ValiRx Plc (LON:VAL) – CORP: Interim results
Market Cap: £5m; Current Price: 6.75p
Interim results for the period ended 30 June 2016
ValiRx announced interim results for the period ended 30 June 2016
Loss after taxation increased 55% to £2.12m (H1 2015: £1.37m) due to an increase in clinical R&D expenditure on VAL201 and VAL401
Total comprehensive loss for the period was £2.074m (H1 2015: £1.34m)
Cash and cash equivalents as at 30 June 2016 were £568,805 (H1 2015: £391,884)
Post period-end, the group closed a placing with existing and new investors to raise £1.2 million and agreed a new Convertible Loan Facility with Yorkville for up to US$3.75 million in tranches
VAL201 continues to successfully advance through its Phase 1/2 clinical trial
VAL401 completed its submission to commence a Phase 2b clinical trial in patients with lung cancer—ethics and regulatory approval to commence patient recruitment was received just after the period-end and the trial is now ready to start recruiting
The group also announced a new programme, VAL301, which is a reformulation of VAL201 for a new indication, namely endometriosis
NORTHLAND CAPITAL PARTNERS VIEW: ValiRx is close to dosing patients in its VAL401 programme, which will be a major milestone for the group, as it will move a second programme into the clinic. Moreover, the kick-off of a new programme, VAL301, further expands the group’s pipeline.
Edenville Energy (LON:EDL) – CORP: Bulk sample update
Market Cap: £2.6m; Current Price: 0.4p
Bulk sample extraction completed as Edenville looks at early production
20t has been extracted from three locations in Mkomolo and Namwele, the material has been processed according to Tanzanian export regulations and is being shipped to SGS Laboratories in Johannesburg.
Test results expected in October.
NORTHLAND CAPITAL PARTNERS VIEW: Edenville Energy’s bulk sample has demonstrated the presence of near-surface coal that can be put into production near-term and at a low-cost. This is an exciting step forward for the Company that will allow it to move towards early production in conjunction with its mine mouth power generation strategy. At the Rukwa Project, Edenville, already has a mining licence and environmental certificate in place, and as a result, is well positioned to take advantage of the potential supply opportunities following the Government of Tanzania’s directive to ban coal imports from the end of August 2016.
Thor Mining (LON:THR) – CORP: FY16 results
Market Cap: £1.5m; Current Price: 0.025p
From yesterday: LBT of £1.745m
LBT increased to £1.745m in FY16 from £0.880m in FY15, largely to a £1m non-cash impairment associated with the Spring Hill Project that was sold in February.
Net debt totalled £0.445m in FY16 down from £1.151m in FY15, following the repayment of loans associated with sale of the Spring Hill Project.
NORTHLAND CAPITAL PARTNERS VIEW: Thor Mining recently completed a RAB drilling programme at its Molyhil Tungsten Project, located in Australia. While assay results are pending initial XRF analysis has indicated anomalous tungsten. If assays results confirm the presence of anomalous tungsten that can be followed Thor could commence a more closely spaced RAB drilling, at a low cost, to generate a refined target for follow up diamond or RC drilling.