IMMUPHARMA (LON:IMM)
SECTOR – HEALTHCARE
RATING – CORP
MARKET CAP – £18.9m
CURRENT PRICE – 13.5p
ANALYST – LIAM GASCOIGNE-COHEN
Year-end Dec
2015A
2016A
2017A
2018E
Revenue (£m)
0.1
0.2
0.2
EBITDA (£m)
-
-
-
Adj. pre-tax Profit (£m)
(4.5)
(6.3)
(7.0)
Adj. EPS (p)
(4.4)
(4.5)
(4.8)
Under
DPS (p)
-
-
-
Review
P/E (x)
-
-
-
Dividend yield (%)
-
-
-
EV/EBITDA (x)
-
-
-
SOURCE: Northland Capital Partners Limited estimates. Priced at prior day market close. *Northland Capital Partners acts as Nomad and Joint Broker to ImmuPharma and therefore this information should be viewed as a Marketing Communication.
Interim Results
NORTHLAND VIEW
§ ImmuPharma announced its interim results the six months ended 30 June 2018.
§ Loss for the period was £4.1 million (H1 2017: £3.0 million) with R&D expenses of £2.5 million (H1 2017: £2.3 million) primarily driven by expenditures related to the Lupuzor™ Phase III clinical trial.
§ Cash balance at 30 June 2018 was £9.02 million (£2.73 million at 31 December 2017, £3.13 million at 30 June 2017)
ImmuPharma is making progress across all business divisions following the disappointing results of the Phase III trial of Lupuzor™ earlier this year. The Company recently signed an agreement with a specialist provider to distribute Lupuzor™ via a Managed Access Programme (MAP). MAP allows lupus patients to access Lupuzor™ prior to any regulatory approval. Furthermore, the Lupuzor™ open-label extension study has completed recruitment and should provide additional data. This study is anticipated to report results in Q219.
ImmuPharma recently signed a heads of terms agreement for a collaboration with Incanthera Ltd., a specialist oncology development company base in Bradford, UK with a proposed investment cost of c.£2m. Incanthera intends to in-license the Company’s Nucant cancer programme and continue clinical development as part of its own cancer portfolio. The Nucant program has demonstrated promising results in two Phase I trials. Finally, ImmuPharma has begun a divestment process for Ureka, a wholly owned subsidiary, with the aim to still retain an interest in any future commercial success.
COMPANY DESCRIPTION
ImmuPharma PLC is a late clinical stage drug development business specialising in the area of autoimmune disease.
Connemara Mining COMPANY (LON:CON)
SECTOR – MINING
RATING – CORP*
MARKET CAP – £2.7m
CURRENT PRICE – 2.3p#
ANALYST – BARRY GIBB
DR RYAN D. LONG
Year-end Dec
2016A
2017A
Revenue (€m)
-
-
No forecasts provided
EBITDA (€m)
0.2
0.2
Adj. pre-tax Profit (€m)
0.2
0.2
Adj. EPS (c)
0.29
0.27
DPS (c)
-
-
Net Cash/(Debt) (€m)
(0.3)
(0.5)
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at prior trading day close. *Northland Capital Partners Limited acts as Nomad and Broker to Connemara Mining and therefore this information should be viewed as a Marketing Communication.
Interim Report details active exploration and progress across four projects
NORTHLAND VIEW
§ Connemara Mining provided its H118 results and unaudited financial statements for the six months ended 30 June 2018. The accounts detail a total comprehensive loss of €160k (30 June 2017: loss €95k), resulting in basic loss per share of 0.15€cents (loss €0.13€cents). Operational highlights for the period included:
- High-grade Maiden Resource Estimate established at the Company's Stonepark Zinc joint venture
- Active exploration and significant progress across four projects
- Capital raising to fund budgeted activities and joint venture commitments through to 2019
§ Stonepark Zinc Project : The most recent drill hole for this JV with Group Eleven (76.6% interest), G11-2638-01, intersected 5.4m of 25.0% zinc and 7.2% lead (32.2% Zn+Pb combined) and 12.2 g/t silver (true width is estimated at 4.9m), verifying one of the high-grade zones within the Stonepark Mineral Resource Estimate. Robust mineralisation is interpreted to be open eastwards toward Glencore's neighbouring Pallas Green deposit, 44.2 million tonnes of 7.2% zinc and 1.2% lead in the Inferred Category.
§ Mine River Project: The Company has identified a 15 km long target by combining data from geochemical surveys in streams and soils completed across the Block with results from the airborne geophysical survey by Hendrick Resources in 2012 (combined with Tara Exploration survey of 2000).
§ Inishowen Project: Drilling in September 2017 intercepted gold mineralisation in hole 17-MR-08 from 21.5m grading at 14.25g/t gold over 0.5m, which was considered an encouraging result. Work presently continues with a view to establishing further drill targets beyond the Meeneragh gold discovery.
Having raised strategic financing of £900k through a 4.15p equity raise back in February, the first half has been an active period for the Company. Progress has been made on four of its assets and management now expects to see a steady flow of drilling and other assay results over the coming months. Significant amongst these will be the Oldcastle Zinc Project JV with Teck Ireland (65% interest), which is currently drilling a third hole for which assay results are expected in October.
COMPANY DESCRIPTION
An Irish focused exploration company with interests in gold and zinc-lead projects.
SECTOR – OIL & GAS
RATING – CORP*
MARKET CAP – £1.8m
CURRENT PRICE – 2.2p#
ANALYST – DR RYAN D. LONG
BARRY GIBB
Year-end Dec
2016A
2017A
Revenue (€m)
-
-
No forecasts provided
EBITDA (€m)
(0.3)
(0.3)
Adj. pre-tax Profit (€m)
(0.3)
(4.4)
Adj. EPS (c)
(0.26)
(4.4)
DPS (c)
-
-
Net Cash/(Debt) (€m)
0.3
(0.2)
P/E (x)
-
-
Dividend yield (%)
-
-
EV/EBITDA (x)
-
-
SOURCE: Northland Capital Partners Limited estimates. #Priced at market close, 22/07/2016. *Northland Capital Partners Limited acts as Nomad and Broker to Petrel Resources and therefore this information should be viewed as a Marketing Communication.
Placing to raise £400,000
NORTHLAND VIEW
§ Petrel Resources has raised £400,000 through the issue of 21,621,622 shares at a price of 1.85p per share.
§ The proceeds of the Placing will be used to fund any costs associated with continuing negotiations over Petrel’s Ghanaian assets, and working capital as the Board continues to assess new projects.
§ Following the issue of the new shares the Company will have 104,557,246 shares in issue.
Positive news for Petrel Resources, that means that the Company is well funded as it begins the next stage at its Ghanaian Project where the Petroleum Agreement is to be sent to the Ghanaian Cabinet for review.
COMPANY DESCRIPTION
Petrel is an Oil & Gas exploration company with projects in the Porcupine Basin, and applications in Ghana.