There was plenty of news from the pharmaceutical sector today but pride of place goes to Plethora Solutions (LON:PLE).
Its shares shot up 155% after it was announced that Jim Mellon’s Regent Pacific, already a 29.88% stakeholder, had agreed to acquire all the company’s shares for £102.9mln.
Via a share-based offer Hong Kong listed Regent is effectively paying 12.5p per Plethora share. Shareholders will receive around 15.7 Regent shares for each share they own.
Another feel good story comes from Clinigen (LON:CLIN), which said its Idis arm will manage a programme that will give young children with brain cancer access to a treatment not yet commercially available in certain countries.
Idis is teaming up with United Therapeutics Corporation, developer of UNITUXIN, which is given via injection.
ImmuPharma (LON:IMM) is gearing up to recruit 200 patients to its pivotal phase III clinical trial of Lupuzor, its potential breakthrough drug for the life-threatening autoimmune disease, Lupus.
The study, being carried out with the help of clinical research firm Simbec-Orion, will take place at 45 different sites – 10 in the US, 35 in Europe.
Akers Biosciences (LON:AKR, NASDAQ:AKER) said its breakthrough heparin allergy test has been given the regulatory green light in China.
The nod from the country’s Food & Drug Administration means Akers’ rapid assay is the only approved test for antibodies associated with a condition called heparin-induced thrombocytopenia.
Allergy Therapeutics (LON:AGY) will later this month present data on its patented technology used in novel vaccines at the World Vaccine Congress in Madrid.
The conference takes place between November 9 and 11, and the company describes it as “an outstanding opportunity” for scientific debate and dialogue among industry specialists.
Cancer test developer VolitionRx (NYSE:VNRX)) expects the final results from its 4,800 patient colorectal study early in 2016.
Initial results from the study published in September were encouraging, with a 67% detection rate for adenomas and higher percentages for other early and late stage CRC incidences.
For the quarter to September, VolitionRx reported a net loss of US$2.96mln, or $0.16 per share, compared to a loss of US$5.89mln, or $0.44 per share a year ago.
Cash and cash equivalents at the end of September totalled US$6.85mln.
Natural insecticide group TyraTech (LON:TYR) will use the proceeds of a £3.2mln funding to grow head lice treatment Vamousse and kick-start a new animal-focused product.
Shares will be placed at 3p per share with £1.2mln of the money earmarked for Vamousse for marketing support in the US and UK and geographic expansion in Germany and Australasia.
A further £1mln will be spent on the PureScience range, which is aimed at animal production facilities, with poultry producers the initial target. The remainder will be used across the business generally.
Moving on to the commodities plays, Gemfields' (LON:GEM) first quarter trading update has revealed an improved performance at the Kagem emerald mine and rising sales at the Fabergé jewellery business.
Chief executive Ian Harebottle described it as a “very positive start” to the new financial year.
Berkeley Energy (LON:BKY) hailed an updated pre-feasibility study for its Salamanca uranium project that included the Zona 7 deposit as an 'outstanding' result.
The inclusion of Zona 7 increased the mine life from eleven to eighteen years and reduced operating costs to US$15.60 per pound from US$24.60, he said, making it one of the lowest cost producers anywhere.
Up-front capital expenditure for the first phase of production has also been reduced to US$81.4mln from US$95.1mln due to Zona 7’s lower costs and the weak euro against the dollar.
Magnolia Petroleum (LON:MAGP) has kicked off a ten well drill programme in Oklahoma has now kicked off.
The AIM-quoted company has a 0.525% interest in each of the ten wells, which are targeting the proven Woodford formation in the South-Central Oklahoma Oil Province, also known as the SCOOP play.
Savannah Resources (LON:SAV) has started drilling the best copper/gold targets identified around the Aarja Prospect in Block 4 in Oman through a magnetic survey.
The junior can earn a 65% stake in the block through its exploration programme, which will target the Aarja, Zuha and Gaddamah prospects.
Kibo Mining (LON:KIBO) has secured a new short term loan facility with Sanderson Capital Partners for US$500,000.
The cash, available for three months, provides funds whilst the company awaits the release of monies raised in a placing earlier this year via Hume Capital, which is in administration.
Copper explorer Metminco (LON:MNC ASX:MNC) has raised A$1.2mln (£0.55mln) through a placing and warrant subscription for more exploration at Los Calatos in Peru.
Most of the funds came from the placing, with new shares issued at 0.2p per share and fund exploration on a target adjacent to main deposit.
President Energy (LON:PRES) has revealed plans for a restructuring of the group’s finances, which will include a US$5mln share subscription.
New debt arrangements will see the group’s current loan with IYA Global reduced to US$7.1mln from US$11.1mln, via the re-designation of US$4mln into a separate loan that can be converted into equity by the end of April 2017.
We finish with a quick bit of globe-trotting, starting with Africa where low-cost carrier fastjet (LON:FJET) said the recent presidential election in Tanzania meant its flights were not as busy as previous months.
Passenger numbers in October were 73,758, down slightly on September, with a load factor of 63%. Travellers on fastjet’s first two flights out of its new base in Zimbabwe were included in the total.
In Asia, the board changes announced last month by theme park ticketing group Galasys (LON:GLS) have been challenged by the two individuals who left the board.
Having received conflicting legal advice to date, the directors (excluding the plaintiffs) have unanimously agreed to appoint an independent firm of solicitors to help them resolve the situation.
Stateside, Forbidden Technologies (LON:FBT) is to see an immediate boost to revenues as a result of its new contract with US television production company Leftfield Entertainment.
The company has also told Proactive Investors that the deal, its first with a major US customer, will be a key driver through 2016 as Forbidden’s Cloud-based video editor Forscene is rolled-out across Leftfield’s projects.