A relatively calm last week following the Bank Holidays, though the FTSE closed some 70 points lower at 5,655, whilst the AIM All share closed at the same level of 781 points. News this week has seen UK Inflation for March rising to 3.5 per cent from 3.4 per cent in February as measured by the CPI, whilst Spain announced a 6 per cent increase in the cost of borrowing, whilst the US saw retail sales grew at a faster-than-expected pace in March. The week ahead sees the IMF World Economic Outlook, MPC minutes, and retail sales figures for the UK all being announced.
ABH contract with TransGenRx Inc., AGL Parsortix update, BIOM Preliminary Results, CICR Trading update, CLF Full year results, DDD Results announcement, EKT Results announcement, FDP New contract, FIP Interim results, GEMD Interim Statement, GTC Licence & Other Collaborations, NAK Trading Update, LSIC Kidney Transporter approved for launch in Brazil, MDM Trading Update, MTA Strategic Investor & Placing, NAK Singapore launch and opening of Nakama Search, NETD Contract win, NPT Trading Update, ODX Trading update, ORCP Mining Lease, OXB Completion of Phase I/II Study, PKG results announcement, PLE Preliminary Results, POS Contract Win, RIS De-listed / Matching Facility , SEE Appointment of Chairman, SCLP SCIB1 Clinical Trial Update, SUMM Four key announcements, THAL Partial Bid for RSI, TRT Significant breakthrough for IntelliSAW and Translogik, UBI New deployment , USOP PL Delisted from PLUS Exchange, VAL Agreement and Placing
Angel Biotechnology Holdings (LON:ABH)
The biopharmaceutical contract manufacturer this morning announced that it has agreed a contract with TransGenRx Inc. (Baton Rouge, USA) for the development and scale up of a recombinant interferon product. The purpose of the contract is to attain acceptable expression levels on which to establish a Good Manufacturing manufacturing process (GMP), which would then be conducted by Angel. This development work for TransGenRx will take place at Angel's GMP facility at Cramlington and will have a value in excess of £800,000. Dr Richard Cooper, CSO, "TransGenRx Inc.", said: "...We are confident this will be the first of a number of projects that we would like to progress with Angel".
Angle this morning announced that it has achieved another important milestone by confirming that its Parsortix cell separation device can capture cultured ovarian cancer cells.
The ability to capture ovarian cancer cells creates the possibility of developing an effective, non-invasive screening technique to enable the early diagnosis and monitoring of ovarian cancer. ANGLE has previously demonstrated that its Parsortix separation technology can capture cultured breast cancer, prostate cancer, lung cancer and colon cancer cells added to blood (spiked blood). New experiments have shown that the Parsortix separation technology can also capture cultured ovarian cancer cells. This is a further important step towards demonstrating that the Parsortix separation technology can capture any solid tumour cancers without the need for modification or dependence on cancer specific antibodies, unlike existing antibody affinity based technology. Development of the Parsortix separation technology is proceeding to plan and the next key milestones are validation of the separation device for other cancer types; the development of new separation device designs to allow ease of use in the laboratory addressing critical factors of increasing the volume of blood that can be screened and the speed of blood flow through the device; independent third party validation of the performance of the Parsortix CTC separation device by leading cancer research centres including the Paterson Institute for Cancer Research; and the development and launch of the Parsortix cancer diagnostic product for research purposes, with initial sales to cancer research centres and pharmaceutical companies developing cancer drugs.
Biome Technologies (LON:BIOM)
Biome Technologies announced its Preliminary Results for the year ended 31 December 2011. Group revenue was up 42 per cent to £19.1m, loss from operations reduced to £1.0m (2010: loss £1.9m), ahead of expectations and the closing Group cash position was £2.4m. A two year debt facility of up to £2.0m agreed in May 2011 will support the continued growth of the Group. The Board was strengthened with the appointment of Declan Brown as Group Finance Director.
CIC Mining Resources (LON:CICR)
CIC Mining Resources the consulting and advisory firm, announced recently that it is in discussions with a number of its clients with a view to listing companies in which it holds minority interest on an appropriate stock exchange in the next two years. As part of its fee for its advisory services, the Company typically earns an equity interest in the client company and as a result of this strategy CIC has built a significant portfolio of minority interests.
Cluff Gold (LON:CLF)
Cluff Gold, the dual AIM/TSX-listed West African gold mining Company, has reported a 92 per cent improvement in EBITDA in 2011 supported by strong gold production from the Kalsaka mine in Burkina Faso. It also increased its cash position by 38 per cent. The Kalsaka mine exceeded production guidance for the second consecutive year at 71,500 oz, while the addition of the Sega project is expected to provide mine life extension with additional exploration potential. At Baomahun, Sierra Leone, the feasibility study remains on track for completion in June 2012 with construction commencing in November 2012 and first gold pour targeted for 2014.
DDD Group (LON:DDD)
The AIM listed 3D solutions company announced results for the year to 31 December 2011. The period saw a narrower pre tax loss being achieved following sales of over 9m units (2010: 2.6m units) of DDD TriDef 2D to 3D conversion solutions across TV, PC and mobile licensees. Turnover for the period was up 176 per cent to $5.53m (2010: $2m), whilst loss before tax was $96,000 (2010: loss $1.2m). On the balance sheet, net cash at the end of the period was $3.14m (2010: $4.23m). A number of licensing deals were signed during the year (10 in total), with royalty revenues and per unit revenues from direct to consumer software licensing increasing to $4,686,000 (2010: $1,651,000). With continued investment in staff resources, we look forward to seeing how the next year develops.
Elektron, the global technology based provider of engineered solutions, announced results for the year to 31 January 2012. Having acquired Hartest in September 2010, the Company was able to make significant growth in revenue of 20 per cent to £64.3m (2011: £50m) though reported operating profit for the period fell to £2.8m (2011: £3.8m). Though the Company has faced challenging trading conditions, Elektron believes that their strategy of geographical and product diversification has helped them in their revenue performance during the period. Management reorganisation and rationalisation of the existing UK sites is currently being undertaken to help the business going forwards, potentially helping to improve the bottom line.
First Derivatives (LON:FDP)
Provider of software and consulting services to industry global investment banks and hedge funds announced the signing of a new annual software license with one of the big four Australian banks. This is for the Company’s Delta Stream solution which is designed to enable users to capture, store and analyse large volumes of data within a single platform, providing users with the framework to develop and deploy customised analytics that quickly perform complex calculations on large volumes of underlying market data, capturing real time market data and allowing unlimited historical storage of this data. The implementation is to be used in the bank’s eFX division, and follows the recent ANZ eFX in Australia and SGX in Singapore, and represents another good contract win for FDP.
Fusion IP (LON:FIP)*
The university IP commercialisation company that turns world class research into business announced its Interim Results for the six months ended 31 January 2012. The Company did a £5m placing in November 2011 with new and existing investors, in which its partner IP Group raised its shareholding in the company to 26 percent and also in the period signed its first significant license from the Sheffield agreement, which could be worth up to £1m pa to Fusion at peak sales, which should be achieved soon after launch in 2015/2016. Fusion successfully progressed Diurnal's lead drug, Chronocort(R), through its phase Ib clinical trial. The carrying value of investments remained relatively stable increasing by 4 per cent to £17.5m (Jun 11: £16.8m). Most of the anticipated uplifts for the year now being expected in the second half. Excluding intangibles the Group reported an operating loss of £765k, (Jan 11: £569k profit), however with expected second half fundings the Directors believe the company remains broadly on plan to achieve its profit target for the full year. The Company reported cash balances of £5.2m (Jan 11: £3.2m). Post period end highlights include Fusion’s first exit, the sale of Simcyp to Certara for $32m, generating a return of £4m to Fusion, a 200 fold return on its investment; and completed a £1.8m funding for Seren, which should be sufficient to see the company through to profitability; a £700k funding for Asalus, to permit the company to start its human trials of its lead product; and a £300k funding for Diurnal for the final phase of the Chronocort Phase I trial. Post period cash balance was approximately £8m following the Simcyp sale. Fusion portfolio companies are performing strongly and they have proven that the Fusion model can take early stage university IP from start-up to exit.
Gem Diamonds (LON:GEMD)
Gem Diamonds has provided an Interim Management Statement for the period to 15 April 2012, during which further progress was achieved at its three sites. In Letšeng, 28, 114 carats were recovered during Q1 2012, up 5.9 per cent from Q1 2011, while the recovered grade is up 10.6 per cent. Letšeng produced a total of 43 rough diamonds that achieved prices greater than US$20, 000 per carat, equivalent to 55 per cent of Letšeng’s revenue for the period. At Ellendale, there has been continued improvement in the plant throughput and diamond production following the commissioning of the primary plant feed section of the processing plant. It achieved an overall average price of US$1,049 per carat, with its fancy yellow diamonds sold to Tiffany & Co. achieving an average of US$4,326 per carat during Q1 2012. At Ghaghoo, plant construction was expected to commence on 16 April. The Company had US$120m cash at the end of March, of which US$109.6m is attributable to Gem Diamonds.
Getech, the oil services business specialising in the provision of exploration data and geological exploration studies and evaluations, announced a major licence of its onshore US gravity data, valued at $1.2m. Delivery of the data is planned to take place over the period to December 2012 although a major part will be delivered before the end of July. The Company also commenced a nine month research and development (R&D) study, funded by a number of oil companies, to develop new methodologies and techniques to integrate the CryoSat-2 radar altimeter data (LRM -Low Resolution Mode and SAR -Synthetic Aperture Radar) into the existing Getech satellite gravity map of the Earth’s oceans. Three further companies have now joined the Company's Global Programmes. This is in addition to the two companies referred to in the recent interim report to 31 January 2012. The Global Programmes is a major strategic initiative in which the Company has been investing over recent years. The sponsors, which are major, well known companies with international interests, fund a three year programme of work, of which the first year's work is complete. Their initial funding commitment runs through until early 2014.
I-Design Group (LON:IDG)
I-design, the leading developer and supplier of ATM and self-service marketing solutions for the banking industry gave a trading update for the first six months of the current financial year ending 30 September 2012. First half results reflected the benefit of i-design's first contract with a Canadian bank. This was secured via channel partner, IBM, and was also an early win for the Group's next generation software, joono. Media sales are expected to make a similar contribution to the first half of last year and we are encouraged that media sales bookings for the year are ahead of bookings at the same point last year. The Board believes that there are significant growth opportunities for i-design's software and media sales and remains confident that i-design is well positioned for continued progress.
Lifeline Scientific (LON:LSIC)
Lifeline Scientific, the medical technology company, this morning announced that it has received regulatory approval from the Brazilian regulatory agency, the Agencia Nacional de Vigilancia Sanitaria (ANVISA), to market its full line of clinical transplantation products, including the LifePort Kidney Transporter, in Brazil. In 2011 Lifeline Scientific established a South American regional office in Sao Paolo with an experienced team which has been conducting technical training and market development efforts in key regions in anticipation of full market access. They have received initial orders there and good to see their efforts starting to bear fruit; initial orders of approximately $0.95mi for the Company's LifePort Kidney Transporter and related consumables have already been facilitated by way of government grants within the states of Rio di Janeiro and Ceara and leading transplant programs in Rio and Fortaleza will be the first adopters.
MDM Engineering Group Limited (LON:MDM)
MDM Engineering, the minerals process and project Management Company focused on the mining industry, announced a trading update for its financial year ended 31 March 2012. The Company anticipates that the results for the year will be at least 10 per cent. ahead of current market expectations. As previously indicated, MDM's project pipeline significantly recovered during the last quarter of the year to 31 March 2011. Throughout the calendar year 2011 the Company continued to improve as a result of both MDM's efforts and an improving climate for long-term capital investment projects, resulting in two trading updates advising that results would be ahead of current market expectations. As a consequence of the strong pipeline of current and pending projects, the Company believes that trading for the current financial year will be materially ahead of existing market expectations.
Matra Petroleum (LON:MTA)
Matra, the independent oil and gas exploration and production Company with operations in Russia, announced that it has entered into an agreement with Mr. Maxim Barskiy, to become a strategic investor and a non-executive director of the Company. As part of the agreement, Mr Barskiy will subscribe for a placing of 575m new ordinary shares in Matra at an issue price of 0.8p per share raising a total of £4.6m. Following the Placing, Mr Barskiy's holding will be approximately 29.8 per cent of the Company. Mr. Barskiy will also receive warrants at an exercise price of 1.3p per share. These Warrants will only become exercisable upon completion of a new acquisition by Matra if it is introduced to the Company by Mr. Barskiy, within twelve months. This agreement is subject to the approval of Matra's shareholders. The net proceeds will be used to advance Matra's existing operations and will mean the Board can now consider a wider range of growth opportunities than those that were previously available to it.
Nakama Group (LON:NAK)
The London-based international digital media and creative recruitment company with offices in the UK, Australia and Asia announced the opening of new offices in London and Singapore. The launch in Singapore continues the Company's rapid expansion into the growth markets of South-East Asia and the Pacific Rim and it will broaden Nakama's exposure to international markets and their respective corporate sectors. It is planning further expansion into China after successfully opening in Hong Kong last year. Stefan Ciecierski, CEO of Nakama, said: "Our business is only two and a half years old and is growing fast.” The Company also announced the opening of Nakama Search in London, focusing on the recruitment of senior executives and entrepreneurs in the Digital Media sector- a sector that is being heavily invested in around the world.
NetDimensions, the performance, knowledge and learning management systems supplier, has signed a contract with Mitsubishi Electric Automation (China) Ltd to provide the NetDimensions Talent Suite. Mitsubishi required a system that would enable it to manage, deploy and track annual training programs and performance evaluations, as well as to provide its managers, sales teams and technical support teams in China with complete visibility on their respective learning paths.
Netplay TV (LON:NPT)
NetPlay TV, the interactive gaming company, announced that the Company's Q1 Key Performance Indicators are ahead of the same period in 2011. Building on a strong Q4 2011 the Company continued to invest heavily in TV advertising throughout Q1 2012 to capitalise on the seasonally stronger periods of Q4 and Q1. This marketing strategy has continued to deliver improved performance, and resulted in a 20 per cent increase in Q1 2012 average daily revenue versus Q1 2011, and a 9 per cent increase on Q4 2011. In line with the Company's strategy of focusing on the core live TV casino offering, the Company has disposed of its non-core UK bingo business for a sum of £375,000. At the end of Q4 2011 the Netplay launched Supercasino.com on iPad complimenting the existing iPhone client. This initiative resulted in 18 per cent of all Supercasino active players during the quarter coming via iPhone and iPad. The Company also launched Jackpot247.com on both iPhone and iPad on 22 March and continues to further develop its mobile offering as it seeks to exploit the potential of this rapidly growing market. The Company will release its full year 2011 preliminary results on the 24 April 2012.
Omega Diagnostics Group (LON:ODX)
The medical diagnostics company focussed on allergy, food intolerance and infectious disease, announced that revenue for the year ended 31 March 2012 is expected to be £11.12m, approximately 41 per cent ahead of last year’s result (31 March 2011: £7.90m). On a like-for-like basis, sales growth is approximately 5 Per cent. Profit before tax is expected to be in line with latest market forecasts.
After the announcement on 25 November 2011 regarding the incorporation of Omega Dx (Asia) Pvt Ltd”), the Indian subsidiary, the Group will gain direct access to the Indian market with effect from 1 August 2012 at which point it will be fully operational with a team of sales and support staff. This strategic move by the Group enables more control and focus in an IVD (in vitro diagnostic) market estimated to be worth £600m with annual growth rates of 20 per cent. In addition, the investment in a direct presence will lead to greater access to a rapidly growing middle class population of 250 million representing a large target market segment for Food Intolerance.
Oracle Coalfields (LON:ORCP)
Oracle Coalfields, the coal developer of a lignite mineral property in the south-eastern part of Sindh Province, Pakistan, has been granted, through its 80 per cent owned local subsidiary - Sindh Carbon Energy Limited - a Mining Lease (Notification Number No.DMD/S/Ex-L-Coal(11)/12/1325 dated 11 April 2012) by the Director General, Mines & Mineral Development, Government of Sindh, Pakistan. The Mining Lease applies to 66.1 square kilometres of Block VI of the Thar Coalfield for coal mining and is granted under division five Part III of Sindh Mining Concession Rules, 2002. The Lease extends for thirty years and may be renewed for a further thirty year period on the same terms and conditions as this Mining Lease or on terms and conditions as may be mutually agreed between parties at the time.
Oxford BioMedica (LON:OXB)
Oxford BioMedica, the gene-based biopharmaceutical company, has reported that it has successfully completed a Phase I/II study to assess the safety, efficacy and dose evaluation of ProSavin in patients with mid-stage Parkinson’s disease (PD) who are experiencing reduced benefit on Levodopa. The study evaluated three ascending dose levels (1x, 2x and 5x) in a total of fifteen patients with PD. Six patients received the 2x dose, the latter three of which were treated using an enhanced administration procedure which facilitates higher dosing and reduces surgery time. Six patients received the highest 5x dose. All six patients in the fourth and final cohort have reached their six-month assessment time point, the results of which have been independently verified.
Park Group (LON:PKG)
Gift voucher business Park Group announced a trading update for the year ended 31 March 2012, in which it stated that it has maintained the progress achieved during the first half of the period, with investments in its prepaid card system, flexecash, together with the web based business providing significant opportunities for the Company. More than 47 different retailers have agreed to accept the cards, which have seen issued more than £75mi of value being issued since June 2010. The period has also seen mobile applications being announced, with mobile and email delivery of prepaid products being launched shortly. Balance sheet performance is also looking strong, with cash being some 21 per cent ahead of the level a year ago. A good update that nicely fills the gap before the preliminary results in June 2012.
Plethora Solutions Holdings (LON:PLE)*
There were two significant items in the 2011 prelims announced. First, sales at The Urology Company (TUC) are accelerating, with Q1 sales 25 per cent ahead of the previous quarter. Second, the Company has said that it is in discussions with several parties in its drive to secure a partnership with a major pharmaceutical company to lead the launch of PSD502. Management remains confident that it will submit the dossier for regulatory approval of PSD502 in all EU countries in the first half of the current financial year, and that approval will be granted. This confidence has been boosted by the positive outcome of the recent pre-submission meetings.
Plexus Holdings (LON:POS)
Plexus Holdings, the oil and gas engineering services business and owner of the proprietary POS-GRIP(R) friction-grip method of wellhead engineering, announced the signing of a further contract to supply wellhead equipment for appraisal activity to an operating subsidiary of Bowleven plc an African-focused oil and gas exploration company quoted on AIM (BLVN). Plexus will supply High Pressure/High Temperature (HP/HT) wellhead systems and services for drilling offshore Cameroon and the potential value of the contract is estimated at £1.05m. with revenues expected to commence in June/July 2012. In a separate announcement they lifted its interim dividend after posting a 33 per cent rise in pretax profit for the first half of fiscal 2011 as demand for its services grew due to bigger exploration budgets for oil companies on rising oil prices.
Rock Solid Images (LON:RSI no price)
Following the General Meeting on 4 April when Rock Solid Images (RSI) announced that it would be cancelling the admission of the Company's ordinary shares to trading on AIM, the Company has appointed BritDAQ to provide a share matching facility. The last day of dealings in the Company's ordinary shares on AIM was the 12 April 2012. BritDAQ supplies
Company Secretarial and Share Registrar services to unlisted companies, along with an investor forum and a share matching facility.
Scancell Holdings (LON:SCLP)
Scancell Holdings, the developer of therapeutic cancer vaccines, this morning announced the completion of recruitment to the Phase I clinical trial of SCIB1, its DNA ImmunoBody(R) vaccine being developed for the treatment of melanoma. The trial is being conducted in five UK centres in patients with Stage III/IV disease, and it is anticipated that Phase II trials will commence in the next few weeks. Scancell has obtained approval from the Cohort Review Committee to commence the Phase II study using the 4mg dose, the highest dose used in the Phase I part of the study. The approval is based upon safety data collected after all patients have been treated for 6 weeks. The Phase I patients will continue to be treated and followed up for a total of 6 months. Professor Lindy Durrant, Joint CEO of Scancell Holdings and Professor of Cancer Immunotherapy at Nottingham University, commented: "...We expect recruitment for Phase II to be substantially faster than for Phase I and hope to treat the first patient in this part of the study within the next few weeks."
Seeing Machines (LON:SEE)
Seeing Machines, which supplies facial image processing software for applications that rely on understanding the movement of human faces and eyes, has appointed Terence Ronald Winters, aged 67, as Non-Executive Chairman with effect from 16 April 2012. Mr Winters has a wealth of experience having served as Chairman and director of several listed and private companies, and charities. He is currently Chairman of Australian Home Care Services Pty Ltd, Converge International Ltd. and Intelledox Pty Ltd and is a director of Future Fibre Technologies Pty Ltd and Many Rivers Microfinance Ltd. Mr Winters also led the team that created Optus Communications Pty Ltd, Australia’s second telecommunications carrier from 1989-1992 and remained on the Optus Board until 1995.
Summit Corporation (LON:SUMM)*
Over the last week, Summit has had a number of announcements, on one day, four alone. It announced the appointment of Glyn Edwards as the new CEO with immediate effect, a clear sign that the Company is entering a new phase. Glyn, who was previously the CEO of
Antisoma Plc, has thirty years experience in the life science industry and a proven track record of completing multi-million dollar licensing deals with major pharmaceuticals companies like Novartis and Roche. Summit also announced that SMT 19969 has completed preclinical development studies. SMT 19969 is the lead development candidate for the “super bug” Clostridium difficile (CDI) programme. On the basis of these preclinical data, the Company now intends to seek regulatory approval to progress to Phase I trials. Summit also announced that it is raising £5m, and that the directors have committed £119,000 in this placing, with the new CEO contributing £80,000 to this pool. The new CEO doubled his stake the day after the placing was announced with a purchase of 400,000 shares at 3.49p. Together with existing cash facilities, the placing monies will support the three lead projects and identify at least two new lead candidates for Seglin infectious and rare disease programmes though to Q3 2013. On the same day, the Company also announced its financial results and interesting also that since this raft of announcements, the Company has said that it intends to make changes to the Board of Directors to provide additional commercial focus for the Company as it enters an important stage in its future growth and development.
Thalassa announced that it will be making a cash or share offer for 25.89 per cent of RSI. If the offer is accepted in full, Thalassa’s total holding will increase to approximately 29.90 per cent. of the issued ordinary share capital of RSI. Thalassa is offering 0.48 pence in cash per RSI share or, at the election of RSI Shareholders, 1 New Thalassa Share for every 43 RSI Shares held. The value of the Share Alternative is a 50 per cent premium to the value of the Cash Offer, based on the closing price of Thalassa Shares on 29 March 2012. In the event that RSI Shareholders elect to take the Thalassa Shares Alternative in full, they would in aggregate hold approximately 7.5 per cent of the enlarged issued share capital of Thalassa. Thalassa believes that the Thalassa Shares Alternative delivers continued participation in an AIM quoted company operating in the same sector with a substantial minority stake in RSI.
Transense Technologies (LON:TRT)*
Transense Technologies has had a few announcements over the last week or so. The second the most significant, that IntelliSAW, its subsidiary focused on wireless smart grid sensors, has succeeded in satisfying the conditions on previous conditional orders totalling US$0.28m. It has also received a further significant order, taking its total orders for its IS485 wireless temperature monitoring system from this undisclosed region in Asia to an
aggregate US$0.55m. Prior to this positive announcement, the Company announced that its wholly-owned subsidiary, Translogik Limited, has received a further order from Bridgestone Brazil for its next-generation iProbe commercial tyre inspection tool. This order is twice the size originally scheduled for Q2 delivery to Bridgestone. Transense is seeing real delivery on its strategy with orders from these two subsidiaries, both the strategy of the management team that took over a few years ago to turn Transense around.
The market-leading location solutions company announced its subsidiary, Ubisense Inc., has successfully deployed its VeroTrack® gas leak detection solution at three North American utilities, to survey more than 11,500 miles of natural gas distribution and transmission pipeline covering 92,000 square miles. This follows the acquisition of InMaps made in September 2011 which has now been integrated into the product making a more comprehensive surveying solution that uses GPS technology to capture real-time gas leak survey data. This is a positive update for the Company which continues to make good progress in the Geospatial space.
U.S Oil and Gas (USOP.PL no price)
On April 4 2012, U.S. Oil & Gas, the oil and gas exploration Company with its main asset in Nevada, USA, was delisted from the PLUS Exchange under Rule 79, which provides PLUS Regulation with discretion to withdraw issuers from the PLUS-quoted market. The shares had been suspended from trading on PLUS Markets since 23rd August 2011. The reason given by PLUS Markets for the suspension was a 'disorderly market'. At no stage in the PLUS investigation was the Company or its directors accused of being implicated in this in any way, according to the Company. At no stage have the directors been aware of the identities of those being investigated in this regard, according to the Company. The Board hopes that the resolution of these issues and the arrangement of a new trading platform to be announced shortly will enable the Company and shareholders to look forward with confidence in the future.
AIM listed life science Company with a focus on cancer diagnostics and therapeutics for personalised medicine announced that it has concluded a Material Transfer Agreement (MTA) with the Institut Paoli & Calmettes (IPC) in Marseille, France. In the MTA, IPC will conduct translational and developmental studies on ValiRx's lead compound, VAL201 and assist the Company in the progression of VAL201 into clinical trials, for which the Company will supply the material. Late preclinical studies into VAL201, carried out in collaboration with Oxford University, have firmly established a potentially important role for the compound in treating hormone induced refractory prostate cancer and other conditions of hormone induced uncontrolled cell growth including breast and ovarian cancer. ValiRx also announced it had raised £900,000 in a placing at a price of 0.45 pence per share. All directors of the Company participated in the Placing. The net proceeds of the Placing will be used by the Company to accelerate and complete Pre-Clinical work for Val 201 and also complete Pre-Clinical work for Val 101; take a number of development projects in the pipeline to Pre-Clinical stage; develop a number of companion diagnostics methods and expand IP portfolio and value; and materials production and optimisation and to increase the marketing of both biomarkers and diagnostics kits. *A corporate client of Hybridan LLP