Momentum is building in Circassia, with the recovery from the pandemic gaining traction and actions taken by management to focus the business having a material impact on the bottom line. Having already upgraded in July, we are upgrading forecasts again today to reflect the further progress on reducing fixed costs. We now expect the group to trade close to EBITDA breakeven this year and for significantly improved profitability and cash generation from next year onwards.
Companies: Circassia Group PLC
Circassia’s focus on its Niox business is paying off, with revenues recovering rapidly and further progress made in reducing the fixed cost base. As a result, management now expects FY21E EBITDA to be ahead of market expectations. We upgrade our forecasts accordingly, now looking for narrower EBITDA losses this year and a comfortable move into profitability in FY22E. We see further potential upside as the recovery becomes more established and visibility improves further, which should lead to mat
Circassia has reached a settlement with Beyond Air regarding a disputed contract over rights to the latter’s LungFit product. Under the terms of the settlement, Circassia will surrender its rights in exchange for staged cash payments of up to $16.5m, contingent on FDA approval. Per Beyond Air’s recent statements, this is pending and could be received in H2 this year. We view this as a positive outcome for Circassia, providing a potential source of non-dilutive funding over the next few years.
Trading for the first 4 months of the year is reported to be slightly ahead of expectations, up 9% YoY to £9.3m. This has been driven by a recovery in activity levels in the Clinical business and a stronger than expected performance from sales into the Research market. Costs remain tightly controlled and the business traded at close to EBITDA breakeven in the period (pre-HO costs). We make no changes to forecasts at this stage, but view this as a highly encouraging update. We continue to see a s
Circassia is now focussed on NIOX, a gold standard device for diagnosing and managing asthma patients. It is the global market leader in FeNO testing and has regulatory approval and agreed reimbursement in all major territories. A new management team has rapidly addressed legacy issues, eliminating a substantial debt overhang, rightsizing the cost base and optimising routes to market. Whilst the Covid-19 pandemic has impacted revenues, we see scope for a rapid recovery as activity normalises. Th
For many reasons, 2020 was a transformational year for Circassia as the new management team set to work streamlining the business, addressing legacy issues and positioning the group to benefit from the strong market position of NIOX, a gold standard diagnostic device for asthma. Whilst the pandemic has had an impact, recovery is underway, with Q4 revenues back to 86% of Q1 levels. The EBITDA breakeven point of the business has been reduced further to £32.0m and there was £7.4m of net cash on the
Tiziana Life Sciences plc (AIM: TILS.L; NASDAQ: TLSA): Positive Phase 1 trial results | Circassia Pharmaceuticals plc (CIR.L): Trading update
Companies: Tiziana Life Sciences PLC (TILS:LON)Circassia Group PLC (CIR:LON)
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MJ Hudson Group PLC, the financial services support provider to Alternatives fund managers and asset owners, is planning an AIM IPO. Deal details TBC but expected admission date mid-December.
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Circassia’s recent interims demonstrated 55% y-o-y revenue growth to £28.4m and a 75% R&D expense reduction (to £6.9m from £27.2m in H117) while growing the commercial infrastructure that now includes China. Investors should see a path to profitability, but we note recent licensing opportunities in the respiratory therapeutic area could accelerate this.
And then worst of all, you never get approval when you say you will. There is nothing that causes investor whiplash more than a sudden announcement of an unsuccessful clinical trial. Whether you are the onedrug wonder on AIM or the multi-drug portfolio NASDAQ darling, the market never takes too kindly to unsavoury news from the FDA on clinical results. But should investors lambast these two scenarios similarly based on poor trial results? The variables are endless but in this example the clear a
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TMT Acquisition (TMTA.L) has joined the Main Market (Standard) pursue opportunities to acquire businesses in the technology, media and telecom sector. Raised £5m, mkt cap £5.5m.
NMCN Plc has left the Main Market (Premium) following the appointment of administrators.
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Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive
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Cambria Autos has left the AIM following a takeover.
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Light Science Tech Holdings, the controlled environment agriculture technology and contract electronics manufacturing Group to join AIM. Raising £5m. Expected mkt cap £17.4m. Due 15 Oct.
Harmony Energy Income Trust to join the Specialist Fund Segment of the Main Market raising up to £230m. The Company's investment objective is to provide investors with an attractive and susta
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Conditional dealings begin in W.A.G. payment solutions (Eurowag: WPS.L) on the Main Market (Premium). Eurowag is a leading pan-European integrated payments & mobility platform focused on the commercial road transportation industry. It makes life simpler for commercial drivers and operators across Europe through its unique combination of payments solutions, seamless technology, a data-driven digital eco-system and high-quality customer service. The Offer Price has been set at 150 pence pe
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Exactly one year ago, the FTSE 100 closed at 5,862, having fallen 100 points on the day, the lowest point since mid-May 2020, due in part, to the strength of sterling vs US$ at $1.34. One year on, the FTSE 100 has risen to 7,119, a rise of 21%, it remains 7% below the peak in January 2020. From an international viewpoint, US and European markets continue to trade at record highs. The US Federal Reserve is close to withdrawing some of its economic support this year as inflation picks up and the e
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Bens Creek Group to join Aim. Bens Creek, together with its subsidiaries, will, on Admission, own and operate a metallurgical coal mine located on 10,000 acres in the southern part of the state of West Virginia and eastern edge of the Commonwealth of Kentucky, in the central Appalachian Basin of the eastern United States of America. The Mine's operations are located primarily in Mingo County, West Virginia. The
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SEAL Advisors working in partnership with Oberon Capital is pleased to announce the publication of a briefing note on the MyHealthChecked plc.
The Future of Personal Health Care
Agile and responsive leadership has delivered a competitive array of MyHealthChecked branded COVID-19 testing products in a very short period of time
Over the past 12 months the company has been transformed from loss making and cash consumptive, to a high-growth, cash generative business
On the basis of repo
Companies: MyHealthChecked PLC
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
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Danakali has left the main market (Standard).
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Press reports that Law firm Mishcon de Reya has agreed a merger with life sciences specialist Taylor Vinters after recently confirming its plans to go public on the London Stock Exchange (LSE).
Eurowag confirms its intention to undertake an initial public offering on the Main Market (Premium). The Offer would be expected to comprise both (i) new Ordinary Shares to be issued by the C
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Petershill Partners (PHLL.L), has joined the Main Market (Premium), a leading investment group providing bespoke capital and strategic solutions to some of the world's best performing alternative asset management firms. Petershill Partners today comprises minority investments in 19 high-quality Partner-firms, previously held in private funds managed by Goldman Sachs Asset Management (GSAM). The Partner-firms have US$187 bn of aggregated assets under management. The Offer would comprise (
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ANGLE reported an adjusted net loss of £7.2m (+58% vs. -£3.2m), with establishment revenues increasing 26% to £0.3m and costs rising 48% to £8.9m, reflecting the costs of opening its pharma services business and clinical laboratories in the US and UK. Net cash at 30 June was £21.0m, with a further £18.9m (net) placing proceeds after period-end. Evidence of momentum building within pharma services, backed by confirmation of three contract wins and multiple ongoing discussions (some of which are w
Companies: ANGLE plc
ReNeuron has announced that the nine-patient Phase IIa (2m cell dose) extension study (halted in June after a presumed eye infection case) has fully restarted with five patients left to treat. Two patients are scheduled for treatment in October. The company expects to report some data by March 2022, which could potentially open the way to a crucial partnering deal. Full efficacy data at six months post-treatment should be available around the middle of 2022. Our valuation remains £190m.
Companies: ReNeuron Group plc
The current situation in the CDMO arena looks a bit like an arms race and Lonza seems to have firm plans to be part of it. The recently updated mid-term guidance is the explanation to do so, in our view. Management is strongly dedicated to staying with the extraordinary high EBITDA margin for the coming years.
Lonza’s hybrid investors day was well attended in Zurich, in which we participated.
Companies: Lonza Group (LONN:VTX)Lonza Group AG (LONN:SWX)
The positive market research results for Eroxon®, released this morning, provides further support for the company’s ongoing partnering efforts. We continue to believe that MED2002 is a differentiated product with significant potential in both prescription and OTC markets, and look forward to further PK data followed by Phase III start in H1 2018.
Companies: Futura Medical plc
ImmuPharma recently announced an update on the FDA meeting with Avion, ImmuPharma’s partner for Lupuzor™, on 4 December 2020 (Type ‘A’ meeting request). Based on the positive guidance and feedback from FDA, there is now a clear regulatory pathway to commence the Phase III trial in H2 2021, fully funded by Avion. As part of this feedback, Avion and ImmuPharma will develop and validate a bioanalytical assay in order to confirm the unique pharmacokinetic profile of Lupuzor™. This will be presente
Companies: ImmuPharma plc
Today’s prelims are in line with management’s expectations with losses before tax in the period of £30.3m (vs. £29.4m prior year). Post-merger, 4D pharma is clearly a different beast with access to the largest global capital market for Pharma/Biotech, and supported by £25.2m (net) proceeds from corporate activity. The company has cash runway until Q2 2022 and is well placed to successfully execute its clinical development strategy with multiple shots on goal. Primary focus is on MRx0518 with two
Companies: 4d Pharma PLC