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Proactive news summary: Instem, Collagen Solutions, Summit Therapeutics and Chaarat Gold.

Published: 16:22 03 Feb 2016 GMT

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Today we reported that software services firm Instem (LON:INS) had raised £5mln after an oversubscribed placing.

It issued 2.5mln shares at 200p- a very small discount to the market price of the stock, which closed Tuesday night at 202p.

Instem, which provides software used to log clinical trials, said the proceeds would be used to further its acquisition strategy.

Meanwhile, Collagen Solutions (LON:COS) is to present at a prestigious business event in Scotland, where it will discuss innovation in the life sciences sector.

The Glasgow based company, which produces medical grade collagen, told investors that its presentation at the Scotsman Conference will take place on March 1.

Another date for your diary: Summit Therapeutics  (LON:SUMM), the drug discovery and development company announced that chief executive Glyn Edwards will present at the 18th Annual BIO CEO & Investor Conference on February 9 in New York.

A live audio webcast of the presentation will be available on the company website.

Over in mining, lower grades at the Chepica gold mine knocked revenues at Xtract Resources (LON:XTR) in the three months to end December despite a rise in the amount of ore present. Mill grades were 40% lower than expected at 1.65g/t and 8% below the previous quarter.

Additionally, Chaarat Gold (LON:CGH) unveiled its final draft results of a feasibility study for its gold  mine in the Kyrgyz Republic. The project was valued at around US$351mln and pointed to significant potential for improved economic returns from optimisation.

In other news, PCG Entertainment’s (LON:PCGE) chief financial officer Clive Hyman has had to step down due to ill-health, the online gaming group said today.

Richard Poulden, the company’s chairman, will take responsibility for the Asia-Pacific focused business’s finance operations until a replacement is found.

And finally... in a statement before Tuesday’s close, Madagascar Oil (LON:MOIL) told investors that its ongoing partnering process had not yet yielded any actionable proposals.

“There are a number of discussions ongoing, but it will take time to confirm whether any of these discussions can be converted into an executable deal and there is no guarantee that any of them will be consummated this quarter, as previously announced, if at all,” MOIL said.

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