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  • 30 Oct 19
Small Cap Feast

African Export-Import Bank a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.

Companies: SAR REDD HSP KEFI PTR AVG SNX IHC BGO TERN

  • 30 Oct 19
Small Cap Feast

African Export-Import Bank a supranational financial institution whose purpose is to facilitate, promote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE. DNEG Limited intends to apply for admission of its Shares to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. The Offer will be comprised of new Shares to be issued by the Company (to raise expected gross proceeds of £150m). Admission is expected to take place in November 2019.

Companies: SAR REDD HSP KEFI PTR AVG SNX IHC BGO TERN

  • 17 Oct 19
Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected 18 Oct 2019. African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.

Companies: SAR TAM PANR CREO IGR ANIC RENX AFX FDBK HMI

  • 17 Oct 19
Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected 18 Oct 2019. African Export-Import Bank a supranational financial institution w hose purpose is to facilitate, prom ote and expand intra- and extra- African trade, of its potential intention to publish a registration document, the Bank hereby confirms its intention to proceed with an Initial Public Offering. The GDRs are expected to be admitted to the standard listing segment of the Official List of the FCA and to trading on the Main Market of the LSE.

Companies: SAR TAM PANR CREO IGR ANIC RENX AFX FDBK HMI

  • 15 Oct 19
Proprietary programs gaining increased pharma interest and targeting clinic in 2020. US$5.3m milestone on SRA 737 still remains in sight.

The specialised small molecule drug development business, today announced its results for FY June 2019. Sareum’s greatest focus at present is the progression of its two distinct proprietary selective TYK2/JAK1 inhibitors in autoimmune diseases and cancer. SDC 1801 (autoimmune) is the furthest advanced in terms of work completed to move towards clinical trials and has progressed into longer-term toxicology and dose-finding studies, which would form part of the regulatory documentation needed to apply to begin human trials. However SDC 1802 (cancer) is showing signs of potentially netting a bigger prize with positive preclinical data demonstrating the antitumour activity of SDC-1802 via novel immunotherapeutic mechanism of action to be presented at the upcoming 2019 AACR-NCI-EORTC International Cancer Conference.

Companies: Sareum
  • 15 Oct 19
Proprietary programs gaining increased pharma interest and targeting clinic in 2020. US$5.3m milestone on SRA 737 still remains in sight.

The specialised small molecule drug development business, today announced its results for FY June 2019. Sareum’s greatest focus at present is the progression of its two distinct proprietary selective TYK2/JAK1 inhibitors in autoimmune diseases and cancer. SDC 1801 (autoimmune) is the furthest advanced in terms of work completed to move towards clinical trials and has progressed into longer-term toxicology and dose-finding studies, which would form part of the regulatory documentation needed to apply to begin human trials. However SDC 1802 (cancer) is showing signs of potentially netting a bigger prize with positive preclinical data demonstrating the antitumour activity of SDC-1802 via novel immunotherapeutic mechanism of action to be presented at the upcoming 2019 AACR-NCI-EORTC International Cancer Conference.

Companies: Sareum
  • 15 Oct 19
Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected Oct 2019.

Companies: SAR ANIC ORPH CCS SAG NTOG DRV FIPP MUR GAN

  • 15 Oct 19
Small Cap Feast

Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019. Pricing rumoured at 115p to 145p implying valuation of up to $1.8bn. Expected Oct 2019.

Companies: SAR ANIC ORPH CCS SAG NTOG DRV FIPP MUR GAN

  • 27 Sep 19
Small Cap Feast

Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.

Companies: SAR MDZ ECR SYM TAVI DGOC ITX SNG SNT FOX

  • 27 Sep 19
Small Cap Feast

Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services. GDR offering expected Oct 2019. In the first half of 2019, the Company generated total revenue of KZT226,862m (U.S. $598m), up 34% and net income of KZT77,001m (U.S. $203m), up 54%. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.

Companies: SAR MDZ ECR SYM TAVI DGOC ITX SNG SNT FOX

  • 20 Aug 19
TYK2/JAK1 programs attracting interest from international pharma. Trading ahead of expectations.

The specialist cancer drug discovery and development business has provided a trading update for the year ending 20 June 2019. In many ways 2019 has been an astonishing validation for Sareum’s strategy of designing best in class targeted therapeutics focussing on emerging but clinically justified targets. The first Sareum candidate to enter human trials, the oral selective Chk1 inhibitor SRA737, currently under the stewardship of Sierra Oncology (SRRA) demonstrated notable anti-cancer activity in multiple indications including a 30% Overall Response Rate in evaluable patients with anogenital cancer treated with SRA737+LDG (low-dose gemcitabine).

Companies: Sareum
  • 20 Aug 19
TYK2/JAK1 programs attracting interest from international pharma. Trading ahead of expectations.

The specialist cancer drug discovery and development business has provided a trading update for the year ending 20 June 2019. In many ways 2019 has been an astonishing validation for Sareum’s strategy of designing best in class targeted therapeutics focussing on emerging but clinically justified targets. The first Sareum candidate to enter human trials, the oral selective Chk1 inhibitor SRA737, currently under the stewardship of Sierra Oncology (SRRA) demonstrated notable anti-cancer activity in multiple indications including a 30% Overall Response Rate in evaluable patients with anogenital cancer treated with SRA737+LDG (low-dose gemcitabine).

Companies: Sareum
  • 28 Jun 19
Small Cap Feast

ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC

Companies: DODS TMT VRS GAN PYC IMM AUK SAR WRES NBB

  • 28 Jun 19
Small Cap Feast

ReAssure Group plc - The Group is a leading closed book life insurance consolidator in the United Kingdom with 4.3m policies, £68.7 billion of assets under administration on a Post-L&G Illustrative Basis. It is considering a premium listing segment of the main market. Voyager AIR The Com pany w ill focus on the acquisition, leasing and m anagement of prim arily widebody aircraft, w ith asset management services to be provided by Amedeo Limited he IPO will comprise a Placing and Offer for Subscription of Shares to raise up to approximately US$200m· IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC

Companies: DODS TMT VRS GAN PYC IMM AUK SAR WRES NBB

  • 26 Jun 19
£0.68m raised to progress TYK2/JAK1 assets towards the clinic

The specialist cancer drug discovery and development business has conducted a successful fundraising of £681k at 0.4p. The recently appointed Non-executive Director Clive Birch subscribed for 1.25m shares at the placing price. The net proceeds will be used to progress the Company's TYK2/JAK1 drug development programmes as well as for working capital purposes.

Companies: Sareum
  • 26 Jun 19
£0.68m raised to progress TYK2/JAK1 assets towards the clinic

The specialist cancer drug discovery and development business has conducted a successful fundraising of £681k at 0.4p. The recently appointed Non-executive Director Clive Birch subscribed for 1.25m shares at the placing price. The net proceeds will be used to progress the Company's TYK2/JAK1 drug development programmes as well as for working capital purposes.

Companies: Sareum
  • 26 Jun 19
Small Cap Feast

IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC

Companies: SAR VNET TEK ANA TWD DSG SUMO CLIN IMM FFWD

  • 26 Jun 19
Small Cap Feast

IMC Exploration Group (NEX: IMCP), focused on acquiring and exploring prospecting licence areas w hich have high potential for natural resource, is looking to admit its shares to the standard list and will withdraw for the NEX Exchange. TBC

Companies: SAR VNET TEK ANA TWD DSG SUMO CLIN IMM FFWD

  • 04 Jun 19
SRA737 trial results substantially derisk asset – safety and preliminary efficacy in multiple cancer indications – warrants registration intended P2 trial in anogenital cancer

SRA737, the Sareum originated Chk1 inhibitor which is the subject of the Company’s first licensing deal, has had data released from the ongoing monotherapy and low dose gemcitabine (LDG) trials by Sareum’s licensing partner Sierra Oncology, Inc. (Nasdaq:SRRA), in two poster presentations at the 2019 Annual Meeting of the American Society of Clinical Oncology. We believe the results and implications for further clinical development significantly de-risk the program and accelerates the possible pathway to development for the first indication.

Companies: Sareum
  • 04 Jun 19
SRA737 trial results substantially derisk asset – safety and preliminary efficacy in multiple cancer indications – warrants registration intended P2 trial in anogenital cancer

SRA737, the Sareum originated Chk1 inhibitor which is the subject of the Company’s first licensing deal, has had data released from the ongoing monotherapy and low dose gemcitabine (LDG) trials by Sareum’s licensing partner Sierra Oncology, Inc. (Nasdaq:SRRA), in two poster presentations at the 2019 Annual Meeting of the American Society of Clinical Oncology. We believe the results and implications for further clinical development significantly de-risk the program and accelerates the possible pathway to development for the first indication.

Companies: Sareum
  • 03 Jun 19
Small Cap Feast

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. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: SAR TAM SRE DDDD TPG ARB BEM ANGS EOG

  • 03 Jun 19
Small Cap Feast

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. Alumasc Group plc, the prem ium building products, system s and solutions group, has announced its intention to m ove from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: SAR TAM SRE DDDD TPG ARB BEM ANGS EOG

  • 16 May 19
Small Cap Feast

Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 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. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: SAR MYSL SEE BLV LID IND ERGO DDDD AEO

  • 16 May 19
Small Cap Feast

Essensys plc—a provider of mission-critical SaaS platforms and on-demand cloud services to the high growth flexible workspace industry, plans to join AIM. Offer TBC, expected 29 May 2019. Induction Healthcare Group plc—a healthcare technology company focused on streamlining the delivery of care by Healthcare Professionals looking to join AIM. Expected raise of £14.58m at 115p, market cap of £34.07m. Expected 22 May 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. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected market cap of £33.4m. Expected 25 June 2019

Companies: SAR MYSL SEE BLV LID IND ERGO DDDD AEO

  • 30 Apr 19
Small Cap Feast

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. 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. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected 25 June 2019

Companies: LMS GHH DSG WCH AAOG SAR RBGP ANCR STAF THR

  • 30 Apr 19
Small Cap Feast

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. 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. Alumasc Group plc, the premium building products, systems and solutions group, has announced its intention to move from the Premium Segment of the main market to AIM. Expected 25 June 2019

Companies: LMS GHH DSG WCH AAOG SAR RBGP ANCR STAF THR

  • 23 Apr 19
Small Cap Feast

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 TBC, expected late April. 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: TSG TLY IRR ZIN FRAN DGOC OVB INL SAR CIP

  • 23 Apr 19
Small Cap Feast

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 TBC, expected late April. 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: TSG TLY IRR ZIN FRAN DGOC OVB INL SAR CIP

  • 03 Apr 19
Chk1, immunotherapy and LDG combo exhibits dramatic anti-tumour activity in pre-clinical model

The specialist in small molecule drug development has highlighted data announced this week at the American Association of Cancer Research annual meeting by Sierra Oncology (NASDAQ:SRRA) the license holder for the Chk1 inhibitor SRA737 originally developed by Sareum. The oral presentation described significant anti-tumour activity when combined with anti-PD-L1 immunotherapy and low dose gemcitabine (LDG) in a mouse model of small cell lung cancer (SCLC). Immunotherapy, which harnesses our own immune system in the fight against cancer, has been heralded as a new paradigm in cancer treatment and indeed the current market leading immunotherapy, Merck’s PD-1 Inhibitor Keytruda is on track to gross $8bn of revenues this year.

Companies: Sareum
  • 03 Apr 19
Chk1, immunotherapy and LDG combo exhibits dramatic anti-tumour activity in pre-clinical model

The specialist in small molecule drug development has highlighted data announced this week at the American Association of Cancer Research annual meeting by Sierra Oncology (NASDAQ:SRRA) the license holder for the Chk1 inhibitor SRA737 originally developed by Sareum. The oral presentation described significant anti-tumour activity when combined with anti-PD-L1 immunotherapy and low dose gemcitabine (LDG) in a mouse model of small cell lung cancer (SCLC). Immunotherapy, which harnesses our own immune system in the fight against cancer, has been heralded as a new paradigm in cancer treatment and indeed the current market leading immunotherapy, Merck’s PD-1 Inhibitor Keytruda is on track to gross $8bn of revenues this year.

Companies: Sareum

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Sareum. We currently have 77 research reports from 2 professional analysts.

Open
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Range Today
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52 Week
0.27/0.85p
Daily Volume
N/A
# Shares
3,030m
Daily Liquidity
(0.17%)
Pension Liability
£0m
Enterprise Value
£9.37m
Market Cap
£11.2m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
17Dec19 13:36 RNS Result of AGM
17Dec19 07:00 RNS AGM Statement
20Nov19 07:00 RNS Notice of AGM
05Nov19 10:56 RNS Sareum notes Sierra Oncology Q3 2019 results
30Oct19 07:00 RNS Research Update - SDC-1802 anti-cancer poster
17Oct19 07:00 RNS Research Update - AACR-NCI-EORTC abstract
15Oct19 07:00 RNS Final Results
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  • 20 Feb 20
Cenkos: Inspiration Healthcare Group Plc -- FY20 Delivering Ahead of Expectations

Inspiration Healthcare has announced a strong trading update for the fiscal year ending January 2020. The company anticipates delivering results ahead of expectations, with revenues of £17.8m versus our FY20E revenue estimate of £17.5m. Revenue growth for the year is expected to be 15% (Cenkos est 13%) including a contribution from the Viomedex acquisition. EBITDA, adjusted for exceptionals, is expected to be between £2.0m and £2.1m for the year, representing growth of over 20% versus FY19A. This announcement demonstrates the strength of both Inspiration Healthcare's underlying business and recent acquisition. This supports our Buy recommendation.

Companies: Inspiration Healthcare Group
  • 19 Feb 20
FY 2019 trading update and £1.4m placing

Cambridge Cognition has raised £1.4m to finalise development of NeuroVocalix and digital health products, accelerate commercialisation of its compelling product portfolio (evidenced by the tripling of orders in digital health) and provide the necessary working capital to support the business. This follows a disappointing 2019, which was negatively affected by the postponement of a c.£1m order with large pharma, as it underwent a merger, a £1.4m fall in cognitive safety studies and the additional costs incurred to deliver on a c.£1.3m digital health order, although the outlook remains very promising. Together, these impacted profits and cash by c.£1.3m. We are leaving FY 2020 sales unchanged at £6.2m, which is supported by the 2019 year-end order book and prospective qualified order pipeline, although losses are reduced by c.£0.2m due to lower R&D and elimination of non-recurring costs. We have adjusted 2020 forecasts to reflect the capital raise and introduce forecasts for 2021. Our target price of 75p reflects the dilution resulting from the equity raise, with scope for this to be raised on any larger partnership deals, which are under active discussion.

Companies: Cambridge Cognition
  • 19 Feb 20
The Phoenix continues to rise

After a twenty-year history, AorTech has started to live up to its rich asset base in medical devices. A management restructuring, reduced cost base and business alignment was complemented by a fund raising in June 2018. The progress made since the fund raising has been noted by investors and the share price has nearly tripled in 20 months. Investors may worry that they have missed the opportunity in AorTech, but we think the alignment and maximisation of assets has probably only just begun.

Companies: Aortech International
  • 19 Feb 20
£22m equity raise to reach key data readouts

4D Pharma has announced the completion of an accelerated book build (ABB) raising £22m (gross) by means of a Placing and Subscription of 44m new ordinary shares with existing and new investors at 50p/share. Proceeds will fund the ongoing development of clinical candidates and two key data readouts from the MRx0518 and Blautix programmes is expected over the coming months. **As Nomad, and joint broker and bookrunner to the placing for 4D Pharma, we are restricted and can therefore provide factual comment only. Shareholder approval for the placing will be sought at the General Meeting to be held on the 9th March 2020**

Companies: 4D Pharma
  • 18 Feb 20
A wealth of opportunity for surufatinib

2020 will be a pivotal year for Hutchison China MediTech (Chi-Med), and surufatinib will play a key part. The potential China launch of this, Chi-Med’s first wholly owned drug, is now expected within the next 12 months. The new drug application (NDA) for surufatinib in epNET (extra-pancreatic neuroendocrine tumours) was accepted by the Chinese regulator in November 2019, and there is the prospect of a second NDA filing for pancreatic NET (pNET) in the coming months. Further news flow is expected with the China Phase IIb/III biliary tract carcinoma (BTC) interim analysis in mid-2020, and initiation of the US/Europe Phase III registration study for NET in a similar timeframe. Reviewing our surufatinib assumptions and updating our model following the c$118m ADS offering lifts our valuation to $5.21bn ($37.73/ADS) or £4.01bn (580p/share).

Companies: Hutchison China Meditech
  • 21 Feb 20
Good finish to FY 19; on-track for outperformance in 2020?

Smith & Nephew reported good Q4/FY 19 numbers – trumping estimates. Q4/FY 19 sales were up 5.6%/4.4% on an underlying basis – driven by broad-based momentum. For FY19, the trading profit margin came in at 22.8%. The company also announced a final dividend of $0.231 per share (+4%). Management expects FY 20 revenue growth of 3.5-4.5% with a trading margin at or slightly above the FY 19 level (22.8%). Following the good performance, we will be raising our estimates and target price.

Companies: Smith & Nephew Plc
  • 17 Feb 20
Confidence in LIGHT gaining momentum

AVO’s goal is to deliver an affordable and novel proton beam therapy (PBT) system, based on state-of-the-art technology developed originally at the worldrenowned CERN. In the past 18 months, the project has been de-risked through important technical milestones. AVO is working on the verification and validation phase, prior to CE marking and LIGHT being used on the first patients. The company has made two important commercial announcements regarding the installation of LIGHT systems, which highlights the increasing confidence that is building in AVO’s ability to deliver LIGHT in the near future.

Companies: Advanced Oncotherapy
  • 18 Feb 20
Purchase of LIGHT system highlights growing commercial momentum

Advanced Oncotherapy ("AVO") has announced the purchase of a LIGHT system by The Mediterranean Hospital of Limassol in Cyprus. In addition to the purchase price of €50m (£41.6m), the parties have entered a profit share agreement entitling AVO to a portion of the net profits from the new facility. With the manufacturing of the key hardware components of the first LIGHT system completed, technical risk has largely been removed in our opinion. The sale of the first commercial LIGHT system in Europe indicates AVO's focus has progressed from technical to commercial execution. We reiterate both our OUTPERFORM recommendation and target price ("TP") of GBp 155.

Companies: Advanced Oncotherapy
  • 21 Oct 19
Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

  • 04 Dec 19
Cenkos: IXICO Plc -- Revenues growing and profitable

IXICO has reported a strong financial performance for FY19A built on continued commercial focus and a strengthened organisation. Revenues of £7.6m were up 40% and gross margin was up 600bps versus FY18A and the company delivered its first year of profitability since IPO. EBITDA of £0.5m was strongly ahead of our forecast (+£0.1m) and delivered an EBITDA margin of 6%. We have maintained our revenue growth expectations of 20% for FY20E and FY21E but have upgraded our profit expectations given the strong reported performance. We maintain our Buy recommendation.

Companies: IXICO
  • 10 Jan 20
THE MONTHLY January 2020

The Office for National Statistics (ONS) is due to publish its most up-to-date survey on share ownership in mid-January, which identifies the beneficial owners and decision- makers of the stock market. Hardman & Co has worked together with the share analysis service, Argus Vickers, to jointly produce its own survey, which anticipates the conclusions of the ONS survey but goes into much greater detail. Our work does not use a sample of 200 quoted companies as the ONS historically has, but rather includes everyUK quoted company. The ONS samples share registers every two years; our study uses six-monthly data points. Our survey also extends to shareholders on NEX; the ONS does not.

Companies: AVO AGY ARBB BUR CMH CLIG DNL FLTA GDR MCL NSF PCA PIN PHP RECI RMDL SCE SIXH SHED VTA

  • 13 Jan 20
Cenkos: Diaceutics Plc -- Beat and raise

Revenue, earnings and cash are all ahead of forecast. 2019E was an excellent year for the business and the IPO proceeds are only just beginning to positively impact trading. We are upgrading our revenue forecast for 2020E. Nexus is on course for delivery later this year and we see this platform approach as key to fully productising the business and generating further shareholder value. Buy.

Companies: Diaceutics
  • 18 Feb 20
SP Angel Healthcare Conditions

Novacyt (NCYT.L): Launch of CE-IVD Marked novel coronavirus test | Feedback plc (FDBK.L): Interim Results for the six months to 30 November 2019

Companies: Novacyt Feedback

  • 19 Feb 20
Strong finish to FY19

FY19 ended on a high as robust growth in the core portfolio outweighed the ongoing generic erosion in off-patent drugs. The mid-term top-line outlook appears strong on the back of a renewed R&D pipeline; however, profitability could come under pressure due to higher investments into R&D and commercial infrastructure (particularly for Eptinezumab). The recent outbreak of Coronavirus is also a near-term risk.

Companies: H. Lundbeck
  • 21 Feb 20
Q4 (growth) hits a wall; 2019-nCoV overshadows the near term

AstraZeneca’s Q4 results were disappointing, both from a sales growth and profitability perspective. While Oncology and CVRM (to some extent) remain the key growth drivers, growing competition is concerning. Moreover, with the 2019-nCoV scare, near-term business visibility has hit a low. However, the group still has one of the largest oncology pipelines in our coverage and is awaiting/applying for/in major new indications/geographies in Oncology and even CVRM, which should give a push to sales growth.

Companies: AstraZeneca