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This week: New ANGLE for cancer patients; Sainsbury's CAP emissions

Published: 13:25 25 Feb 2014 GMT

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AGL research update,ARL AIM admission,CHRR trading update,CAP new orders,CBUY contract win,GMR trading update,INS contract,Koovs set for AIM float,NET interims,ODX development update,grant,patent,PURI trading statement,PBTY cash offer,RCN contract win,SIM contrac,SORB AGM statement.THR fundraise

ANGLE (LON:AGL)

ANGLE, the specialist medtech company, announced initial findings from a study using ANGLE’s Parsortix system to analyse circulating tumour cells (CTCs) in metastatic liver cancer patients at the 4th Annual Circulate conference in Berlin. Even though these patients had undergone surgery to remove their primary tumour and had chemotherapy, the Parsortix system was still able to capture CTCs, from 2ml blood samples, in the peripheral blood of 65 per cent of the patients and in the hepatic blood of 82 per cent of the patients, a significantly higher proportion than might be expected with other systems. The study has now been extended to investigate the CTC concentration in the hepatic vein before and after surgery and the initial findings suggest that the concentration of CTCs is higher after surgery than before. ANGLE’s Founder and Chief Executive, Andrew Newland, commented: “We are also pleased with the interest in the Parsortix system seen at the Circulate conference and enthusiastic about the potential for the adoption of the system as part of a new approach of personalised care in treating cancer patients over the coming years.”

Atlantis Resources (LON:ARL)

Atlantis Resources, the vertically integrated turbine supplier and project owner in the tidal power industry, announced its first day of dealings and admission to AIM.  The Group raised approximately £12m before expenses through the placing of new shares at a placing price of 94 pence per Ordinary Share.  The Group holds equity positions in a diverse portfolio of tidal stream development projects, which includes 100 per cent. ownership of MeyGen Limited, the company developing the MeyGen Project in Scotland. The Directors believe that the MeyGen Project is the largest consented tidal stream power project in Europe, and is scheduled to commence power production in 2015. Alongside its project development interests, the Group owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects. The Group, which is revenue generating, also conducts industrial research and development and provides specialist consulting services globally.

China Rerun Chemical Group (LON:CHRR) 

China Rerun Chemical Group, the producer of lubricant products for China's domestic automotive, industrial and agricultural markets, provided a trading update for the three months to 30 November 2013. Sales for the period grew by 51 per cent from RMB54.82m year-on-year and like-for-like sales volume was up 47 per cent. While the Company does not expect such similar rates of year-on-year on like for like basis going forward, it believes the positive performance is encouraging and demonstrates the structure and growth plans it has put in place are working. 

Clean Air Power (LON:CAP)

Clean Air Power announced that it has received an order for 50 Genesis-EDGE, Dual-Fuel(TM) trucks from Sainsbury's. The trucks will be fitted with Clean Air Power's Genesis-EDGE system at its facility in Leyland, UK and delivered to Sainsbury's during Q1 and early Q2 2014. The vehicles will form part of Sainsbury's large UK distribution fleet which already includes 49 Clean Air Power Genesis-EDGE trucks and 8 methane diesel installations following orders placed during 2012 and 2013. The Company also announced that it has received an order for natural gas injectors from its German distributor. This order has a value to Clean Air Power of around US$0.5m. 

cloudBuy (LON:CBUY)

cloudBuy, the cloud eCommerce marketplace, announced that it has won a contract with a major central Government Agency to provide an Intranet system using cloudBuy's content management technology.  The agreed revenue is £406k with approximately £200k of immediate potential follow-on revenue giving potential total revenue in year one of £600k, followed by recurring revenues.  The cloudBuy content management system provides a sophisticated Intranet capability, which will significantly enhance the Agency's ability to manage internal processes and communications.

Gaming Realms (LON:GMR)

Gaming Realms, the creator and developer of interactive next generation online gaming products, announced its maiden results for the period ended 30 September, 2013 and provided a trading update for the first quarter (to 31 December 2013) of its 2014 reporting year. Revenue was £0.9m in the four months trading to 30 September 2013, with marketing spend of £1.75m and set-up costs, this resulted in a loss before taxation of £3.3m, though there was a strong balance sheet with cash and cash equivalents of £5.2m as of 30 September 2013. Quarter on quarter new depositing players increased by 55 per cent to 29,291, (Q4/13: 18,881).  50 per cent of gambling revenue was coming from mobile. 

Instem (LON:INS)

Instem, a provider of IT solutions to the global early development healthcare market, announced a three year contract with a top 10 global pharmaceutical organisation for its Animal Care Information System (ACIS). The contract is worth US$200,000 p.a. and will enhance Instem’s recurring SaaS revenues which already exceed US$2m p.a.  The client has been live with ACIS in the UK since 2011 and is now transitioning to a SaaS model. Phil Reason, CEO of Instem plc, commented: "The fact we are able to offer a SaaS based software solution on a fully hosted basis further enhances our client proposition and should lead to further opportunities within this highly fragmented market." 

Koovs (LON:KOOV)

Koovs Marketing Consulting Private Limited was established in May 2010 as a general e-commerce business in India, operating through the website Koovs.com. In August 2011, Infotel E-Commerce Private Limited, a company controlled by the Nahata family in India, acquired a controlling interest in Koovs India, initially focussing on the sale of mobile phones and other electronic goods.  Koovs.com's focus subsequently moved to fashion products and fashion-related accessories when, in September 2012, Silvergate Retail Limited (now known as Koovs plc) began to supply Koovs India with consultancy services in fashion design for an e-commerce business.  Following the completion of the IPO, Koovs plc will subscribe for shares in Koovs India and will become the majority (57.5 per cent) owner of Koovs India.  The combined business will have operations both in the UK and India.

Netcall (LON:NET

Netcall, the customer engagement software provider, has reported that in the six months ending December 2013 revenue increased by 3 per cent to £8.43m, reflecting underlying core growth of 9 per cent. Adjusted EBITDA increased by 13 per cent to £2.48m. The balance sheet remains debt free with net cash funds of £10m. There was a double digit order growth from both new and existing customers, and the positive momentum has continued into the second half of the financial year.

Omega Diagnostics Group (LON:ODX)

Omega, the medical diagnostics company focused on allergy, food intolerance and infectious disease, announced that it is making significant progress in its programme to launch a panel of 40 allergens on the IDS-iSYS automated. The Company confirms that it has completed the claim-support work with the first group of seven allergens that will continue to undergo long-term stability studies.  A further 11 allergens have completed optimisation and will now move into claim-support and, in addition, there are currently a further 11 allergens undergoing optimisation. Omega also announced that, in conjunction with UNITAID and the Burnet Institute, Melbourne, it is to receive US $600,000 of grant funding to support initial inventory build and to establish an assembly facility in India for its Visitect® CD4 test. As demand for Visitect® CD4 is expected to be substantial, it is important that the Company continues to expand manufacturing capacity to meet anticipated demand. Having a second facility will also provide reassurance over future supply. Omega made a third announcement over the last few days that it has been informed by the Burnet Institute that its exclusively licensed CD4 test for monitoring HIV-positive patients has been awarded a Patent in 15 of the African Regional International Property Organisation (ARIPO) States.  The patent takes effect from 24 July 2013 under number AP 2703.  The grant of this patent widens the protection from territories where patents have already been granted in the US, South Africa and the member states of the African Intellectual Property Organisation (OAPI) and with patents pending in other territories.

PuriCore (LON:PURI)

PuriCore announced a trading update for the year ended 31 December 2013. Group revenue increased 15.6 per cent (16.3 per cent at constant currency) to US$54.8m for the period (2012: US$47.4m), resulting primarily from significant growth in the Supermarket Retail business driven by a US$14.0m Sterilox(R) fresh capital equipment sale, the growth of the concentrate products, and a change in equipment lease revenue recognition. EBITDA increased to US$2.5m (2012: US$1.3m), which was above market expectations. Gross profit margin decreased slightly to 32.5 per cent (2012: 32.7 per cent) due to a one-off write-off of inventory. Operating expenses increased 5.6 per cent to US$18.5m (2012: US$17.5m) due to planned investments in marketing and sales, the intellectual property portfolio, and resources to support growth as well as a one-off charge related to the termination of the Misonix distribution arrangement. Cash and cash equivalents were US$3.4m as at 31 December 2013. 

Probability (LON:PBTY)

The boards of directors of GTECH UK Interactive Limited and Probability announced that they have reached agreement on the terms of a recommended cash acquisition under which GTECH UK will acquire the entire issued and to be issued share capital of Probability. Under the terms of the Acquisition, Scheme Shareholders will be entitled to receive 50 pence in cash for each Probability Share held at the Scheme Record Time. This values Probability at approximately £18.0m and represents a premium of approximately 58.7 per cent. over the closing price of 31.5 pence per Probability Share on 17 February 2014.

Redcentric (LON:RCN)

Redcentric, a UK IT managed services provider, announced a major contract win with an NHS partner, on a project to deliver enhanced IT infrastructure for the health and social care sector.  The contract was won and will be fulfilled by Intechnology Managed Services Limited, the wholly owned subsidiary acquired by Redcentric in December 2013. The NHS client awarded the contract having recognised that Redcentric is one of a handful of managed service providers to offer an accredited N3 connection service across a number of geographically dispersed state-of-the-art data centres with proven expertise in delivering Cloud services to the health sector. The contract is a multi-year agreement with annual revenues from the initial deployment expected to be a seven figure sum.

Simigon (LON:SIM

Simigon, the supplier of simulation training solutions, has announced the company's first significant contract in China utilising Simigon's software for training civil aviation pilots.  Simigon has entered into a joint venture agreement with Yantai Lan Hai Heng Chuang Zhi Neng Jiao Tong Ke Ji You Xian Gong Si, a leading aviation services Company based in China, and investors led by Peter Liu, who is the General Manager of three private civilian aviation schools in China. Under the terms of the agreement, a new entity will be created to which Simigon will provide the SIMbox licenses enabling the JV to develop its own training solutions. The value to Simigon of the initial contract to provide these licenses is $0.75m and will contribute to improved revenue visibility for the year ended December 2014. 

Sorbic International (LON:SORB)

Sorbic International gave an update ahead of its Annual General Meeting. The Board reported that trading for the period to 31 December 2013 has been strong and the results are significantly ahead of the same period last year, as well as being ahead of management expectations. Revenue has increased by 5 per cent, with EBITDA for the quarter running at more than 50 per cent against the 2012. The Company's strategic partnership with APAC Chemical Corporation (APAC) continues to progress well, with the Group's strategy to work closely with APAC successfully improving the stability of the business and reducing the Company's exposure to the spot market for raw materials, whilst securing beneficial sourcing prices. This stability has enabled the Company to operate at full capacity whilst achieving more attractive gross margins. Discussions are about to commence with the authorities over the future of the Linyi facility. The result of the discussions are expected in H1 2014. Once an agreement has been reached, construction of the new facility will commence and the Board anticipates that the build programme will be approximately 12 months. It is expected that this will be funded by the Linyi authorities, together with the Company's existing resources. In respect of the Inner Mongolia negotiations, an outline process has already been agreed and detailed negotiations are now commencing. As detailed in the preliminary results, it is still anticipated that the compensation agreement will be 'fair and reasonable' to both parties. 

Thor Mining (LON:THR) 

Thor Mining, the Australian tungsten and gold explorer and developer, has raised, in aggregate, £750,000 before expenses from new shareholders by way of a subscription for 179m new shares and a conditional subscription for a further 141.9m new shares at a price of 0.23p.  The net proceeds raised will be used to augment the company's existing cash resources and assist with continued assessment and exploration of its advanced tungsten and gold projects in Australia’s Northern Territory primarily, and where prudent, its gold project in Western Australia. 

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The Hybridan Small Cap Wrap is a weekly review of some of the most interesting small cap stories of the past week. Our review will usually be of those companies whose market capitalisations are less than £50m although we may occasionally cover larger companies. 

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