Midatech Pharma PLC (AIM:MTPH) soared 32% to 13.5p after its MTX110 treatment for recurrent glioblastoma, a form of cancer, was given fast track designation by the Food and Drug Administration.
The drug-delivery technology company said the fast track process will facilitate the development and accelerate the review of treatments for serious conditions.
"Receiving Fast Track designation for MTX110 is an important milestone for the development of the drug as it demonstrates the need for novel and effective treatment options for this currently universally fatal disease," Dmitry Zamoryakhin, chief scientific officer, said.
12.35pm: Alien Metals surges on project update and funding talks
Alien Metals Ltd (AIM:UFO, OTC:ASLRF) leapt 21% to 0.79p after it said it was making good progress at its flagship Hancock iron ore project, where production is expected to start in 2023.
The mineral explorer and developer also confirmed it’s in preliminary talks with several potential funding partners and has been presented with a range of funding options, both equity and debt.
Results from a metallurgical test work programme, now completed, further highlight the high-grade and low impurity nature of the Hancock deposit, said AIM-traded Alien. Most of the production will be fines, meaning minimal processing will be required, resulting in lower operating costs.
“We are on track to have all the permitting in place and will soon be in a position to commence mining next year. Additionally, in-depth discussions with third party contractors and potential offtake partners to enable us to get into production in 2023 are continuing," Bill Brodie Good, chief executive, said.
11.01am: Pires agrees to be taken over
Pires Investments (AIM:PIRI) shares surged 15% higher to 6p after it agreed to be taken over by Tern PLC (AIM:TERN) for £14.9mln in an all-share offer.
This morning's price is below the indicated price of the offer, which based on the last closing price of 15.5p per Tern share, valued each Pires share at 8p.
This was a premium of 53.8% to the last Pires closing share price of 5.2p and a 31.9% premium to the average closing price for the past six months.
Upon completion of the acquisition, shareholders in Pires, an investment company focused on next-generation technology, would own roughly 21.51% of the enlarged issued share capital of Tern, which is focused on value creation from internet-of-things technology.
As well as the recommendation of the Pires board, the deal has the backing of RiverFort Global Opportunities PLC, which owns a 19.23% stake.
9.30am: Dr Martens leads risers
Elsewhere, Dr Martens PLC was the biggest riser, as the bootmaker reported a 22% and 28% jumps in revenue and earnings and upgraded guidance for the new year to "high-teens" revenue growth.
"Just what the doctor ordered," said analysts at Barclays, noting that the results for last year beat expectations by around 10%, with revenue guidance higher than its 15% estimates.
"Cynics may point that this is due to price increases, but in an environment of significant cost inflation we consider the price rises as reasonable, and volume growth expectations are unchanged. We believe these results should be taken very well at a time when many investors worry about cyclical risk."