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Beximco boosted by FDA thumbs-up

Last updated: 16:20 19 Dec 2016 GMT, First published: 09:14 19 Dec 2016 GMT

Diabetes

Rivalling the oil companies for time in the spotlight today were pharmaceuticals companies Beximco Pharmaceuticals Limited (LON:BXP) and Akers Biosciences Inc (LON:AKR, NASDAQ:AKER).

The former was up 12% as its Metformin Hydrochloride extended-release tablets for the treatment of diabetes got the all-clear from the US Food and Drug Administration (FDA).

Beximco’s product is the generic equivalent of Bristol-Myers Squibb’s Glucophase XR tablets.

Annual sales for Glucophage XR in the US were US$918 million for the twelve months ending 31 October 2016, according to data from IMS, the healthcare research group.

Bangladesh’s Beximco share price has doubled this year.

Akers Biosciences advanced 11% as it secured a landmark US agreement for its PF4 heparin allergy test.

The Greater New York Hospital Association (GNYHA) will introduce the drug to its network of 300 hospitals and two of these Kaleida Health and Kingsbrook Jewish Medical Center will carry out evaluations.

Heparin is one of the most widely used blood thinning agents, but in around 5% of patients the reaction reverses and can cause fatal blood clots.

Akers’s test can determine at the point-of-care if the patient may be at risk of developing this condition, known as HIT.

11.39 ...

While it remained the case that energy stocks were among the best performers in London this morning, so was the klunker of the day.

Canadian Overseas Petroleum Limited (LON:COPL) saw three-quarters of its stock market value as a highly-anticipated exploration well offshore Liberia proved to be a duster.

The recent drill tests carried out at the Mesurado-1 well by owner and oil super major ExxonMobil failed to find any hydrocarbons.

Before today’s news, the target had been estimated to host 1.78bn to 4.2bn of gross prospective recoverable oil resources.

COPL owns a 17% stake in the exploration project, though its share of the drilling costs is covered by Exxon.

Away from the energy sector, software outfit Arria NLG (LON:NLG), which earlier this month announced plans to list on the New Zealand exchange, NZX,  is to cancel its listing on Aim.

The natural language generation specialist’s shares practically halved to 7.55p as it said it would seek permission from shareholders on 20 January to cancel its Aim listing.

9.14 ...

Small cap oilers dominate the top-end of the leader-board early doors, with San Leon Energy PLC (LON:SLE) and Hurricane Energy PLC (LON:HUR) flying high.

San Leon has confirmed weekend press reports that it has received a bid approach.

Not much else to report at the moment, other than the usual caveats that a bid approach does not necessarily an offer will be made.

The market makers have stuck their fingers in the air, tested the wind, and marked San Leon shares up 11.125p to 54.25p, at which price the company is valued at about £240mln.

Watch San Leon Energy shares are in recovery mode and Zak Mir reckons they can reach 70p

Hurricane Energy PLC (LON:HUR) has done the equivalent of finding a tenner down the back of the sofa.

It said its Lincoln oil discovery is probably larger than it first thought.

The latest drilling has uncovered a ‘significant oil column’ estimated at 660 metres.

“After an already transformational year for the company, Hurricane has announced another material fractured basement discovery following the completion of drilling the Lincoln well,” noted broker Cantor Fitzgerald.

“The well discovered a significant oil column outside structural closure on the company’s Greater Lancaster Area acreage. The company’s current analysis indicates that its pre-drill resource assessments - which were constrained by the oil down to in the Arco Well - of approximately 250MMbo [millions of barrels of oil] for the Lincoln prospect may be conservative,” Cantor said, as it reiterated its 69p price target.

Shares rose 15% to 48.1p.

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