Poolbeg Pharma PLC (AIM:POLB, OTCQB:POLBF) gained 4% to 6.5p after being granted European patent protection over its key asset.
POLB 002 is a nasally administered treatment which has the potential to protect against respiratory virus infection.
“Data for POLB 002 shows it is able to both prevent viral infections and rapidly reduce viral loads where infection has occurred, improving disease symptoms and aiding recovery,” said Poolbeg chief executive, Jeremy Skillington.
The company is seeking patent protection in jurisdictions outside Europe, including the US, where it has received a notice of allowance from the officials.
2.00pm: Wizz Air climbs with loss to be less than expected
Wizz Air Holdings PLC (AIM:WIZZ) said its fourth-quarter loss is to be less than originally thought, sending the share price climbing 8% to 3,129p.
The low-cost airline forecast an operating loss of between €210-€190mln for the quarter. This is ahead of the €213.6mln loss estimated when it reported third-quarter results in January.
Nevertheless, the company said it would post a net loss between €652-€632mln for the financial year ending March 31, 2022.
It told investors it is on track to ramp-up operations and crewing for the busy summer flying programme at the start of financial year 2023 and expects bookings to build significantly after Easter.
The situation in Ukraine, Moldova and Russia is being monitored, though flights fom these locations remain suspended.
12.37pm: Alphawave results delay spooks investors
Alphawave IP Group PLC (LSE:AWE) fell 15% to 157.8p after the Canadian chip designer pushed back the date of its results by a week, with investors seemingly fearing the worst or reading across to others in the industry.
Shares in the relative newcomer plunged in September after the company faced questions over whether it had properly disclosed related-party transactions, and have since been a target of short-sellers, with at least four short positions currently disclosed.
Alphawave says it will be reporting its full year results on 29 April, including a trading update for the first quarter of 2022.
"Due to COVID-related staff absences, the company's auditor, KPMG LLP, has requested additional time to finalise their procedures," it explained.
11.37am: Pavlosk dogged
Petropavlovsk PLC (LSE:POG) sunk 21% after it appointed a corporate finance boutique to find a buyer saying it will struggle to refinance its debts due to the sanctions imposed on Russia.
In a statement, the Russia-focused gold miner said AlixPartners would assist the board as it explores its options.
“These options include the sale of the company's entire interests in its operating subsidiaries as soon as practically possible.
“It is not currently clear what return, if any, may be secured for shareholders or the holders of the bonds or notes as a result of this process.”
Petropavlovsk has already missed two interest payments totalling around US$10mln on loans of US$288mln from Gazprombank (GBP) because sanctions meant it could not repay the Russian state-owned bank.
10.25am: Renold jumps on profit growth expectations in full-year results
Renold PLC (AIM:RNO) climbed 27% to 25.6p after announcing revenue growth of 18%.
The supplier of industrial chains and power transmission products said full-year revenue was at £195mln following “strong momentum in order intake.”
Importantly, Russian and Ukrainian business only accounts for a small part of the company’s revenues at roughly 0.5%.
The group expects to announce its full-year results in July.
9.15am: Petrel advances on lifted court injunction
Petrel Resources PLC (AIM:PET) surged 17% to 1.7p following the lifting of its court injunction.
The high court injunction related to over 30mln shares recently held by the Tamraz Group, which was later sold to John Teeling and James Finn, from EYPC LLC and SRT Capital SPC, for £300,000.