Nanoco Group PLC (LON:NANO) said it will receive a £1.8mln payment from an undisclosed US partner, pushing its shares up more than 5% to 47p.
The company, which develops cadmium-free quantum dots and other nanomaterials, said the payment comes after completing an “important milestone” in a material development and supply agreement announced in February.
“We remain confident in meeting our timelines to begin commercial supply and in addition, delivering on the expansion of our US partnership recently announced,” said chief executive Michael Edelman.
The US partner is funding the capital expenditure required to expand the manufacturing capabilities of Nanoco's existing Runcorn facility. This will allow Nanoco to supply the partner with commercial volumes of product.
Faron Pharmaceuticals Oy shares plummeted 84% to 114p after reporting disappointing results from a phase III trial of its flagship Traumakine drug for acute respiratory distress syndrome (ARDA).
The treatment did not lead to an increase in the number of ventilator free days or a reduced mortality rate compared to a placebo.
The phase III trial tested the drug as a treatment for moderate to severe ARDS, which has a mortality rate of between 30% to 40%.
“We are incredibly disappointed and surprised by these results,” said chief executive Markku Jalkanen.
The company also reported a wider pre-tax loss for 2017 due to higher research and development spend.
2.00pm: RHI Magnesita boosted by first quarter revenue beat
RHI Magnesita N.V. (LON:RHIM) shares received a boost after reporting first quarter revenue growth that beat its expectations.
The supplier of refractory products, systems and services said revenue for the first three months of the year was €745mln, 23% higher than the same period a year ago.
Operating underlying earnings (EBITDA) jumped 70% on a constant currency basis to €113mln.
Results were supported by robust steel production in South America and high margin order intakes in the industrial division.
Shares rose 6.1% to 4,828p.
Tern PLC (LON:TERN) shares edged lower after the internet of things investor announced a £1.75mln equity fundraising.
The company said it would place more than 9.4mln shares at a price of 18.50p each.
Net proceeds will be used to provide additional finance to develop businesses within the group’s existing portfolio and to invest in new companies.
Shares dropped 4% to 25.5p.
12.40pm: Empyrean Energy gains on positive test results from Dempsey well
Empyrean Energy Plc (LON:EME) was on the front foot after saying the Dempsey well in the Sacramento basin, onshore California, achieved “commercial gas flows” in testing.
The company said the well tested a “very encouraging flow rate” of 1mln cubic feet of gas per day from the Kione Zone in the Dempsey well.
"A commercial gas flow from this particular Kione sand is positive news for the Dempsey Well and the JV partners,” said Tom Kelly, Empyrean chief executive.
Shares gained 5.8% to 13p each.
Industrial and commercial equipment supplier H.C. Slingsby PLC (LON:SLNG) reported a wider loss before tax for 2017, sending its shares down 5.5% to 85p.
The company reported a loss before tax of £1mln last year compared to £0.7mln the previous year, reflecting an impairment on a freehold property at Baildon.
“In view of the loss in 2017 and the uncertainty around the pension fund commitments, the board is unable to recommend a final dividend for the year (2016: GBPnil),” the company said.
The group added that first quarter sales in 2018 are 6% lower than the previous year as large orders that it benefitted from last year have not recurred amid tough market competition.
11.00am: Prospex Oil and Gas declines as it writes down investment in Kolo
Prospex Oil and Gas PLC (LON:PXOG) shares slipped over 6% to 0.45p after saying it will write down its investment in the Kolo Licence in Poland.
Strzelecki Energia Sp zoo, a subsidiary of Strezlecki Energy Holdings UK Ltd, in which Prospex hold a 49% stake has decided not to extend the licence into the second exploration period.
Prospex said the well has already led to an impairment of its investment in Kolo and will be being written down to zero as a result of the relinquishment of the licence, either at end of 2017 or 2018 half year.
SDX Energy Inc (LON:SDX) announced it has started to drill its Kelvin-1X exploration well at South Disouq, Egypt, sending its shares up 9% to 69p.
Kelvin-1X is the second well in the company's 2018 four-well exploration and appraisal drilling campaign at South Disouq. The drilling of the well aims to confirm the potential material upside that is expected within the concession.
The drilling is expected to take 30 days and if successful, will be completed, flow tested and connected to the infrastructure being developed at the SD-1X discovery location.
9.30am: Challenger Acquisitions shares lifted by CEO share purchase
Challenger Acquisitions Limited (LON:CHAL) shares rallied after revealing chief executive Mark Gustafson bought shares in the business.
Gustafson purchased 750,000 shares in the company on May 2 and a further 1.25mln shares on May 4, with both transactions made at a price of 0.3p per share.
Shares rose 20.9% to 0.4p.
Shares in Arix Bioscience Plc (LON:ARIX) gained after the healthcare and life science company said its largest business holding Autolus Therapeutics Limited plans to float in the US.
Autolus intends to apply to list its shares on the Nasdaq Global Market under the ticker symbol AUTL.
Shares increased 11% to 210p.
Wey Education PLC (LON:WEY) shares dropped as it said it is on track to meet expectations for full year profit but on “lower than previously planned” revenues.
The educational services company said growth in profit margins offset a shortfall in sales.
Shares declined 13% to 23p.
CatCo Reinsurance Opps Fun Ltd (LON:CAT) shares slumped 13% after saying hurricanes and wildfires in the US had a significant impact.
The group intends to increase the specific loss reserves it holds in relation to the ordinary shares for these 2017 “loss events”.
It estimates a 19.5% impact on its net asset value and a 14% deterioration in its 2017 annual share performance.
Proactive news headlines:
Challenger Acquisitions Limited (LON:CHAL) jumped nearly 12% higher on Tuesday, boosted by news of share buying from its chief executive. In a statement, the AIM-listed firm said it has been notified that Gustafson purchased 750,000 shares in the company on May 2 and a further 1,25mln shares on May 4, with both transactions made at a price of 0.3p per share.
SDX Energy Inc (LON:SDX) followed the long weekend with not one but two updates from its busy drilling campaign. In Morocco, it has revealed that the LMS-1 exploration well has unearthed a new conventional natural gas discovery within the 75% owned Lalla Mimouna permit, meanwhile, in Egypt, the company has started drilling the Kelvin-1X exploration well at the South Disouq project.
Greencoat UK Wind PLC (LON:UKW) has exercised an option to increase its stake in Clyde Wind Farms to 28.2%. The wind power specialist will pay £114.2mln to be funded by a placing at 117p to raise up to £118.8mln.
OptiBiotix Health plc (LON:OPTI) is to show off a range of new SlimBiome products and the latest research data on its LPLDL heart health products at a prestigious industry conference in Switzerland next week.
Faron Pharma Oy (LON:FARN) said its lead drug did not meet its goals for efficacy following the initial read-out from its phase III INTEREST study. Chief executive Dr Markku Jalkanen said he and the company's R&D team are now "considering how we can advance Traumakine in clinical development".
HemoGenyx Pharmaceuticals PLC (LON:HEMO) has entered into a collaboration agreement with the Rockefeller University to use its new type of humanized mice for autoimmune disease modelling in an effort to develop new treatment for autoimmune diseases, specifically Lupus.
Advanced Oncotherapy PLC (LON:AVO) has signed a lease with the UK Government’s Science and Technology Facilities Council (STFC) to establish a testing and assembly site for its LIGHT proton accelerator at the STFC Daresbury Laboratory in Cheshire.
Bloomsbury Publishing PLC (LON:BMY) said audio stories from its music business-focused imprint, 331/3, are to be available on music streaming service Spotify.
Motif Bio Plc (LON:MTFB) (NASDAQ:MTFB) said two abstracts related to its flagship antibiotic iclaprim will be the focus of poster presentations at the American Society for Microbiology Microbe conference being held in Atlanta from June 7. The first will outline efficacy data from two phase III clinical trials of the drug in patients with acute bacterial skin and skin structure infections (ABSSSI).
Custodian REIT PLC (LON:CREI) has announced the disposal of a 15,229 square feet five-unit retail development in Stourbridge for £2.25mln, in line with the 31 March 2018 valuation. The UK property investment company said the property was part of the initial portfolio acquired on the company’s admission to the London Stock Exchange in 2014.
Providence Resources PLC (LON:PVR) has updated investors on it exploration plans for the Newgrange project, off Ireland’s West Coast. The Newgrange exploration partners have now hired Gardline to carry out a new 2D seismic data gathering programme, to examine the crest of the prospect and to provide additional data to support permitting for a future exploration well.
Highlands Natural Resources Plc (LON:HNR) has spudded the sixth and seventh wells at the East Denver Niobrara shale oil and gas project in Colorado.
The boss of AIM-listed oil and gas company Tower Resources PLC (LON:TRP) has hailed the “substantial progress” made towards the end of last year.
Vast Resources PLC (LON:VAST) has highlighted “another record quarter” for the group’s Pickstone-Peerless gold mine in Zimbabwe, where overall gold production and sales increased by 4% and 14% respectively.
KEFI Minerals plc (LON:KEFI) intends to raise more than previously indicated through bond and share issues for the construction of its Tulu Kapi gold mine in Ethiopia. The formal mandate process for the listed infrastructure bonds has now started, though the loan funding is now expected to be US$160mln up from US$150mln, while the amount of equity rises to US$50mln from US$40mln.
Coinsilium Group Limited (AQSE:COIN), the blockchain venture builder, advisor and investor that finances and manages the development of early-stage blockchain technology companies, announced that it has sold 100,000 ordinary shares in the Company from treasury at 9p per share.
Scancell Holdings Plc (LON:SCLP), the developer of novel immunotherapies for the treatment of cancer, said it received valid acceptances in respect of 10,142,838 open offer shares representing 60.9% of the maximum available. The company said it has therefore conditionally raised gross proceeds of approximately £1.2mln through the open offer and gross proceeds of approximately £8.7mln in total via the open offer and placing and subscription combined, that it launched on April 18.
Midatech Pharma Plc (LON:MTPH) (NASDAQ:MTP), the international specialty pharmaceutical company focused on developing and commercialising products in oncology, has reconfirmed in a US Securities and Exchange Commission filing that it is unaware of the reason for the recent trading activity in the company's securities. As previously disclosed, the group said, it is reviewing a range of options to meet its cash flow needs, including non-dilutive financing and/or other strategic alternatives.
Collagen Solutions PLC (LON:COS), the developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life, has confirmed that it will be exhibiting at the prestigious ESSKA conference being held in Glasgow between 9-12 May. The firm said it will be primarily highlighting the recent positive data reported for its most advanced regenerative proprietary product, ChondroMimetic, an arthroscopic, single-surgery, cost-effective solution for osteochondral defect repair.
IronRidge Resources Limited (LON:IRR) has announced that it will be attending the RIU Resource Round-Up conference in Sydney, which takes place between 8 May 2018 and 9 May 2018 at The Sofitel Sydney Wentworth, 61-101 Phillip Street, Sydney NSW 2000. The company said it has also today uploaded its updated corporate presentation to the Investor Relations section of its corporate website.