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Date: 02/12/2024
Orosur has published assay results from the first hole of its new drilling
programme at the Pepas prospect. Coming hard on the heels of two releases
earlier this month, confirming that the Group had both assumed 100%
ownership and operatorship of its flagship Anzá Gold Project in Colombia (the
‘Anzá Project’) with no upfront payments and that the first in a series of six or
seven exploratory holes had already been completed, today’s news that
PEP012 delivered an exceptional 66.75m @ 5.64g/t Au from surface more than
justifies the Board’s determination to continue exploration of this potential
world class asset. Highlighting the importance of capturing a detailed
understanding of the form, orientation and controlling structures of local
mineralisation, Orosur’s experienced team was always clear in its belief that
following PEP001’s intersection of 150m @ 3g/t Au from surface on 6
September 2022, subsequent drilling had failed to follow standard step-out
protocol and so ended up missing the mineralised zone. Seeking to rectify
this, a decision was taken to collar PEP012 adjacent to artisanal workings and
direct it back toward PEP001 as a scissor hole, which is a reasonably standard
strategy in instances of uncertain geological orientation. The program’s
second hole, PEP013, commenced almost immediately after, being drilled from
the same pad but with the rig rotated 51 degrees eastward in order to test both
the mineralisation and potential structural controls from a direction that was
felt to be more orthogonal to the trend. Not surprisingly, management’s
confidence in its ability to deliver further positive results has elevated
sharply, while it considers a variety of options including examining potential
to calculate a NI43-101 Mineral Resource Estimate at the APTA prospect and
the possibility of introducing a new JV funding partner. Whatever, further
supportive data might set the phones ringing.
Date: 27/11/2024
Further to publication of Microsaic’s delayed interim results plus
readmission to trading on 12th November 2024, the Group yesterday released
an important operational update. The reset and reinvention of its business
model, that was enabled through January 2024’s £1.8m equity funding
round, has reached an advanced stage. Having complemented its miniature
mass spectrometry operations with the integration of Modern Water’s
monitoring products, ongoing business and intellectual property, the Group
is now able to recognise the scale of international opportunities being
presented to its unique and technologically advanced range of testing and environmental solutions in the post-Covid environment. Its recent
commissioning of a prestigious Continuous Toxic Monitoring (‘CTM’)
systems contract in Doha for Qatar’s general electricity and water utility,
Kahramaa, highlights this perfectly. The fact that a second 2025 phase of
this project is already under discussion, with potential to duplicate the initial
installation across a number of further locations, along with ongoing
demand for its high margin consumables, suggests the Group’s offering is
particularly timely. This year’s showcasing of its upgraded and expanded
range of instrumentation at major industry expos moreover, has met an
enthusiastic response from participants urgently seeking such all
encompassing and fast response detection capabilities. Against this
background, confidence in the Board’s ambition to quickly expand early
revenues, while improving on gross margins and positioning itself as a
prospective leader in a target market that is projected to expand
substantially over the coming decade, is rising sharply.
Date: 08/11/2024
Two recent announcements have reinforced expectation that Aptamer will
be able to deliver on both its revenue and licensing goals for FY2025/26.
These were set on 24 July 2024, following the Group’s successful £2.83m
(gross) equity fund raise. Based simply on being able to sustain its existing
trajectory of incoming Fee-For-Service (‘FFS’) work while also continuing
the scale back of its cost base, the Board projected cash-in-hand (incl. annual
R&D tax credit) would be sufficient to satisfy working capital needs out to
end-June 2026, by which time anticipated collection of licensing fees offer
potential for it to become financially self-sustaining going forward. The
refreshed Board’s decision to return focus on asset development and
licensing initially appeared to raise the Group’s risk profile, but subsequent
contract extensions from both Unilever and a major US genetic medicines
customer, together with a high level of confidence in its ability to capture
significantly greater, highly visible, longer-term returns through accrual of
downstream milestone payments, licensing fees and/or royalties as
partnered projects approach and achieve commercialisation, now suggests
such fears had been overstated. Given the number of major development
partners, including Unilever, AstraZeneca, Neuro-Bio and other Top Tier
Pharmaceutical Groups, continuing to progress products that utilise
Aptamer’s binders in order to target global market opportunities, modest
initial collection of passive income that could commence as early as this
financial year, with potential to multiply substantially thereafter.
Seemingly unrecognised in the Group’s current valuation, any such
breakthrough adoption(s) would be transformative for Aptamer, both
financially and in terms of reputation.
Date: 30/10/2024
October 2024 Budget Outlook
• Capital Gains Tax Increase: Individuals taxed within the basic rate bands
will see CGT rates increase from 10% to 18% and individuals currently
taxed at the upper rates, CGT rates will increase from 20% – 24% in line
with CGT on property.
• Inheritance Tax (IHT): Current thresholds will be frozen for a further two
years until 2030. IHT relief received on qualifying shares traded on the
Alternative Investments Market (AIM) will be reduced to 50% attracting
tax charges on inherited portfolios.
• Broader market takeaways: There have been no changes to ISA
allowances. There were concerns that the annual allowance would be
reduced from the current £20,000 pa. Windfall Tax on oil and gas profits
is set to increase to 38% potentially impacting some of the larger O+G
producers operating in the UK.
Date: 30/10/2024
Ironveld has raised £2.5m (gross) new funding through a conditional equity
placing* (‘the Placing’), comprising 6,125.0m Ordinary Placing Shares and
819.4m Ordinary Subscription Shares priced at 0.036p each (the closing
middle market price on 29 October 2024); each has one warrant attached,
exercisable for 3 years from Admission at a 100% premium to the Placing
Price (i.e., 0.072p/ Share). An additional, 2,862.6m New Ordinary Shares
(with identical warrants attached) at the Placing Price will also be allocated
in aggregate settlement of certain loan facilities, deferred salaries/fees owed
to certain directors and other amounts owed to certain creditors.
Shareholder approval for the Placing and its associated Capital
Reorganisation will be sought at a General Meeting that is expected to be
held on 20 November 2024 for Admission to trading on AIM on 21 November
2024. TPI’s Ironveld valuation remains suspended at this time.
Date: 10/10/2024
Zephyr has announced its decision to drill a lateral extension on the State 36
2R well (‘the Well’), while confirming a non-binding letter of intent (the ‘LOI’)
has been signed with a US-based industry investor (‘the Investor’) to fund
100% of the estimated cost. The Board expects to close the c.US$7m
requirement in the coming weeks, following which it will move to secure a
rig contract plus additional equipment in anticipation of commencing the
next phase of on-site operations in late 2024 or early 2025. Supporting this,
management has also estimated ultimate recoveries (‘EURs’) from the Well
following completion of the extended lateral could be as high as two million
barrels of oil equivalent (‘boe’), a figure substantially higher than would
likely be achieved from the Well in its current form. The fact that Zephyr
has managed to advance negotiations so rapidly after confirming a positive
result from the second phase production test on 6 September, suggests both
a high level of interest and confidence in a successful outcome.
Date: 02/10/2024
Unaudited interim results for the six months ended 30 June 2024 have been
released. In terms of financials these provided little in the way of surprises,
while the Board continued to stress the exceptional progress being made
with its drug development candidate AVA6000, along with a high level of
confidence in the capabilities of its pre|CISION™ platform. Second and third
generation programs have already been designed to leverage the platform as
a foundation for other tumour-specific warhead delivery systems across an
innovative pipeline. More details on these will be provided when the Group
hosts a live R&D Spotlight: Next Generation of pre|CISION™ Medicines in
London on 30 October 2024.
Date: 30/09/2024
Orosur has raised £0.835m (gross) new funding through an equity placing (the
‘Placing’) priced at 2.78p/share (representing a c.15% discount to the close on 26 September 2024); each two Placing shares has one unlisted warrant
attached, which is exercisable for 2 years from Admission at c.US$0.0494
(approximately 3.697p**) into one new common share. No General Meeting
(‘GM’) is required for this modest issue which, along with cash-in-hand of
c.US$0.5m will be directed primarily toward drilling, mapping and licencing
costs at its advanced Anzá Gold Project (the ‘Anzá Project’). Presently being
returned to 100% ownership with walk up drill targets into known high grade
mineralisation at the Pepas prospect. The Group will also examine the
potential of moving the APTA prospect to NI43-101 Resource status in the near
term. Reassuming ownership of 100% the Anzá Project, which has several
prospects at advanced stages, is expected to provide the Board with a variety
of options, potentially including the introduction of a new JV partner(s).
Date: 26/09/2024
Zephyr has released its half year results to end-June 2024. While detailing
continued, significant progress at its flagship asset in the Paradox Basin and
consecutive quarterly non-operated production growth from the Williston
project, the period delivered financials very much in line with expectations.
This clearly leaves investors to focus on next steps to be taken following the
recent, highly successful State 36-2R LN-CC well (‘State 36-2R’) second phase
production test. The acidisation operation successfully removed nearwellbore formation damage and generated very high reservoir deliverability,
with a notable improvement to near-wellbore reservoir permeability after
each treatment. Peak production rates achieved during the second test were
over 2,100 barrels of oil equivalent per day (‘boepd’), up from the 1,350 boepd
reported following the first test, which is particularly high for an onshore US
well with only 130 feet of completed reservoir interval. Elevated liquidyields were observed along with continuing evidence of almost nil water
production.
Date: 06/09/2024
Zephyr has completed the much anticipated second phase (the ’second test’) of the production test on its State 36-2R well (‘the Well’). The acidisation
operation successfully removed near-wellbore formation damage and
generated very high reservoir deliverability, with a notable improvement to near-wellbore reservoir permeability after each acid treatment. Peak
production rates achieved during the second test were over 2,100 barrels of
oil equivalent per day (‘boepd’), up from the 1,350 boepd reported following
the first test, which is a particularly high for an onshore US well with only
130 feet of completed reservoir interval. Elevated liquid-yields were
observed along with continuing evidence of almost nil water production.
Zephyr’s Board also notes a further, important and unanticipated benefit
from the acidisation operation, in that it appears to have significantly
enhanced the near-wellbore reservoir quality. From this, it concludes that
similar utilisation across a longer lateral may offer a cost-effective
completion technique compared to the hydraulic stimulation operations
used in other US resource plays.
Date: 03/09/2024
Aptamer has announced an extension to its partnership with Unilever plc
(LSE: ULVR). This new phase aims to commence in-vivo efficacy testing of
Optimer® binders as active ingredients in deodorants before the end of 2024.
This represents a significant endorsement of the Group’s technology with
opportunity to create a long-term interdependent relationship with the
consumer goods giant. Today’s news is also a reminder of the recently
appointed CEO’s stated ambition to re-establish focus on asset development
and licensing (while seeking to cover Group operating costs through its more
predictable but lower value-added fee-for-service (‘FFS’) operations) in
expectation of crystallising much higher-value inflection points for
shareholders. Beyond Unilever, Aptamer also continues to work with a
number of major development partners, including AstraZeneca, NeuroBio
and other top-tier pharmaceutical groups, each of which are similarly
progressing products that utilise its binders to target global market
opportunities.
Date: 29/08/2024
While providing an update on the Group’s Salt Wash helium project (the
‘Farm-in’), Zephyr has also confirmed that the State 36-2R well’s second
phase production test and evaluation is now nearing completion. Steady
progress continues to be made on the Farm-in, particularly with respect to
advancing funding options and positioning to get full drilling operations
underway next year. Meanwhile, technical analysis of the extensive data
presently being collected from State 36-2R is expected to conclude shortly
with results from the test expected to be formally announced within the next
ten days. A successful outcome here could then be translated quite rapidly
into 2P reserves with potential to spike overall Group production during H1
2025. Beyond this, with a view to delivering the best and most timely
outcome for shareholders, it is likely that the Board will start pushing for
broader/deeper discussions with larger industry players/strategic partners
on how best to accelerate development of its broader Paradox opportunity.
Date: 24/07/2024
Aptamer has undertaken a firm and conditional equity placing and
subscription (‘the Placing’), raising £2.83m (gross) funding through
placement of 1,415m new ordinary shares priced at 0.2p each. This follows
the recent flurry of high margin Fee-For-Service (‘FFS’) contracts with Big
Pharma and a major consumer goods company which have pushed the
Group’s order book up to c.£1.8m, while its pipeline of further opportunities
has risen to c.£2.1m. Accompanying this improved momentum, the Group is
now also proposing Boardroom changes that will be ratified at the
forthcoming General Meeting (‘GM’). This will see its co-founder and current
CTO reassume the role of CEO, with ambition to place increased focus back
on asset development and licensing in anticipation of crystallising much
higher-value inflection points for shareholders. Changing emphasis away
from relatively predictable FFS operations will, of course, raise Aptamer’s
risk profile, although Directors stress a good level of confidence in its ability
to capture significantly greater, highly visible longer-term returns through
accrual of downstream milestone payments, licensing fees and/or royalties
as partnered projects approach and achieve commercialisation.
Date: 23/07/2024
The much-anticipated initial phase of the production test on the State 36-2R
LNW-CC well (‘the well’) at Zephyr’s flagship project in the Paradox Basin,
Utah, has been completed. Undertaken at multiple rates and choke settings
in order to ascertain its production potential, high reservoir deliverability
and high initial reservoir pressures (approximately 8,600 pounds per square
inch absolute) were observed. Achieving peak production rates of 1,350
barrels of oil equivalent per day (‘boepd’) while still choked back and
constrained, indicates excellent potential for long term productivity which
will be further delineated with a longer testing period. It furthermore
delivered a significantly higher condensate-yield than Zephyr’s previously
drilled Paradox project well (with more than a three-fold increase in
condensate rate versus that from the State 16-2LN-CC well) which holds
significant positive implications for the larger Paradox development. The
release goes on to note, however, that despite the excellent initial rates,
evidence suggests that the natural fracture network may still be partially
restricted from the greater reservoir at this well location.
Date: 07/06/2024
N4 Pharma has successfully raised £0.63m through an equity placing and subscription (‘the Placing’) priced at 0.5p/share. Completed using authorities granted at the Group’s 23May 2024 AGM and seen providing it with roughly a 12-months forward runway, this new funding is expected to support delivery of a number of key valuation inflection points across its two novel complementary non-viral delivery technologies. Accretive newsflow expected to be generated over this period includes progress with the recently announced collaborative research agreement with Silicon Valley-based SRI International (‘SRI’), potentially advancing preclinical work sufficiently to commence early partnership negotiations with third parties. Elsewhere, preclinical validation of Nuvec®’s novel oral siRNA Irritable Bowel Disease (‘IBD’) product offers potential to become a new development drug with important licensing opportunities, while (75%-owned) Nanogenics’ leaddevelopment, ECP105, is expected to secure Orphan Drug Designation (‘ODD’) through the FDA’s regulatory fast track, ahead of a pre-IND meeting in 2025.
Date: 06/06/2024
Drilling operations on the State 36-2R LNW-CC well (‘the well’) at the Group’s flagship project in the Paradox Basin, Utah, were completed safely on 4 June 2024, having successfully achieved to a total depth of 10,290 feet (measured depth). The ability to hit the natural fracture system once again is, of course, critical to obtaining a high flow rate and initial results indicate the well has indeed penetrated a folded and naturally fractured Cane Creek reservoir. Intersecting the top of the reservoir c.15 feet from the original well bore and its natural fracture network, the well encountered drilling mud gas shows of a similar magnitude to the original well. Rock pore pressure analysis suggests formation pressures estimated at c.9,300 pounds per square inch (which is broadly consistent with previously drilled offset wells). Furthermore, it confirms the presence of hydrocarbons within a large structural compartment that falls within Zephyr’s acreage and 3D seismic coverage. The coming weeks will see equipment mobilised for well completion and commencement of production testing. This will determine reservoir pressure, fluid composition, well flow rate, bulk reservoir permeability and deliver an early estimate of the overall potential recoverable resources.
Date: 30/05/2024
Orosur has provided an update on exploration activities at its El Pantano gold and silver project (‘Project’ or ‘El Pantano’) in Argentina. Results clearly underline the region’s potential, with low-cost generation of a highly prospective array of gold targets amid a presently buoyant market for the precious metal. Analysis of mapping and sampling data from completed field work has resulted in identification of a large, district scale low-sulphidation epithermal system. With environmental studies for required drilling permits already having been submitted, the Board expects to be in a position to commence work before the year end. Meanwhile, of course, the Group continues to oversee the complex process of reassuming 100% ownership of the Anzá project (the ‘Anzá Project’) from joint venture partners, Newmont Corporation (‘Newmont’) (NYSE: NEM, TSX: NGT), and Agnico Eagle Mines Limited (‘Agnico’) (NYSE: AEM, TSX: AEM) (the ‘Transaction’). Holding a cash balance of US$1.65m as of 23 April 2024, Orosur’s geologists are presently in Colombia carrying out the planning and permitting required for commencement of drilling activities as soon as possible following completion of the Transaction.
Date: 28/05/2024
Having reached a pivotal point in its evolution, Dr Christina Coughlin was
appointed as Avacta’s new Chief Executive Officer (effective 1 May 2024),
with a view to steering the Group through its coming chapter of growth and
transformation into a therapeutics-focused business. The upbeat statement
that accompanied release of 2023 Preliminaries released on 30 April 2024,
nevertheless remained very much in accord with TPI’s positive
expectations. Significantly, it reinforced the view that the c.£31.1m (gross)
new funding collected through February’s equity placing and March’s
subsequent REX retail offer, which took cash-in-hand to c.£38m at endMarch 2024, will be more than sufficient to service the anticipated spike in
cash burn as the Group’s lead development, AVA6000, moves into key Phase
2 studies next year.
Date: 03/05/2024
As well as providing a further positive 36-2R well update, Zephyr has today detailed its retirement of US$3.88m (£3.11m) of existing debt through issuance of 64.05m new ordinary shares (c.3.7% of the enlarged capital) to SGR Investments, LLC (‘SGRI’) at a price of 4.85p per ‘Repayment’ share. Having originally provided a US$8m asset-backed bridge loan facility to Zephyr back on 21 December 2022 in support of the Williston Acquisition, SGRI is now reflecting a high level of confidence in the Group’ broader opportunity by becoming a new cornerstone equity investor. This debt-forequity exchange, that was completed with no ancillary fees and at no discount to the market price, will further strengthen Zephyr’s balance sheet while increasing future cash flows for reinvestment into its growing asset portfolio. The Repayment shares are being issued using existing share authorities granted to the Board at the Group’s annual general meeting held on 26 July 2023 with their Admission being expected on or around 8 May 2024.
Date: 25/04/2024
N4 Pharma and Silicon Valley-based SRI International (‘SRI’) have entered a research collaboration agreement (‘the Agreement’) designed to progress development of preclinical products capable of overcoming barriers that prevent intracellular delivery of large molecule biotherapeutics. SRI is a high reputation not-for-profit scientific research institute, that was originally founded by the trustees of Stanford University in 1946 and today comprises c.1500 professional staff. Its Biosciences division has supported the advancement of >200 drugs to clinical trials. Providing significant validation for Nuvec® , N4P’s unique novel silica nanoparticle delivery technology, the Agreement will utilise SRI’s proprietary FOX Three Molecular Guidance system™ (‘MGS’) platform with a view to advancing development of N4P’s nucleic acid-based therapies. Should combination of the two technologies in due course open new commercial potential, N4P and SRI will work together to identify, develop and pursue related business opportunities.
Date: 28/03/2024
Nanoco yesterday released its half year results to 31 January 2024 (‘the
Period’). Very much in line with expectations, these following confirmation
of the Group’s Final Litigation proceeds earlier this month along with a
proposal to shortly return up to £33m to Shareholders (the ‘Return of Value’,
abbreviated remaining timetable below). Emerging from this, the Group finds
itself positioned as a fully funded business with commercial traction,
investing to secure organic growth that is supported through extensive and
validated IP. Given that the coming five years are projected to deliver global
CAGR of over 40% and c. 20% resp. across its core sensing (cameras and
imagers) and display markets, in tandem with wider adoption of QD
technology in mobile phones and small screen micro-LEDs that are also
anticipated over this period, the scale of Nanoco’s addressable opportunity
looks set to expand sharply. Finding itself debt free (by the end of FY2023/24) while holding resources sufficient to carry it through to expected cash breakeven during CY2025.
Date: 28/03/2024
Aptamer has published its unaudited first half results to 31 December 2023
(the ‘Period’). Confirming core detail provided in its Half Year Trading
Update released on 5 February 2024, the financials are very much in line with
expectations, while the Board continues to report strong technical delivery
leading to growing commercial traction. Presently, the Group has £1.3m of
signed deals being processed through its laboratories along with c.£2.9m of
pipeline opportunities considered to be at an advanced stage. Somewhat
further out, amongst other opportunities, two longer-term deals with big
pharma offer potential to crystalise into ongoing strategic relationships with
c.£6m of value. The principal issue of course remains one of timing.
Delivery of a customer’s target materials required for a production run, for
example, can sometimes delay revenue recognition by a matter of months.
The extent of high-level interaction across a wide range of industry leaders
through to smaller sector innovators, nevertheless suggests it is not a case
of ‘if’ but ‘when’ more sizeable uptake of its highly specialised services gets
underway.
Date: 27/03/2024
Zephyr has provided an update on its Salt Wash Helium project (‘the
Project’). While stating that it is not seeking for helium to become a primary
focus of the Group, the Board do consider it offers significant and currently
unrecognised potential value for Shareholders, particularly in consideration
of the growing supply-demand imbalance that has recently been seen to
drive prices up to US$1,000 per million standard cubic feet (‘mscf’), while also
being able to further utilise its team’s significant experience in the Paradox
Basin. Noting recent market interest in helium-related companies and
considering that the economics for the Project are attractive based on its
helium content alone notwithstanding further upside from oil and gas
development, several funding options are now being appraised. Having
received informal proposals, including potential funding for 100% of the drill
at the asset level that falls within timing obligations of the Farm-in
agreement (‘the Farm-in’), the Board is now considering the best alternative
to maximise value.
Date: 25/03/2024
Orosur has taken an important first step toward resuming 100% ownership of
the Anzá Project (‘Anzá’ or ‘the Project’), targeting completion of a transaction
(‘the Transaction’) by the end of April 2024. The proposed consideration, as
set out in the letter of intent (‘LOI’) entered with Minera Monte Águila SAS
(‘MMA’), includes a net smelter return (‘NSR’) royalty of 1.5% plus cash
payments of up to US$15 million payable upon meeting certain agreed (but as
yet undisclosed) production thresholds. Recognising the development steps
that need to be taken to reach such a stage (including production of a bankable
feasibility study (‘BFS’), permitting, construction, etc.) still remain, perhaps, 7
to 10 years away, such deferral considerably derisks the Project for
shareholders. Orosur, in exchange, will regain complete control of a now datarich, potentially world-class opportunity that is clearly much more valuable
than what was handed to the JV some years back.
Date: 11/03/2024
Following receipt of its Final Litigation proceeds, Nanoco now proposes to
return up to £33.0m to Shareholders. The Board has determined that, in order
to provide Shareholders with flexibility and choice, the most appropriate
means by which to return value is to conduct a Tender Offer (the ‘Tender
Offer’) at a fixed price of 24p/share (the ‘Tender Price’), which represents a
premium of 25.1% to the closing mid-market price per ordinary share on 8
March 2024, for up to £30.0 million. In addition, it also intends to return a
further sum of up to £3.0 million by way of an on-market share buyback of
ordinary shares (the ‘Share Buyback Programme’) to provide a continuing
value-accretive return of capital to Shareholders. The Tender Offer is for up
to 38.5% of the Group’s issued share capital (excluding those held in treasury),
with the follow-on Share Buyback Programme providing potential to acquire
a further 3.9% of its issued share capital (assuming it is undertaken at the
Tender Price). The Tender Offer is conditional on Shareholders’ approval, for
which a General Meeting (‘GM’) is to be held on 28 March 2024.
Date: 29/02/2024
Avacta has undertaken an equity Placing (the ‘Placing’), raising a total of
c.£25.7m new funding priced at 50p/share (the ’Offer Price’). The Placing,
which was conducted via an accelerated bookbuild (‘ABB’), comprises both
firm and conditional elements and includes a direct subscription by certain
Directors (the ‘Direct Subscription’). A separate offer of new shares to new
and existing retail investors at the Offer Price through the ‘REX’ platform (the
‘REX Offer’) is now underway. The majority of the net proceeds raised
through the Placing and Direct Subscription alongside the Group’s existing
(unaudited) cash resources (£16.6m as of 1 January 2024) will be used to
initiate and progress a Phase 2 efficacy study for the Group’s lead
pre|CISION™ clinical programme, AVA6000 for which, subject to FDA
approval, dose expansions and efficacy studies are expected to begin in 2H
2024 in the US. Considered to be a major value-driving event for Avacta, the
dose expansions are likely to be in several orphan indications, including soft
tissue sarcomas.
Date: 19/02/2024
Microsaic, on Friday 16 February, provided an update detailing progress
following its recent acquisition of certain assets and intellectual property of
the Modern Water business (the ‘Acquisition’), whose integration is going
ahead as planned. The same release also detailed new servicing
arrangements for the Group’s mass spectrometry (‘MS’) products, including
miniaturised PFAS (‘forever chemicals’) detection equipment that is built
around its 4500MiD® units and attracting significant market interest from
original equipment manufacturers (‘OEMs’) and suppliers. The Board is now
actively resetting both parts of the business, with a view to driving growth
and increasing efficiencies, with initial focus on point of need environmental
testing of water, including detection of toxic/potentially carcinogenic
chemicals.
Date: 16/02/2024
Orosur has announced a modest fundraise of £0.50m (gross) through an equity placing priced at 2.95p/share, together with a grant of one unlisted warrant (‘Warrant’) at 50% premium for every Placing share subscribed (together the ‘Placing’). With cash-in-hand of c.US$1.7m (c.£1.4m) at end-January 2024, the Group was already more than able to fund its corporate overhead into 2025. The additional funds, however, will enable it to complete its move away from the primarily passive phase it assumed since 2018 (during which exploration funding was provided through its major JV partners), to become an active explorer once again. Given that the uncertainty generated amongst the international mining community following the appointment of Gustavo Petro’s left-wing administration in 2022 has now largely receded, amid surging support for more right-leaning and more investment-friendly opposition parties, the timing looks good. Improved sentiment toward funding early-stage mineral exploration across Colombia, appears set to coincide with Orosur reclaiming 100% control of its flagship Anzá Gold Project (the ‘Anzá Project’).
Date: 15/02/2024
N4P has released a further, highly encouraging update from its ongoing in vitro siRNA research work. This demonstrates a strong beneficial effect on cellular inhibition from combined loading of EGFR (epidermal growth factor receptor) and PLK1 (Polo Like Kinase 1) onto the same Nuvec® nanoparticle, compared to single-dose siRNA when tested in PC9 lung cancer cells. The effect was seen to increase over time up to 48 hours in a number of repeat experiments, heightening each time according to the amount of siRNA applied. This news of course closely follows the Group’s 7 December 2023 release that also confirmed Nuvec®’s ability to be loaded with and concurrently deliver two (or more) different siRNA known to inhibit relevant oncology targets without changes to size or charge, which are two essential parameters for successful cellular uptake. Taken together, these results suggest forthcoming clinical validation could rapidly elevate Nuvec® and/or the Group’s LipTide® platform (which was recently secured through its Nanogenics Limited acquisition) into potentially lucrative third-party licensing/partnering opportunities.
Date: 05/02/2024
Aptamer has provided a first half trading update to 31 December 2023 in which it warns that the current year revenue target of £3m it set with release of its full year results to 30 June 2023 is now expected to be missed. Clear progress has nevertheless been registered since the Group confirmed its £3.6m (gross) fund raise and boardroom changes on 31 July 2023. Presently, it has over £1.4m of signed deals being processed through its laboratories along with c.£1.5m of pipeline opportunities considered to be at an advanced stage while, somewhat further out, two longer-term deals with big pharma could potentially crystalise into ongoing strategic relationships with c.£6m of value. The principal issue appears to be one of timing. Aptamer’s customer base is one that cannot be hurried, although the extent of high-level interaction encompassing a wide range of industry leaders through to smaller sector innovators suggests it is not a case of ‘if’ but ‘when’ more sizeable uptake of its highly specialised services gets underway.
Date: 16/01/2024
Microsaic confirms its acquisition of certain assets and intellectual property of the Modern Water business (the ‘Acquisition’) previously operated by the now delisted DeepVerge plc, the successful undertaking of a conditional equity fundraise (the ‘Revised Fundraise’) of c.£2.1m (gross) at 1.25p/share (representing a c.70% discount to the equivalent pre-consolidation closing mid-market price on 30 June 2023) and its restoration to trading on AIM. The net proceeds of the Revised Fundraise will be used to support the Group’s working capital needs as enlarged by the Acquisition as well as to fund the £100,000 consideration for the Acquisition. The assets being acquired include equipment for laboratory-based manufacturing of bio-reagents and the IP/rights to its water-related testing operations, but exclude the subsidiary’s voltammetry technology and facilities. Microsaic is also expected to discharge all intra-company debt (sum to be formally verified, although TPI estimates the outstanding sum owed by DeepVerge remains in excess of £1.3m) as part of the consideration for the Acquisition.
Date: 21/12/2023
Ironveld has released its final results for the 12 months ended 30 June 2023. While these detail financial and operational progress very much as expected for the period, yesterday’s Chairman’s Statement also confirmed negotiations to secure direct institutional funding are now well advanced. Expected to close in early 2024, this will enable much needed new investment in Group operations, including additional capital equipment at the Rustenburg smelter facility, which presents the best opportunity to maximise value through its substantial magnetite ore resource being processed into higher value metal products, specifically high purity iron (‘HPI’), high purity iron powders (‘HPIP’), vanadium slag and titanium slag. Meanwhile, following his appointment as Executive Chairman in early November, Dr John Wardle took the decision to preserve available cash by removing existing rented electrical generators with a view to replacing them with similar capacity, dual-fuel units on hire purchase early in 2024; leaving the smelter temporarily on a care & maintenance basis, which should deliver annualised savings of c.ZAR 40 – 50 million (£1.7 – £2.1 million).
Date: 18/12/2023
Nuvec®’s viability as a novel drug delivery system has taken a further step forward, with confirmation of its successful oral administration loaded with a DNA plasmid for ovalbumin. The oral route is significantly preferred by pharmaceutical groups and practitioners for both systemic and local drug delivery. Prospective advantages for those seeking to utilise the Group’s unique silica nanoparticle technology for drug and therapeutic developments targeting multiple diseases, include safety, good patient compliance, ease of ingestion and pain avoidance, etc. Moreover, coming shortly after N4P’s 7 December 2023 announcement that confirmed Nuvec®’s ability to be loaded with and concurrently deliver two (or more) different siRNA known to inhibit relevant oncology targets without changes to size or charge, which are two essential parameters for successful cellular uptake, forthcoming clinical validation presents potential for rapid elevation into lucrative third party licensing/partnering opportunities for both this and/or the Group’s LipTide® platform (which was recently secured through the Nanogenics Limited acquisition).
Date: 14/12/2023
Following yesterday’s market close, ValiRx announced a conditional equity placing plus conditional Directors/PDMR subscription (together ‘the Placing’) to raise c.£1.61 million (gross), through the allotment of new ordinary shares to new and existing holders at an issue price of 6p each. In addition to the Placing, the Group is also undertaking a separate conditional Retail Offer (the ‘Retail Offer’) to existing shareholders via the Bookbuild platform to raise up to £0.25 million (gross) at the same price (being a 23% discount to 12 December 2023’s closing), taking the total fundraising to as much as £1.86m (gross). The Board is seeking the necessary shareholder approval for issuance of the Placing Shares and Retail Offer Shares at a General Meeting scheduled for 4 January 2024. Dealings in the newly issued Shares are expected to commence, on or around 8 January 2024. The net proceeds of the Placing will be used both to accelerate exploitation of assets acquired from Imagen Therapeutics and to advance the Group’s preclinical product pipeline.
Date: 07/12/2023
N4 Pharma has released an update on its ongoing in vitro double-loaded siRNA research work. It is investigating the ability of Nuvec® nanoparticles to be loaded with and concurrently deliver, two different siRNA known to inhibit relevant oncology targets. Through application of multiple different constructs, it has demonstrated that such loading can be undertaken without changing the size or charge of Nuvec®, which are two essential parameters for successful cellular uptake. While the in vitro findings did highlight the complex nature of multiple pathway targeting, including an apparent reduction in knockdown of EGFR (epidermal growth factor receptor), it is significant that reduction in cell viability was always retained. As such, Nuvec® is demonstrating a highly innovative and much needed approach to more effective cancer treatments by reducing the ability for tumour escape.
Date: 29/11/2023
On the 24th November Distil, the premium drinks brands owner, conditionally raised £0.765m (gross) through a Placement and Subscription of new shares (together the ‘fundraising’) priced at 0.35p per Placing Share (the ‘Issue Price’).
Perhaps anticipated following publication of interim results on 12 October, which detailed cash reserves as of 30 September 2023 down to just £321,000, the fundraising is intended to provide working capital to enable Distil to service customers with stock throughout the busiest time of the year, as well as support increased promotion of its brands at point of sale. It will also provide an important springboard for growth planning through to the end of March 2025, which comprises the opening of the Blackwoods gin experience at Ardgowan, consumer brand activation at key events, development of premium line-extensions, limited-edition bottlings, and the launch of a new-to-world brand in an emerging category, which could take the business into an exciting new space for capturing sales.
