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Accounting period change: Not simply 11/12ths
09 Dec 16
TRX has a broad portfolio of regenerative medicine products developed from decellularised human and porcine tissues for the wound care, orthopaedics, and cardiac markets. Sales of DermaPure have continued to gain traction in the US following launch in 2014 – growth in the first half of 2016 was +128%. Meanwhile, progress towards regulatory approval of the orthopaedics products continues apace, particularly in Europe, which will aid FDA approval in coming years. TRX is well placed to deliver on its strategy, with launch of OrthoPure XT in Europe expected during the first half of 2017.
At a 19% discount to Indonesian sector peers
07 Dec 16
R.E.A. Holdings plc ("REA") announced the completion of the acquisition by PT Dharma Satya Nusantara Tbk (“DSN”) of a 15% shareholding in PT REA Kaltim Plantations (“REAK”), on Friday, 2nd December. The agreements between the group and DSN, received regulatory approval and were completed on 2 December 2016. As a result, subsidiaries of DSN have acquired, by a combination of subscription for new shares and acquisition of existing shares, a 15% equity interest in REAK. DSN can acquire up to 49% of REAK within the next 5 years (subject to agreement regarding amongst other things, the price at which further shares can be acquired).
Harnessing the clinical potential of sulforaphane
29 Nov 16
Evgen is a virtual pharmaceutical company focused on the development of a synthetic version of a natural product, sulforaphane, which is known to modulate key signalling pathways involved in cellular protection and inflammation. Evgen’s proprietary technology, Sulforadex, creates new and stable variants of sulforaphane, enabling it to be used as a therapeutic for the first time. Its lead candidate, SFX-01, has entered Phase II clinical trials for both subarachnoid haemorrhage (SAH) and ER+ metastatic breast cancer with an expected read out of results in 1H 2018.
Food intolerance driving growth
29 Nov 16
Omega Diagnostics Group has an established core business providing high quality in vitro diagnostic tests within three core areas of competence – Food Intolerance, Allergy & Autoimmune, Infectious Disease – that are sold in over 100 countries. The group offers steady low single-digit growth which is profitable and cash generative. Investment in new products has seen the launch of a new panel of automated allergy tests and progress on Visitect CD4 for monitoring of HIV positive patients. Interim results highlighted the opportunities to accelerate growth of the business, particularly Allersys, which has drawn attention from its partner.
11 Nov 16
In the UK, unsecured, non-standard lending market, NSF has the market leading network in branch-based lending, is number three in home credit, and has a scalable platform in the growing guaranteed loans market. It’s medium term targets of 20% loan book growth and a 20% pre-tax return on assets look credible. NSF is under-geared and existing debt facilities will finance our projected growth through to mid-2018. Management is using technology to improve efficiency while not compromising the core personal relationships which are critical to managing credit. Our valuation methodologies indicate c67% upside.
Poised for a long term uplift
08 Nov 16
Sinclair has evolved into a pure-play aesthetics company with a concentrated and highly competitive portfolio of differentiated injectable aesthetics products. These products target unmet clinical needs for effective, high quality, longer duration, natural looking and minimally-invasive treatments, which is a significant growth opportunity. Sinclair has an established sales and marketing presence in Europe, direct sales in Brazil, and operates through an international group of distributors in other markets, including SE Asia and the US. With the benefit of a strong balance sheet, Sinclair is investing in an accelerated growth phase and margin expansion.
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