Arecor Therapeutics PLC climbed 8% to 397p after it said its proprietary insulin products, AT247 and AT278, were granted a patent by the United States Patent and Trademark Office.
The patents received by the biopharmaceutical company will protect the novel formulations of the products.
Jan Jezek, chief scientific officer, said: "Arecor's novel insulin products, based on a combination of existing insulin analogues and our highly innovative formulation science, have potential to improve convenience, compliance and enable more effective management of blood glucose for people living with type 1 and type 2 diabetes.
“This recently granted US patent, the first within the group's comprehensive insulin IP strategy, is a significant milestone, and we will continue to strengthen our IP portfolio with additional patent applications already in progress."
2.40pm: ValiRx falls on delay of licence agreement completion date
ValiRx PLC (AIM:VAL) dropped 13% during Wednesday afternoon’s dealings after it delayed the completion of the proposed sub-license of VAL201 to TheoremRx Inc.
ValiRx entered into a non-binding Letter of Intent (LOI) with TheoremRx on 2 November for the sub-license of VAL201.
The LOI was today re-executed with an exclusivity period expiring before the end of June.
TheoremRx said it is progressing well with financing but global macroeconomic events impacted the timelines.
The first payment to ValiRx will be made upon successful completion of the financing, on or before end-June.
Although there is no guarantee the licence agreement will be executed.
1.37pm: Futura climbs on South Korean Erectile Dysfunction license agreement
Futura Medical PLC (AIM:FUM, OTC:FAMDF) rose 11% after it entered a licensing agreement with A. Menarini Korea Ltd, a wholly-owned subsidiary of Menarini Group, for the exclusive rights to commercialise its gel-based Erectile Dysfunction (ED) treatment MED3000 in South Korea.
“Futura is continuing to build a strong and specialist distribution network for MED3000 across the globe and we are particularly focused on covering the key, top 15 markets for ED especially where the product already has been granted regulatory approval,” James Barder, chief executive, said.
Menarini Korea will pay an agreed upfront payment to the pharmaceutical company for the manufacture and supply of the drug by Futura's contract manufacturing organisation.
Although Menarini is responsible for all local MED3000 development, regulatory approvals, product launch and marketing.
“MED3000 has been clinically studied for its onset speed and safety profile and has the potential to be a meaningful treatment option for Korean ED patients,” Hyeyoung Park, A. Menarini Korea general manager, commented.
12.28pm: 88 Energy slumps despite positive Merlin-2 well completion results
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) fell slightly by 6.2%, changing hands at 2.1p in midday trading, despite the company reporting fairly positive news from its drill in Alaska.
The company said it completed drilling at its Merlin-2 well, reaching its target depth of 7,334 feet.
According to a statement, all three target reservoirs had elevated gas readings, while observations of cuttings samples show oil in target intervals.
It added that wireline logging will start shortly, which should “confirm whether mobile hydrocarbons are present.”
11.25am: 4D Pharma soars as it achieves efficacy target
4D pharma PLC (AIM:DDDD, NASDAQ:LBPS)’s share price rocketed 52% to 68.5p as the London listed company reported it achieved primary efficacy target in phase I/II trial of one of its lead assets in kidney cancer.
MRx0518 was used with Merck’s KEYTRUDA, which is a part of a class of drugs better known as immune checkpoint inhibitors (IC).
4D targeting late-stage patients who had previously benefitted from ICIs.
The London-listed company had to show either clinical benefit (complete response), partial response (stable disease), in three of 30 sick participants over six months.
The company's share has more than doubled in the last month following a string of positive announcements, including receiving Food and Drug Administration clearance for its Parkinson's trial
10.22am: RWS sinks on falling Russian translation demand
RWS Holdings (AIM:RWS) PLC sank 26% on Wednesday morning after it said it expects performance for the year to be at the lower end of market expectations due to reduced demand for its 80 Russian employees to translate into their native tongue.
The provider of technology-enabled language and intellectual property services said it will not continue to provide its facilities to Russian-owned businesses, whether fully owned or as a joint venture.
Its Kyiv office, which has 55 workers, has been temporarily closed but it insisted it is trying to keep in contact with the employees on a daily basis as well as implementing a crisis response plan.
The group also announced it acquired Liones Holding BV for €17.5mln plus a further €5mln within the next two years.
9.20am: TPXimpact surges on two AI and data analytics deals
TPXimpact soared 25% following its acquisitions of both Peak Indicators Ltd and Swirl IT Ltd, which it said will significantly expand its capabilities in artificial intelligence, data science and analytics.
“With a comprehensive and specialist range of data capabilities now in place, these acquisitions represent another key strategic step forward for TPX in our mission to take on the multitude of complex challenges facing the public and commercial sectors and deliver sustainable digital change,” Neal Gandhi, chief executive, said.
The digital transformation-focused technology company said its revenue growth, which was at the top range of market expectations, coupled with the acquisitions means it should achieve its full-year 2023 £100mln run-rate revenue target a year ahead of plan.
"We're also delighted to announce that having reached run rate revenues of approximately £100m through both these acquisitions and existing growth, we are on track to achieve our original commercial vision a whole year ahead of plan,” Gandhi added.
The acquisitions, which are expected to be immediately earnings enhancing, will reduce its reliance on contractors to deliver some professional services which should improve margins.