Faron Pharmaceuticals Ltd (LON:FARN) shares received a boost after saying the US Food & Drug Administration has proposed that the group can proceed directly to Biologics License Application (BLA) submission pending positive results from the two on-going Phase III trial results for Traumakine.
The FDA proposed in a letter that, subject to the agency being satisfied with data, the BLA application for Traumakine – its treatment for Acute Respiratory Distress Syndrome (ARDS) – can be filed purely with data obtained from the ongoing trials running in Europe and in Japan.
"This important feedback potentially speeds up the regulatory approval process in the US and brings us one step closer to delivering Traumakine to patients in the world's largest pharmaceutical market,” said Faron’s chief executive, Dr Markku Jalkanen.
Shares edged up 2.14% to 715.0p.
Russia-focused gold miner Highland Gold Mining Ltd (LON:HGM) saw its shares fall 1.97% to 161.50p as it reported a decline in first half earnings.
Underlying earnings (EBITDA) dropped 8.1% to US$73.2mln, due to a stronger rouble against the dollar, higher production costs and low-grade ore at its Belaya Gora mine.
Total revenue was broadly flat at US$147.2mln while total production at its Mnogovershinnoye , Novoshirokinskoye and Belaya Gora mines increased 2.4% to 131,784 ounces of gold and gold equivalent.
The company repeated its forecast for total production of gold and gold equivalent of 255,000-265,000 ounces for the full year.
3.00pm: Malvern International boosted by Oxford University Press parternship
Learning technology provider Malvern International PLC (LON:MLVN) shares were up 12.84% to 2.68p after announcing a collaboration with Oxford University Press.
Under the partnership, Malvern’s wholly-owned subsidiary Malvern House International Limited (MHIL) will use Oxford’s content to develop a mobile application game for learning English.
MHIL and Oxford will co-brand the mobile app, which is expected to be rolled out in the first half of 2018.
“We are delighted to have entered into this agreement with a credible partner which allows us to access their resources, expertise and brand whilst we continue to push forward our key strategy of digital innovation,” said Sam Malafeh, deputy chief executive of Malvern.
“Mobile games are part of the daily mobile experience for most and gamification is widely being used to enhance the learning experience.”
2.15pm: Science Group rallies on acquisition of Technology Sciences Group
Science Group PLC (LON:SAG) rallied as it said it was buying Technology Sciences Group Inc (TSG) from Dentons Innovation Group US.
The company, which supplies independent advisory and advanced product development services for science and technology initiatives, will pay an initial consideration of US$17mln for TSG.
A deferred consideration of US$0.75mln will be paid in December 2019, subject to certain conditions.
Science Group said it will use existing cash resources to fund the acquisition, which is expected to be completed over the next few days. One-off integration costs will be incurred in the current financial year but are not expected to exceed £1mln.
“The acquisition of the TSG business is highly complementary to Science Group's existing operations (particularly the international food & beverage regulatory services in Leatherhead Food Research), strengthening the group's offerings in a number of market sectors, increasing the scale of the US operations and establishing a significant Continental European footprint,” the group said.
Shares gained 7.69% to 210p.
Legendary Investments plc (LON: LEG) shares fell 7.41% to 0.12p after swinging to a full year loss.
The net loss in the year to 31 March was £281,000, compared to a net profit of £2.1bn, as the gain on the fair value of investments fell to £45,000 from £2.4mln last year. This was driven by tech firm Virtual Stock not returning the same gains seen in 2016.
During the period, the company divested its stake in London-listed companies Sula Iron & Gold PLC and Oracle Coalfields PLC.
12.45pm: Advanced Oncotherapy climbs on progress of LIGHT proton therapy system
Advanced Oncotherapy PLC (LON:AVO) shares climbed after saying it is on track with the development of its LIGHT proton therapy system for treating tumours.
The company, which develops next-generation proton therapy systems for cancer treatment, said it expects the first system to be capable of treating superficial tumours by the end of the third quarter of next year.
The firm told investors that it has successfully integrated the first Side Coupled Drift Tube Linac (SCDTL) accelerating module with the Radiofrequency Quadrupole and proton source. This allows the group to fire the proton beam – which is what will attack the cancerous cells – at 7.5 megaelectronvolts (MeV), higher than the 5MeV it had generated earlier this year.
Shares grew 7.88% to 17.80p
Michelmersh Brick Holdings shares dipped 2.73% to 96.78p as it reported a drop in first half profits and swung to a net debt position on the back of its £31.2mln takeover of Carlton Main Brickworks.
Pre-tax profit fell to £2.4mln from £2.6mln, as expenses rose 7% on its £31.2mln purchase of Carlton, higher employment costs and cost inflation.
Turnover, however, rose to £16.2mln from £15.3mln, supported by an increase in average selling prices and a seven-day contribution from Yorkshire-based Carlton.
The integration of the newly acquired business is on track and is expected to boost second half earnings.
11.45am: Aminex edges higher as it triples estimate of gas resources at Ntorya
Aminex plc (LON:AEX) shares edged higher as it nearly tripled its estimate of gas resources at the Ntorya gas project in Tanzania.
The group’s new estimate sees some 1.3 trillion cubic feet of gas initially in place, up from prior estimates of 466 billion cubic feet.
Aminex said the upgraded 1.3 TCF estimate still only covers the Ntorya appraisal area and does not account for any of the resource potential in the surrounding exploration acreage.
Shares increased 11.20% to 5.03p.
PHSC PLC (LON:PHSC) shares climbed 9.09% to 12.0p after saying chief executive, Stephen King, raised his stake in the company to 21.73%.
The provider of health, safety, hygiene and environmental consultancy services and security to public and private sectors said King bought 40,000 ordinary shares at 10p each.
Tern shares declined 12.77% to 5.89p as the investment company focused in the internet of things market swung to a loss in the first half.
The pre-tax loss stood at £469,116, compared to a profit of £4.5mln in the year-ago period, reflecting a £4.8mln gain from the movement in fair value on its investments last year.
Total assets fell to £11.0mln from £11.5mln at the end of 2016 due to a lower cash balance at 30 June.
10.30am: Bioventix shares rise as it sees annual results ahead of market forecasts
Biotech firm Bioventix PLC (LON:BVXP) shares shot up 11.50% to 2,447.50p after saying it expects full year revenue and pre-tax profit to be ahead of market forecasts.
In a brief trading update, the company said revenue for the year to 30 June are estimated to be “marginally in excess” of £7mln, compared to £5.5mln last year.
Bioventix, which supplies high affinity sheep monoclonal antibodies for use in diagnostic applications such as clinical blood testing, will publish its results on 17 October.
88 Energy Ltd. (LON:88E) shares slipped 20.90% to 1.94p as it told investors only minor hydrocarbon indications have been observed in initial results following the start of flow testing in the Icewine-2 well .
Analysis of pressure data has also indicated that there has been only a limited connection to hydrocarbon reservoir before the past 24 hours.
A week after restarting flow back operations the Icewine-2 is presently flowing back frack fluid at a rate of 70 barrels of oil per day.
9.30am: Blancco Technology shares fall on profit warning
Blancco Technology Group PLC’s (LON:BLTG) shares dropped 26.73% to 74p after issuing a profit warning and announcing the departure of chief executive Pat Clawson with immediate effect.
The group, which supplies mobile device diagnostics and secure data erasure products, has decided to reverse £2.9mln of revenues from two contracts that had previously been booked.
It now expects revenues for the financial year ended 30 June 2017 to have increased by about 29% over the prior year, or 15% in constant currencies, meaning that adjusted operating profits will be no lower than £2.6mln and adjusted earnings (EBITDA) not less than £4.1mln.
Interim chief financial officer, Simon Herrick, will take over from Clawson on a temporary basis.
Going the other way, UK investment firm Octagonal PLC (LON:OCT) shares gained after saying full year revenue and profit growth at its wholly-owned subsidiary Global Investment Strategy (GIS) exceeded expectations.
In the year to 31 March, GIS reported revenue of £5.6mln, up 33.3% on the previous year. Operating profit surged 144% to £1.9mln and pre-tax profit jumped 65% to £1.3mln.
GIS, which provides global settlement and safe custody services to investors, will seek shareholder approval to re-organise its capital by writing off its share premium account and deferred shares in order to provide sufficient retained earnings to pay a dividend.
The group added that it does not expect the long-term implications of Brexit having a material impact on its business as the group’s income is mostly derived outside the EU.
“We remain very optimistic that the measures we have put in place will see this business grow further this year and increase profitability.”
Shares rose 21.06% to 2.63p.
Other Proactive news headlines:
88 Energy Ltd (LON:88E) has provided some initial results following the start of flow testing in the Icewine-2 well, but, as the programme continues, decisive answers are still awaited. The company told investors that the well is presently flowing back frack fluid at a rate of 70 barrels of oil per day. Only minor hydrocarbon indications have been observed, via formation of gas hydrates within the choke manifold, 88 Energy added.
Sound Energy PLC (LON:SOU) told investors that it has received an offer for funding for its eastern Morocco gas project. The indicative non-binding proposal comes from Advisory & Finance Group (AFG), a Moroccan financial institution that funds OGIF (which was Sound’s partner and is becoming a major shareholder).
Amryt Pharma PLC (LON:AMYT) said a product that it licensed the rights to is performing better than expected. Lojuxta treats a rare and life-threatening condition called Homozygous Familial Hypercholesterolemia, which causes abnormally high levels of bad cholesterol.
Solo Oil PLC (LON:SOLO) has got a significant boost for its flagship Tanzania gas project, where partner Aminex PLC (LON:AEX) has almost tripled its estimate of gas resources. Aminex, in a stock market statement, told investors that its new estimate sees some 1.3 trillion cubic feet of gas initially in place at the Ntorya project, up from prior estimates of 466 billion cubic feet.
InnovaDerma PLC (LON:IDP) said it expects to expand the retail distribution of its hugely popular Skinny Tan range in Ireland after its success in Boots stores there. The product, which is said to contour and reduce the visible appearance of cellulite as well as being a bronzer, was only stocked in Boots’ stores in the Republic last month.
Michelmersh Brick Holdings PLC (LON:MBH) reported a 6% increase in first half turnover and said it expects a strong second half following its acquisition of Carlton Main Brickworks. The brick maker said turnover in the six months ended 30 June 2017 rose to £16.2mln from £15.3mln the same period a year earlier, supported by an increase in average selling prices and a seven-day contribution from Yorkshire-based Carlton.
BB Healthcare Trust (LON:BBH) has kicked off a funding to take advantage of what it says are a pipeline of opportunities in the biotech space. The issue will comprise a Placing, Offer for Subscription and Intermediaries Offer, it said today, with the aim to complete the funding by the end of the month.
Advanced Oncotherapy PLC (LON:AVO) shares soared at the opening bell on Monday after the company confirmed it is on track with the development of its first LIGHT proton therapy system. The AIM-quoted group said it still expects the first system to be capable of treating superficial tumours by the end of the third quarter of next year.
Radiation detection specialist Kromek Group PLC (LON:KMK) has secured a five-year contract worth US$2mln, adding another new customer to its books in the process. The deal comes just a few weeks after the AIM-quoted firm announced a multi-year contract award with a medical diagnostics client.
One of BATM Advanced Communications Ltd's (LON:BVC) subsidiaries has inked a five-year framework agreement with a national defence agency worth up to US$35.8mln. High-end software developer NGSoft – which is wholly-owned by BATM – will provide various ICT services and solutions to the unnamed agency over the course of the next five years.
Union Jack Oil PLC (LON:UJO) boss David Bramhill told investors to expect a ‘particularly active’ next six months. The UJO chairman’s comments come in the UK focussed junior oiler released first half results, in which it highlighted that it remained debt free and had around £1.9mln of cash.
Premier African Minerals Limited (LON:PREM) has drilled a further 16 holes at the Zulu lithium project, and has now sent samples off for assay. Visual indications are that the new drilling will confirm continuity of mienralisation to the south of the Main Zone at Zulu.
Eurasia Mining PLC (LON:EUA) is making progress towards submitting the production license application for its Monchetundra platinum group metals project in Russia. So far, all necessary contracts covering mine design, blasting, mine surveying, ecological monitoring and land rehabilitation have been assigned to third parties, a necessary step towards a successful mining license application.
Midatech Pharma PLC (LON:MTPH )(NASDAQ:MTP) has submitted a clinical trial application (CTA) for a first human study of its MTD201 programme to treat rare carcinoid cancer and acromegaly. In a statement, the AIM-listed company said it expects to enter the clinic in the fourth quarter of 2017, pending regulatory approval to conduct the clinical trial, which is expected shortly.
NetScientific PLC (LON:NSCI) has announced that its portfolio company, ProAxsis is now able to initiate sales of its NEATstik® product throughout Europe, having successfully registered the product with a CE Mark.
ANGLE PLC (LON:AGL) has highlighted the publication of independent research which further demonstrates the key advantages of its Parsortix system in the treatment of cancers. The AIM-listed firm, said the research published by the Heinrich Heine University of Duesseldorf demonstrated the measurement of key proteins in breast cancer using Parsortix, which may advise therapy decisions in breast cancer treatment.
Great land Gold PLC (LON:GGP) is all set to begin exploration at its Panorama project in Western Australia in early October. The exploration focus will be on working up potential cobalt and gold mineralisation. The key objective is to outline and refine the primary target areas for further detailed ground work and potential drilling campaigns.
Avocet Mining PLC (LON:AVM), on the other hand, slumped after revealing that its subsidiary Société des Mines de Bélahouro SA (SMB) faces potential insolvency.
The company said SMB, which operates the Inata gold mine in Burkina Faso, and its creditors unable to agree an extension of a standstill agreement to explore strategic options.
Avocet added that it was unclear whether an agreement on a restructuring of the balance sheet can be reached before SMB has exhausted all available sources of financing.
“The boards will consider all available options, including the potential filing of an insolvency petition by SMB. No decision regarding whether or not to file for insolvency has been made at this time.”
Shares fell 17.44% to 29.0p.
Sunrise Resources PLC (LON:SRES) was on the front foot after saying it has started to prepare samples of cement subsitute pozzolan for potential customers as drill assays confirmed commercial quantities at its CS deposit in Nevada.
Preliminary results showed thick intervals of pozzolan and perlite-pozzolan, while tests on material from the Tuff Zone, which has been given priority by Sunrise, showed it comfortably met the international standard.
A number of meetings have been held with potential US customers for both perlite and pozzolan and samples are being readied to be submitted to interested parties for their internal laboratory testing.
Shares jumped 16.88% to 0.18p.