ValiRx PLC (AIM:VAL), the life science company focusing on early-stage cancer therapeutics and women's health, is in demand after its latest update.
The company said a project subject to an evaluation agreement announced on 16 September 2021 had been successfully completed, and it has told the academic team and IP & Licensing team at King's College London that it wishes to proceed to full in-licensing.
The project was evaluated to confirm the impact of a peptide drug candidate against triple negative breast cancer.
Commercial terms for progression have been pre-negotiated with King's so the project will be placed into a subsidiary of ValiRx for the next stage of development.
Dr Suzy Dilly, ValiRx chief executive, said: "It's a really exciting step to confirm the first of our projects progressing from evaluation stage to full in-licensing."
ValiRx shares have jumped 25.58% to 13.5p.
3.09pm: ADM Energy soars after deal involving Aje field in Nigeria
ADM Energy PLC (AIM:ADME, ETR:P4JC) has seen its shares nearly double after a deal involving a block in Nigeria where it holds a stake.
PetroNor E&P Limited is buying an economic interest of 12.19% in OML 113 , which contains the Aje oil and gas field, for up to US$26.67mln from Panoro Energy.
ADM Energy holds a 9.2% profit interest in the Aje field in OML 113.
Osamede Okhomina, chief executive of ADM Energy, said: "The conclusion of PetroNor's acquisition of Panoro's interest in OML 113 marks a significant event for the joint venture as it now allows us to further concentrate on accelerating the development plans for Aje. PetroNor's decision to acquire a stake in the Aje field is a strong endorsement of the quality and considerable potential of the asset and we look forward to working with them to take Aje to the next stage."
ADM is up 78.57% to 1.25p.
12.16pm: CMO loses half its value after weaker than expected growth
CMO Group PLC (AIM:CMO) the online-only retailer of building materials, has seen its shares crumble after it forecasts weaker growth than previously expected.
It now anticipates full year revenues will grow from £76.3mln in 2021 to not less than £86mln but adjusted earnings are likely to be flat at around £3.7mln due to difficult trading conditions.
It said: "CMO has not been immune to the well documented macro-economic and geo-political pressures, which have created conditions that have become more challenging since Easter.
"On the supply side CMO has experienced higher carriage costs and supplementary product price charges. All other metrics such as basket size, spend per head and conversion have remained consistent, albeit the group is seeing a slight shift in mix with higher conversion rates in lower margin product ranges.
"The impact of these factors has been to soften margin performance in the short term, and the group has taken actions to limit the future impact on margin.
"Given the trading challenges outlined above, which are anticipated to continue through the second half and into the first half of 2023, the board has now taken a more cautious near-term outlook and expects to see less strong growth in the short term."
Its shares have slumped 49.68% to 39p.
11.46am: GetBusy set to beat expectations after strong first half
GetBusy PLC (AIM:GETB), which specialises in productivity software for professional and financial services, said full year revenues would be above previous guidance after a strong first half.
Six month revenues rose 21% to £9.07mln, higher than it reported at its annual meeting two months ago, and the company has cut its losses from £949,000 to £880,000.
It said: "Despite the wider backdrop of economic uncertainty, our core markets remain robust, driven by structural changes in the way people work and a strengthening mandate for productivity optimisation."
So full year revenues are now expected to reach at least £18.4mln, compared to earlier guidance of £17mln/
It also anticipates being "modestly profitable" at the adjusted EBITDA level during the second half of 2022, marginally ahead of current expectations for 2022.
Its shares have added 5.36% to 59p.
10.20am: Itaconix climbs as revenues hit a record
Itaconix PLC (LSE:ITX, OTCQB:ITXXF) has seen its shares clean up as it reported record revenues.
The firm, which makes plant-based specialty polymers used as essential ingredients in everyday consumer products, said half year revenues grew 124% to US$3mln.
That represents 118% of the full year revenues for 2021, putting the company in a strong position to meet market expectations for revenues in 2022.
Cleaning applications led overall revenue growth for the period with a 212% increase over the first half of 2021 as Itaconix polymers found new usage in European detergent formulations and continued to gain share in North America.
However the gains were offset by lower revenues from beauty and hygiene applications in the first half of 2022 compared to the first half of 2021.
It said overall gross profit margin for the first six months was lower than in previous periods due to the mix of product revenues and the timing of passing on higher raw material costs. The company expects a more favourable blend of product mix and raw material prices in the second half of the year, together with some sales price increases.
Its shares are up 8.13% to 6.65p.
9.18am: Harland & Wolff jumps after winning its first defence contract
Harland & Wolff Group Holdings PLC (AIM:HARL) is steaming ahead after winning its first defence contract, a vessel for the Lithuanian Navy.
The infrastructure projects firm said it had been awarded the £55mln contract - the M55 Regeneration Programme - by the Ministry of Defence on behalf of the Lithuanian Defence Materiel Agency after a competitive bid process.
The value of the contract - which involves the delivery of a regenerated vessel with mission and sonar systems - could be increased through additional equipment and further upgrades.
Contractual payments will be spread across the next three financial years, creating a predictable, ongoing revenue stream.
Harland said it was a landmark deal, and should enhance its reputation in the market and pave the way to securing future defence and government contracts
Chief executive John Wood said: "This is a watershed moment.
"This contract has provided the breakthrough that we needed to activate our fifth and final key market of Defence. Our strategy has been well and truly validated and we intend to capitalise on this win through bidding on and securing further government contracts."
Harland's shares are up 22.22% at 15.13p.
8.38am: t42 IoT Tracking Solutions boosted by Argentina ports deal
t42 IoT Tracking Solutions PLC (AIM:TRAC) has seen its shares surge after it signed a distribution agreement in Argentina.
The firm will provide its shipping container tracking systems to local port authorities over four years from 2023, with an estimated total value of over US$16mln.
The deal follows a pilot programme conducted at an Argentinian port, and will allow port authorities to limit smuggling activities, ensure compliance with cross-border regulations, and secure significant local jurisdiction tax revenues.
Chief executive Avi Hartmann: "We are thrilled to announce a further contract win in Latin America following a successful pilot scheme. It is especially pleasing to see more evidence of the growing recognition of the value of our offering in the region and beyond. We have always known that the best way to showcase our products is to show them in action.
"We are seeing increased needs from many directions for better information about containers, as they are at the heart of so many global supply chains. There is strong demand for current, reliable, and actionable data for all kinds of stakeholders, including governments, manufacturers, shipping companies, and customers."
t42 shares have jumped 31.71% to 13.5p.
Meanwhile Aeorema Communications (AIM:AEO) has also moved sharply higher after a positive update.
The live events agency said it had seen its strongest year on record, with trading ahead of management expectations.
Revenues were up 130% to at least £11.8mln as live events returned, with a particular success being the Cannes Lions.
It now anticipates a record profit of £700,000, compared to a £159,698 loss.
Its shares are up 32.73% to 73p.