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Proactive news headlines: Redx Pharma, Amryt Pharma, Blue Star Capital, Argo Blockchain, Bango …


Redx Pharma PLC (LON:REDX) has unveiled a collaboration with a US company called Jazz Pharmaceuticals to discover and develop two targeted cancer therapies. Redx will receive US$10mln upfront, a further US$10mln in year-two, and US$400mln in milestone payments and tiered royalties. The UK group sold its pan-RAF inhibitor programme to Nasdaq-listed Jazz last July in a deal worth US$3.5mln upfront and milestones and royalties worth US$203mln.

Amryt Pharma PLC (NASDAQ:AMYT) (LON:AMYT) has hailed as a “significant milestone” the phase III success of FILSUVEZ, a gel for a rare and extremely painful skin condition called epidermolysis bullosa (EB). The study achieved its main goal, known in the scientific parlance as the primary endpoint, of accelerating the wound healing process. The next step is a rolling submission programme to the regulatory authorities, with the company applying for speedy approval in both the US and EU.

Blue Star Capital PLC (LON: BLU), the investing company with a focus on esports, payments, technology and its applications within media and gaming, noted that its investee company Guild Esports PLC has today announced its intention to seek float on the main market of the London Stock Exchange (LSE) later this year. Guild, in which Blue Star holds 11.7% of the issued share capital, expects to be the first esports franchise to join the LSE main market. It plans to create a leading global franchise by establishing its own esports teams to compete in major esports tournaments and a player training and scouting infrastructure modelled on the talent academies pioneered by Premier League football teams over many years. David Beckham, a founding shareholder, intends to use his global influence and following to support the development of the company's brand and business.

Argo Blockchain PLC (LON:ARB) has reported a surge in earnings and revenues in its first half as the number of Bitcoins mined during the period soared by over 500%. For the six months ended June 30, 2020, the cryptocurrency miner reported underlying earnings (EBITDA) of £3.2mln, 96% higher year-on-year, while revenues jumped by 280% to £11.1mln as the companys production ramped up. The figures were the result of a 545% increase in Bitcoins mined to 1,669 from 306 a year ago. The firm also said during the period its production base had expanded by 260% to 18,000 crypto mining machines, making it one of the worlds largest publicly-listed miners.

Bango PLC (LON:BGO), the mobile payments specialist, has agreed a partnership with ODK Media, a Korean and Chinese subscription-based video streaming service. The partnership means telecoms companies globally will be able to offer access easily to the content on ODKs and with payment through Bango's platform. “Millions of users who live outside of Korea and China to access content in their mother language with ODK Media's subscription bundled with their mobile plan, or as a bolt-on, using the Bango Platform to enable these offers to be delivered,” the company said in a statement.

Thor Mining PLC (LON:THR) said it has completed its acquisition of 100% of American Vanadium (AVU) and its subsidiaries. AVU holds interests in uranium and vanadium focussed projects in Colorado and Utah in the US and will be acquired through the issue of 24mln new Thor shares. Field sampling unearthed signs of high-grade uranium and vanadium during due diligence work, Thor noted. Mick Billing, Thors executive chairman, said he was pleased to complete the deal which now gives Thor a balance of assets including copper, gold, tungsten and now uranium and vanadium.

Echo Energy PLC (LON:ECHO) has told investors it is investing in its operations in Argentina to boost performance. The company has acquired compressors, previously on lease at a cost of US$2.2mln over 36 months, which are used to lift pressure in gas transport pipeline. The transactions enable some US$100,000 of operating expenses to be saved per month and gives security for future operations. Echo said it is better able to facilitate anticipated production growth in the future.

Alien Metals Ltd (LON:UFO) said it has entered into an exclusivity agreement with Capstone Mining Corp (TSE:CS) in respect of the potential farm out of an interest in its Donovan 2 copper-gold project in Mexico. The exclusivity provides for a 45-day period for Capstone to undertake due diligence. During the due diligence period the parties intend to enter into a definitive agreement, which will provide for a staged earn-in to the Donovan 2 Project, through a combination of carried expenditure and cash payments.

Mosman Oil and Gas Limited (LON:MSMN) has confirmed that the Stanley-4 drill programme is underway. The well was spudded on September 4 and the last reported depth was 2,980 feet, towards a target depth of 5,100 feet. At the Stanley-1 well, meanwhile, a new workover rig will be deployed after the first rig and crew did not meet the operator's stipulated criteria. In a separate statement, Mosman also said it has received notification to exercise warrants over a total of 56,250,000 new ordinary shares of no par value in the company at a price of 0.15p per share. The group said funds from the exercise of the warrants of circa A$155,000 will be added to Mosman's existing cash reserves, while the immediate focus remains on drilling and workovers.

ImmuPharma PLC (LON:IMM), the specialist drug discovery and development company has announced that L1 Capital Global Opportunities Master Fund has converted $200,000 (plus accrued but unpaid interest) of the convertible security, details of which were announced by the company on June 11, 2020. The conversion price is 11p per share resulting in the issue by the company of 1,429,938 new ordinary shares of 10p each. The new ordinary shares represent 0.58% of the company's enlarged issued share capital.

IronRidge Resources Limited (LON:IRR) has kicked off its Third Phase drill programme at the Zaranou gold project in Côte d'Ivoire. The group said the programme will comprise some 50,000 metres of drilling – with 20,000 metres reverse circulation (RC), and 30,000 metres of aircore (AC) drilling. Two RC rigs will be in operation alongside one AC rig. The RC portion of the programme is slated to complete in the fourth quarter. The group has a stated goal of providing results upon which IronRidge can define a maiden mineral resource estimate.

Directa Plus (LON:DCTA) has published a two-year research study into the benefits of the use of its graphene additive G+ in advanced textiles and fashion. The study, published in the Journal of Applied Polymer Science, was carried out at the Politecnico di Milano by a team led by Professor Luigi De Nardo with the technical support of Fondazione Politecnico di Milano. Directa Plus said the findings confirmed that: G+ graphene nanoplatelets (GNPs) comply with ISO/TS 80004-13:2017 definition; there is a very high crystalline quality of the GNPs, which is crucial for applications where thermal and electrical conductivity is targeted; and G+ GNPs confer very high in-plane thermal conductivity to functional membranes, endorsing their use for thermal comfort.

Arkle Resources PLC (LON:ARK) has revealed the results of soil sampling at the Mine River gold project in the Republic of Ireland. In addition, the two key licence areas that encompass the Tombreen and Knocknalour targets have been renewed. Five strong gold indicator anomalies were detected along the gold trend east of Tombreen. A five kilometre squared area was surveyed using XRF handheld technology and obtained soil samples every 20 metres along 100 metre spaced grid lines. At two of the anomalies blue quartz boulders with sulphide minerals similar to that at Tombreen were noted and collected for analysis. Results are expected within three weeks.

Shanta Gold Limited (LON:SHG) has “positioned itself very well to take advantage of high gold prices” according to analysts at its house broker Liberum, who said the miner is capable of “delivering capital efficient near-term growth and a solid dividend”. In a Wednesday note initiating the stock with a buy rating and a 23p target price, the broker said efforts by management at the AIM-listed firm over the past few years meant it “can deliver on many fronts simultaneously” which should drive a re-rating of the shares.

Powerhouse Energy Group PLC (LON:PHE) has raised £5mln through an oversubscribed placing and subscription that it said will provide the necessary cash resources to reach profitability and implement its wider international growth strategy. The company, which specialises in technology that generates hydrogen from waste plastic, said it raised the funds through the issue of 160mln new shares at a price of 2.5p each, a 16.7% discount to its closing price on Tuesday. The shares were placed with an international institutional investor and a small number of private shareholders, including the White Family, the companys largest shareholder, to raise £4mln. Meanwhile, the firm said another 40mln shares will be issued to its engineering partner, Peel Holdings (IoM) Limited, which is subscribing for £1mln at the issue price. Powerhouse has also granted a warrant to Peel providing a conditional right to subscribe up to £10.2mln for up to 10% of the company at a 10% premium to the issue price.

Power Metal Resources PLC (LON:POW) told investors it has completed a due diligence exploration programme at the Silver Peak project in British Columbia. The company noted that a total of 11 channel samples were taken and have been submitted to a lab, in Vancouver, for expedited assay testing. Additionally, the Power Metal team is reviewing the exploration work undertaken and the initial findings. It expects to update the market again with the results and a decision over its acquisition option, in line with the agreed 30-day option period.

AfriTin Mining Ltd (LON:ATM) shares were higher on Wednesday as the company continued to extend production at its Uis tin mine in Namibia in August despite shutdowns to implement improvements at the site. The company said it has completed modifications to address the bottlenecks in the fines dewatering circuit of the projects processing plant. AfriTin said it expects that improvements will translate into “increased concentrator plant throughput” from September onwards. Despite four days of extended maintenance shutdown in August to make the improvements, the company said monthly production of tin concentrate from the phase one mining and processing facility increased to 37.5 tonnes of concentrate for the month, extending production gains made during June and July.

Synairgen PLC (LON:SNG) noted that it has submitted a patent application for its inhaled interferon beta asset, SNG001. The AIM-listed respiratory drug developer said the application is to use SNG001 to treat virus-induced exacerbations in patients suffering from Chronic Obstructive Pulmonary Disease (COPD) and undergoing treatment with systemic corticosteroids. The application follows the results of interim analysis of Synairgens exploratory Phase II clinical trial of SNG001 in COPD patients, released on Tuesday, which revealed that the treatment is well tolerated in the older population studied and that lung antiviral responses were “significantly enhanced”.

Newmark Security PLC (LON:NWT) has said it is “confident that there will be medium to long-term growth” in its core markets as it delivered its full-year results. In an outlook statement, the security systems provider said it is continuing to “build a greater proportion of recurring revenues” in its People and Data Management division, while its physical security solutions business is continuing to benefit from a restructuring last year and an increase in its product range. Newmark also said that its leadership team had “identified new markets and customers” amid increasing crime rates and the continued threat of terrorism which it said will “firmly position” its Safetell business for future.

Inspired Energy PLC (LON:INSE) has resumed dividend payments and is looking for more acquisitions following an uptick in corporate energy usage in recent months after the end of the coronavirus (COVID-19) pandemic lockdown. The consultant, which helps companies reduce their energy bills, said acquisitions helped revenue in the half-year to June 30, 2020, rise by 25% to £20.9mln. Corporate orders also increased to £61.5mln following significant new customer wins .said Inspired. Trading currently remains in line with the board's expectations, said Inspired, which announced an interim dividend of 0.1p and in line with a policy of at least three times earnings cover.

I3 Energy PLC (LON:I3E) chief executive Majid Shafiq has described 2020 as a transformational year for the company. “We are now a substantial production company with a full cycle E&P portfolio containing multiple options to create and return value to our shareholders,” Shafiq sRead More – Source