HEMOGENYX PLC (LON:HEMO)
SECTOR – HEALTHCARE
MARKET CAP – £9.8m
CURRENT PRICE – 2.8p#
ANALYST: LIAM GASCOIGNE-COHEN
Year-end Dec
2016A
2017A
2018E
2019E
Revenue (£m)
-
-
EBITDA (£m)
(0.5)
(0.8)
Pre-tax Profit (£m)
(0.5)
(2.4)
EPS (p)
(0.00)
(0.01)
Under
review
DPS (p)
-
-
Net Cash/(Debt) (£m)
1.0
1.7
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 Joint Broker to Hemogenyx and therefore this information should be viewed as a Marketing Communication.
Commercial collaboration agreement, license and investment by Orgenesis
NORTHLAND VIEW
§ Immugenyx, LLC, a wholly-owned subsidiary of Hemogenyx Plc has entered a collaboration agreement with Orgenesis, Inc (NASDAQ:ORGS), a US biopharma company specialising in cell therapy.
§ Immugenyx will collaborate with Orgenesis on the development and commercialisation of Immugenyx’s advanced hematopoietic chimeras (AHC) mouse model. The AHC model has a ‘humanised’ immune system which may allow researchers to accurately test the safety and potential efficacy of drug candidates in animals, prior to entering expensive and highly-regulated human trials.
§ Orgenesis will provide Immugenyx a convertible loan of c.US$1m and retain the right to convert the outstanding loan amount into Immugenyx shares (on a pre-money valuation of US$8m) or Orgenesis shares. Orgenesis also has the option to invest additional funds between US$0.5m and US$1m.
§ Orgenesis will receive a non-exclusive global license to commercialise and market Immugenyx’s technology.
§ Immugenyx will receive a 12% royalty on Orgenesis' net revenue generated from Immugenyx' technology and retain exclusive rights to manufacture and supply Orgenesis with all Immugenyx technology marketed, sold or otherwise commercialized by Orgenesis.
This collaboration is a positive step for the commercialisation of the Company’s AHC mouse model. The agreement provides capital to further the development of the AHC mouse model and has the potential to provide future revenue from royalties. This agreement shortly follows the announcement of a collaboration agreement with Janssen, a pharma company owned by Johnson & Johnson (J&J) to develop the mouse model for the autoimmune disease, lupus. The Company’s AHC mouse model continues to generate interest within the biopharma sector and we expect the model to form the basis of further revenue-generating collaborations.
COMPANY DESCRIPTION
Preclinical stage company developing therapies to transform bone marrow and blood stem cell transplant procedures
PHOTONSTAR LED GROUP (LON:PSL)
SECTOR – TECHNOLOGY
RATING – CORP.*
MARKET CAP – £1.1m
CURRENT PRICE – 0.16p#
TARGET PRICE – N.A.
ANALYST – BARRY GIBB
MIKE JEREMY
Year-end Dec
2016A
2017A
Revenue (£m)
5.32
4.55
No forecasts provided
EBITDA (£m)
(0.70)
(0.48)
Adj. pre-tax Profit (£m)
(1.43)
(1.24)
Adj. EPS (p)
(0.62)
(0.51)
DPS (p)
-
-
Net Cash/(Debt) (£m)
(0.61)
(0.79)
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 Joint Broker to PhotonStar plc and therefore this information should be viewed as a Marketing Communication.
Partnership with major housing association
NORTHLAND VIEW
§ PhotonStar announced that it has entered into a partnership with a major housing association in the south of England to help deliver the Association's Smart Estates vision.
§ The Association is one of the largest in the UK and manages over 80,000 homes. As part of this Partnership, the Association intends to deploy a trial to assess the scalability of a number of the solutions within PhotonStar's V2 halcyon cloud BMSTM suite of applications enhancing safety and remotely managing sites. These Halcyon V2 products are more mature than the other products the Association has tested previously and several other promising technologies will also form part of the trials.
§ The aim of the Partnership is to digitise the management of the Association's estate in order to reduce operating costs, allow residents to visualise building performance and manage issues to enhance customer experience. The main applications that will be assessed for estate management by the Association are energy monitoring, critical assets monitoring (including heating and cooling), emergency lighting remote testing (including compliance reporting), temperature monitoring of water systems to reduce legionella risk (including compliance reporting) and general environmental monitoring.
January’s disposal of Camtronics and the subsequent completion of Halcyon V2 represent important steps along the path toward the Group's transformation into a software and services business. The Partnership announced today will help refine Halcyon V2 software and products, with data collected being integrated into other systems the Association uses. While September’s H118 results confirmed the move by customers from trials to full scale deployment of its building control solutions is taking longer to achieve than originally anticipated, management believes that its now leaner business will receive orders for full scale V2 deployment by the end of 2018.
COMPANY DESCRIPTION
PhotonStar LED Group PLC is a leading British designer and manufacturer of intelligent lighting and building control solutions. The Group’s proprietary technology, Halcyon™, is a scalable, secure wireless IoT platform for retrofit into commercial buildings, for energy reduction, asset monitoring and control, and real-time environmental, behavioral and energy insights.