holdings’ co-development partner CRT Pioneer Fund (CPF) has signed a new licensing agreement with an unnamed US-based private biopharma company for SRA737, its Phase II stage CHK1 inhibitor targeting the DDR network for the treatment of solid tumours. Deal terms include an upfront payment of $0.5m, additional fees of up to $1m in cash and 500,000 shares of the partner and potential milestone payments of up to $289m (comparable to the $290m allocated under its revised deal with Sierra Onco

Hybridan Research: 02/01/2024: Sareum Holdings PLC: US$137,500 upfront payment expected from SRA737

Sareum’s co-development partner, the CRT Pioneer Fund (CPF), has entered into a development and commercialisation licence agreement for SRA737 (the Licensing Agreement) with a private biopharma company based in the U.S. Under the terms of the Licensing Agreement, an immediate upfront payment of US$0.5m is due to CPF. An additional fee of up to US$1.0m cash and 500,000 shares in the Licensee Company (Consideration Shares) may be payable upon the sooner of twelve months following the signing of th

Hybridan Small Cap Feast - 14 Dec 23

14th December 2023 Small Cap Team will take a break until Monday 8 January 2024 after this Friday 15th December. Merry Christmas to all our readers. @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

Hybridan Research: 14/12/2023: Sareum Holdings PLC: Phase 1a trial for SDC-1801 continues and on track

Sareum provided an update on operational activities and pipeline progress ahead of its Annual General Meeting (AGM) today. The Company made good progress in 2023 with its lead programme, SDC-1801, with a Phase 1a clinical trial underway in Melbourne, Australia. SDC-1801: SDC-1801 is a dual TYK2/JAK1 kinase inhibitor being developed as a potential new therapeutic for a range of autoimmune diseases with an initial focus on psoriasis. Sareum believes that dual TYK2 and JAK1 inhibition offers sign

IP Group - Several potential portfolio catalysts on the horizon

IP Group’s NAV declined by 13% in total return (TR) terms in FY23, affected by continued soft valuations across venture capital (VC) markets, as well as funding delays at some of its holdings. That said, management indicated that many of IP Group’s portfolio companies continued to make strong progress. Its maturing portfolio offers a number of potential NAV triggers and is now available at a wide 59% discount to NAV. We note that, as at end-2023, only 14% of IP Group’s portfolio was valued based

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

Meet, beat, repeat

FY23 - preparing for two high impact wells this year

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

The Hardman & Co Monthly: April 2024

Feature article: Steady as she goes, but could be better: A review of investment company liquidity since 2016 Liquidity is the lifeblood of equity markets. The measurement of liquid asset availability to a market or company is a way of gauging a market’s health. This article builds on our previous work, which analysed the liquidity data for non-financial trading companies, by applying the same analytical techniques to the investment companies (IC) space. We analyse liquidity for ICs as a whol

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

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

hVIVO - FY 2023 results, revenue in-line, margin better, future is bright

hVIVO has delivered FY 2023A results in-line with the 30 January 2024 TU, with total customer revenues of £56m, growth of 16% versus 2022A. Other income related to tax credits added another £2.6m. 2024 revenue guidance of £62m has been reiterated, representing 11% growth over 2023A, and ahead of the £60m that we had previously forecast. The company has good visibility with the 2024 figure, with 90% already being covered by the existing orderbook (stands at £80m at the end of 2023), as well as in

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

Morning Note – 9 April 2024

LIBERUM: Agents of change: Evolving for modern demands

Allenby Capital: Deltic Energy - Update

Deltic Energy plc (DELT.L) has announced some positive news concerning its 50% interest in the Selene joint-venture with Shell UK Ltd. The announcement concerns a farm-out to Dana Petroleum Ltd of a 25% interest in Licence P2437 which contains the Selene prospect. The farm-out calls for Deltic retaining a highly meaningful 25% interest in one of the most interesting prospects in terms of risk profile and scale in the Southern North Sea (SNS) Basin while largely eliminating exposure to the cost o

Top of the Pops

We reveal the winners of our investment trust ratings for 2024... Our ratings seek to reward closed-ended funds which deliver attractive and persistent performance characteristics in three categories which we think match up to broad goals investors usually have: long-term growth, income and growth, and high current income. This includes strong performance versus a fund’s underlying market, as well as attractive risk characteristics which we think suggests they could continue to be premium optio

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