Proactive news headlines: IQ-AI, Feedback, Arix Bioscience, Argo Blockchain, Panther Metals, Angling
IQ-AI Limited (LON:IQAI) said the Montgomery Cancer Center in Alabama has bought its Imaging Biometrics subsidiary’s IB Clinic product. The software suite includes the IB Neuro and IB Delta T1 mapping algorithms, which IQ-AI said, “continue to gain acceptance in brain tumour imaging and assessment”. The latter offers an “objective and rapid visual assist” for neuroradiologists that helps identify subtle regions of contrast enhancement on routine MR images.
Feedback PLC (LON:FDBK) is fully funded to execute its growth strategy, the specialist medical imaging technology company said in its annual general meeting (AGM) statement. The company had a positive cash balance of £4.4mln as at the end of September 2020, which it will use to scale up its core product, Bleepa, a medical imaging communications app. Much of the groundwork now complete, Feedback told investors, and the focus is to further grow Bleepa’s market base and create a strong platform for revenue growth. In a separate announcement, Feedback revealed that Bleepa has been selected as a WISH 2020 Innovation Booster at the World Innovation Summit for Health (WISH), which is taking place later this month in Doha, Qatar. In a later statement, Feedback announced that all resolutions put to its AGM were duly passed on a poll.
Arix Bioscience PLC (LON:ARIX), the early-stage biotech investor, saw its share price take off Thursday on news it is to receive US$185mln following the agreed takeover of portfolio company VelosBio by Merck (NYSE:MRCK) for US$2.75bn. The price represents a twelve times return on Arix’s original £12mln investment and a gain of £121mln (89p per share) on the £21mln gross value of Arix’s holding in the privately-held company. In a statement, Naseem Amin, Arix’s executive chairman said: “The trade sale of VelosBio to Merck is a major milestone for Arix, marking the first strategic acquisition from our portfolio, just four years since Arix’s inception.
Argo Blockchain PLC (LON:ARB) has reported increased revenues and wider margins in October from its cryptocurrency mining operations. In a monthly update, the AIM-listed firm reported revenues of £1.2mln, up from £1.1mln in September, while its average monthly mining margin rose to 40% from 37%. The company also reported that it had mined 126 Bitcoin or Bitcoin equivalent (BTC) in October compared to 127 in the prior month, taking the total amount of BTC mined in the year-to-date to 2,254.
In a separate statement, Argo Blockchain also reported a number of agreements that the crypto miner said will expand its capacity while also improving its margins through lowering hosting costs and generating an additional revenue stream. The firm said it has signed an equipment lease with Celsius Network, a cryptocurrency lending platform, for 4,500 Bitmain Antminer S19 and S19 pro miners for a term of 24 months. Argo said the lease, which spreads the new equipment cost over 24 monthly payments, will allow it to add capacity, upgrade its mining technology and achieve economies of scale while “fully retiring the capitalised cost of the miners over the term of the lease”.
Panther Metals PLC (LON:PALM) said reconnaissance work conducted at its Dotted Lake property in Ontario, Canada, has confirmed high-grade gold at surface. Panther submitted a total of seven samples from the under-explored Dotted Lake property for analysis at ALS Laboratories, taken from an area of stripped ground bordering the most northerly point on the Dotted Lake shoreline. This area was cleared in 2010 when four trenches were excavated to investigate gold in soil anomalies identified within small soil sampling grids conducted in 2008 and 2009. The 2010 channel sampling in historical trench Tr-10-4 returned two mineralised intervals – 1.14 grams per tonne (g/t) Au (gold) over 1.00 metre (m) and 9.02 g/t Au & 859 ppm [parts per million Zn (zinc) over 0.40 m with a further 2010 prospecting sample returning Au 16.95 g/t Au & 7.7 g/t Ag from nearby.
Amryt Pharma PLC (NASDAQ:AMYT LON:AMYT) has raised its forecast for revenues this year after strong third-quarter sales of both its lead drugs. Sales in three months to end September 2020 were US$49.3mln, an underlying improvement of 19% and that has prompted Amryt to raise revenue expectations for full-year 2020 to US$180mln-£182mln from US$170mln-£175mln. Amryt’s cash position also improved to US$75.4mln at the end of the period.
Helium One is coming to London through a merger with Attis Oil and Gas Limited (LON:AOGL), giving AIM investors direct exposure to a high-value and strategic natural resources opportunity. The companies have entered into a binding Implementation Agreement which sets out the commercial terms of a proposed merger, by amalgamation under British Virgin Islands law. It will see Attis shareholders receive 1 Helium One share for every 236 shares they presently hold. The merger deal terms value Attis at £1.76mln and Helium One at £6mln. AIM-quoted Scirocco Energy PLC (LON:SCIR) – formerly Solo Oil – is a stakeholder in Helium One owning 21.29mln shares, which will represent around 4.6% of the new enlarged company. The merger terms, which imply a price of 2.84p per Helium One share, value Scirocco’s stake in the company at £605,000.
Greatland Gold PLC (LON:GGP) has highlighted a transformational year in its final results, with the Havieron gold-copper deposit proving to be a “game changer” as a campaign led by operator Newcrest continued to unearth high-grade results. Newcrest has so far drilled some 100,000 metres at the project since May 2019. “A series of excellent drill results to date from Havieron have continued to extend the footprint of mineralisation, and an initial resource is on track to be delivered before the end of calendar 2020,” Greatland chairman Alex Borrelli said in the results statement. The pre-revenue company reported a £5.14mln loss for the twelve months ended June 30, 2020, and it finished the financial year with £6.02mln of cash and equivalents.
Catenae Innovation PLC (LON:CTEA) announced it has entered into a memorandum of understanding with Afrik-ID to continue their relationship and work to commercialise potential opportunities. The provider of digital media and technology said of particular interest to Afrik-ID are the opportunities to utilise and leverage the services that can be supplied between Catenae and BHA-Medical announced last month.
Angling Direct PLC (LON:ANG) said its stores are now closed as per the UK government’s new coronavirus lockdown restrictions but will remain trading through a call-and-collect service. Angling Direct added that its web store remains fully operational for both the UK and European sales, and its distribution centre is geared to fulfil increased demand through this channel, with the upcoming Black Friday and Christmas period. The largest specialist fishing tackle and equipment retailer in the UK continues to reel in the customers with the momentum achieved in the first half of its financial year (i.e. six months to end-July) being sustained and sales remaining robust through October.
H&T PLC (LON:HAT), the AIM-listed pawnbroker, has confirmed its shops will stay open during the latest lockdown while the high gold price and strong demand for watches have boosted profits. In a trading update, H&T said all 253 stores are currently open and will remain so throughout November. Pawn pledges and loans are being repaid in line with normal rates, it added, though a more prudent approach to lending had reduced the outstanding loan book to £48mln at end-October. Retail sales have been strong, with good demand for high-quality jewellery and watches while the price of gold has boosted profits both in pawnbroking and gold purchasing, the group said in a business update.
Frontier IP Group PLC (LON:FIPP) has reported a sharp rise in the value of its investment portfolio as well as a profit surge following what it said was “strong commercial and technical progress” in its full year. For the year ended June 30, 2020, the AIM-listed firm reported a 47% increase in the fair value of its portfolio to £19.4mln, while its net asset value per share increased to 51p from 41.4p. Meanwhile, the company’s pre-tax profit surged 78% to £4.18mln while revenues and other operating income jumped 49% to £6.4mln reflecting a net unrealised profit on investment revaluations of £5.97mln.
Open Orphan PLC (LON:ORPH) said its hVIVO arm has won a £2.5mln contract to carry out an influenza human challenge study for an unnamed US biotechnology company. The latest deal builds on significant new business wins in the areas of respiratory syncytial virus and coronavirus (COVID-19). The challenge study will take place at the company’s 24-bedroom quarantine clinic in east London in the second half of next year with completion due by the end of 2021.
Personal Group PLC (LON:PGH), a leading provider of employee services in the UK, has said it anticipates the payment of its fourth and final dividend in respect of its financial year ending December 31, 2020, following publication of its audited full-year results in March 2021. The group said its board has taken a more prudent approach to the fourth dividend for 2020 which has historically been declared and paid during the fourth quarter. Given the recent UK government announcement of further national lockdown restrictions and ongoing uncertainty, it added, the final amount will now be determined and announced following the year-end.
Jubilee Metals Group PLC (LON:JLP) said it has executed a number of copper cobalt tailings transactions that have nearly doubled its rights to copper tailings in Zambia. The AIM-listed firm said the transactions have secured the rights to an additional 115mln tonnes of copper and cobalt-containing surface tailings as part of its strategy to expand operations in the country, taking its total access to around 270mln tonnes of tailings. The deal, secured through Jubilee’s subsidiary Braemore Platinum Limited, provides the firm with the exclusive right to process the 115mln tonnes of tailings through the implementation of a copper and cobalt processing facility.
Anglo Pacific Group PLC (LON:APF) chief executive Julian Treger has described the company as encouraged by the operational performance across its mine royalty portfolio over the third quarter. Mines have continued to function without material disruption due to the coronavirus (COVID-19) pandemic, he noted in a trading update. “The actions taken by the underlying operators suggests that we could see a stronger finish to the year across the portfolio at a time when certain commodity prices are showing signs of improvement,” Treger said. The royalty company reported that a total of £6.4mln was generated from its portfolio in the quarter ended September 30, 2020, compared to £6.5mln in the second quarter.
FastForward Innovations Ltd (LON:FFWD) has highlighted an update from its investee company, EMMAC Life Sciences Group, in which the European cannabis firm noted growth in its key markets. In the update, EMMAC said the growth in its European markets coincided with rising demand for premium medical cannabis and wellness products. The company also said UK cannabis markets, in particular, were witnessing “significant momentum” with the firm “leading the way in enabling greater patient access in terms of product accessibility and cost for patients”. EMMAC also said that despite significant efforts by all parties involved, the negotiations regarding the proposed business combination between Andina Acquisition Corp and EMMAC have been mutually terminated as it was not possible to finalise negotiations to the satisfaction of both parties.
Deltic Energy PLC (LON:DELT) told investors that Royal Dutch Shell PLC, operator of Licence P2252 in the North Sea, has confirmed its commitment to the drilling of a well on the Pensacola prospect in 2021. Well planning including design work and rig scoping has already begun, the company added. It noted that Shell has been given a short extension for P2252, to the end of March, in light of the coronavirus (COVID-19) pandemic to allow analysis of seismic data ahead of a formal drill decision.
Zoetic International PLC (LON:ZOE) has announced revised terms for the sale of its 75% interest in the DT Ultravert to Path Investments PLC. Under the new terms, the buyer will issue 30mln Path shares to Zoetic rather than 15mln shares as agreed originally in May. Path will no longer additionally issue 15mln share warrants to Zoetic, and, a previously envisaged orderly market agreement will no longer apply to the shares issued by Path. Zoetic is no longer selling the Kansas nitrogen assets to Path, and, Path will no longer pay royalties on future revenues back to Zoetic.
Conroy Gold and Natural Resources PLC (LON:CGNR), the gold exploration and development company focused on Ireland and Finland, announced on Thursday that it has received a notice to exercise warrants over a total of 208,333 ordinary shares of €0.001 each at an exercise price of 16p each, for which funds of around £33,333 have been received by the company. The warrants were issued as part of the fundraising announced on February 18, 2020, and the proceeds from the exercise of the warrants will be used by the company for general working capital purposes.
i3 Energy PLC (LON::I3E) (TSX:ITE) has announced that, after completion of the re-admission to trading on AIM of the enlarged group following completion of the Toscana Energy Income Corporation acquisition, the company on Thursday also commenced trading on the Toronto Stock Exchange (TSX) under the symbol ITE.
4D pharma plc (LON:DDDD), a pharmaceutical company leading the development of Live Biotherapeutic products (LBPs) – a novel class of drug derived from the microbiome, has announced that it will host a virtual Key Opinion Leader (KOL) event to review data presented from two ongoing clinical trials of MRx0518, the company’s lead immuno-oncology single strain Live Biotherapeutic, as both a neoadjuvant monotherapy and combination therapy in patients refractory to checkpoint inhibitors at the Society for Immunotherapy of Cancer (SITC) Annual Meeting 2020. The event will take place on Wednesday, November 11, 2020, at 1.00pm GMT (8.00am ET). The event will feature presentations from 4D pharma management and KOLs, Dr Mark P Lythgoe, Academic Clinical Fellow in Medical Oncology and Pharmacist at Imperial College London, and Dr Shubham Pant, Associate Professor Department of Investigational Cancer Therapeutics and Department of Gastrointestinal Medical Oncology at the University of Texas MD Anderson Cancer Center. A live webcast of the event will be available on the Reports and Presentations section of the 4D Pharma website at www.4dpharmaplc.com. To access the call, please dial 1-877-270-2148 (United States) or 1-412-902-6510 (international) and reference the 4D pharma conference call to join. A replay of the webcast and accompanying slides will be available on the 4D pharma website following the event.
Seeing Machines Limited (LON:SEE), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, has announced that it will hold its annual general meeting at its head office in Canberra, Australia at 5.00pm Australian Eastern Daylight Time (AEDT) on Monday, November 30, 2020. The meeting will be held virtually from 80 Mildura Street, Fyshwick ACT 2609. Shareholders may choose to participate online. To view the live webcast online, shareholders will need to visit: https://seeingmachines.zoom.us/j/92458597003pwd=V0NjQzcxaVFYZFVDS2k4eklvdUZyQT09