Arecor Therapeutics: Continued delivery with key AT278 data due in Q423

Momentum continues to build across Arecor’s pipeline and 2023 should see the first Arestat-based product, AT220, approved and entering a multi-billion market. Partner Hikma has confirmed it will progress AT307 through to commercialisation, with several milestones expected over the coming 18 months. Two new formulation collaborations have been signed, and one has been extended. The diabetes franchise remains in the spotlight with changing US insulin market dynamics. Insulins AT278 (ultra-concentr

Hybridan Small Cap Feast - 05 Apr 23

5 April 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objective

Hybridan Small Cap Feast - 22 Mar 23

22 March 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

AT278 first patient dosed

Arecor announced today the first patient has been dosed in its Phase I clinical trial investigating AT278, an ultra-rapid acting, ultra-concentrated (500 U/mL) insulin candidate, in Type 2 diabetic patients, the primary target population. The trial is expected to read out in Q4, 2023. We view this asset as a potential game changer for patients who require insulin as it has the potential to be the first ultra-concentrated and ultra-rapid acting insulin. This trial aims to extend the understanding

Formulating Success

Arecor has invested in a proprietary formulation platform that enables it to bring innovative medicines to market through the enhancement of existing products. The business strategy focuses on technology deals, a partnered portfolio and a core in-house development pipeline. In the 2023-2026 period, we believe that Arecor could transform itself on the back of drug approvals providing growing yoy royalty streams as well as additional deal flow on all core elements of the business. The current shar

Hybridan Small Cap Feast - 19 Jan 23

19 January 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment object

Arecor Therapeutics: Hikma licence milestone achieved

Arecor has provided an update on its partnered Specialty Hospital programmes with Hikma Pharmaceuticals. AT307 and AT282 are both novel enhanced formulations of existing, albeit undisclosed, marketed injectable products. The transfer of AT307 to Hikma for further development and, importantly, their commitment to seek approval under the FDA 505(b)(2) pathway triggers an undisclosed milestone payment. However, all rights to AT282 have been returned to Arecor following a portfolio review at Hikma;

Arecor: Getting the chemistry right

Arecor has made significant progress since its June 2021 IPO in advancing its pipeline and in securing several technology formulation collaborations with established global companies. Its Arestat formulation expertise underpins both the clinical pipeline and this partner interest. Internal work is focused on Diabetes and Specialty Hospital products: both sources of potential future licensing deals. Arecor currently has four products under licence that will generate development and commercial mil

Hybridan Small Cap Feast 22/11/22

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Kistos Holdings plc, intends to join AIM. The Company was incorporated to act as a new holding company for the group companies 0f Kistos plc (KIST), a holding company with the objective of creating value for its investors through the acquisition and management of companies or businesses in the energy sector. Anticipated Market Cap £327m. Expected 22 Dec 2022. AT85 Global Mid-Market Infrastr

Hybridan Small Cap Feast 10-11-2022

*A corporate client of Hybridan LLP ** Arranged by most recent first *** Alphabetically arranged Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** One Health Group plc, intends to join the AQSE Growth Market. The group provides medical services, in the form of elective surgical care, to support the NHS in the management of patients, through a growing network of community-based outreach clinics and independent hospitals. One H

Trinity Delta Lighthouse: Arecor Therapeutics

Trinity Delta view: This collaboration is a valuable reminder of the importance of Arecor’s Specialty Hospital products business and the applicability of its Arestat technology platforms in assisting larger, often blue chip, companies in addressing varied formulation challenges. The clinical and commercial potential of its diabetes franchise has focussed investor attention on development progress of AT278 (ultra-rapid ultra-concentrated insulin) and AT247 (ultra-rapid insulin), and so it is easy

Hybridan Small Cap Feast 11-10-2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Cooks Coffee Company ltd, an international coffee focused café chain which currently owns the Esquires Coffee and Triple Two Coffee Brands, intends to join the AQSE Growth Market. The Company is the 4th largest coffee focused café chain in the UK. Cooks Coffee is currently listed on the New Zealand Stock Exchange. Raising £1.5m through a rights issue in New Zealand and a private placeme

Trinity Delta Lighthouse: Arecor Therapeutics

Trinity Delta view: Arecor’s diabetes franchise is a prime example of the strength of the Arestat formulation platform. The confirmation of AT247’s ultra-rapid acting profile supports its further evaluation and development. In parallel, AT278, Arecor’s 500U/ml ultra-concentrated ultra-rapid insulin, will initiate its second Phase I study in H222, which unlike the first, will focus on Type II diabetes. Both in-house diabetes assets are key value drivers for the company, given their highly promisi

Arecor Therapeutics: Broadening opportunities and preparing for the future

Arecor is successfully progressing its in-house pipeline, with both key diabetes programmes, AT247 (ultra-rapid insulin) and AT278 (ultra-concentrated ultra-rapid insulin), undergoing Phase I studies. Recent AT278 data demonstrated the promising profile, which is especially suited to high-dose insulin users and will be further explored in an upcoming Phase I study in Type II diabetes. AT247 data from a US insulin pump trial is expected shortly and will similarly guide its likely role in the nasc

Trinity Delta Lighthouse: Arecor Therapeutics

Trinity Delta view: Arecor’s broad operational progress includes the imminent top-line data for AT247 and preparations for initiation of the next AT278 trial in H222, whilst also securing another formulation deal and an acquisition. We believe the in-house diabetes assets have highly promising, differentiated profiles that could be particularly suited to emerging pump applications and high insulin users, and as such are key value drivers. The highly complementary Tetris Pharma purchase offers a

Initial Equity Trading Comments - 15 May 2023

LIBERUM: Aptamer* - Prelims supports growth projections

Kromek - Placing raises £7m with Open Offer of up to £1m

Kromek raised £7m (with up to £1m via an Open Offer) to strengthen the balance sheet and provide the working capital for the CT programme to bridge the gap before supply agreements with recently announced Tier 1 and Tier 2 OEMs commence in earnest. As the only independent commercial scale manufacturer of the next-generation detector (CZT) for use in CT and SPECT imaging systems, Kromek is actively engaged with 9 OEMs (both Tier 1 and Tier 2), with 3 agreements having now been signed (FC estimate

LIBERUM: Aptamer* - Initiation - Build better binders

GenAI: How to Use It

You''ve been here before, right? Blockchain, the Metaverse - and now GenAI. Could this time really be different and the hype justified? The answer to this question is rooted in how GenAI can be used in the real world. In this report we thus challenge our sector teams to identify GenAI use-cases within their industries - and those companies likely to pioneer them. The result is perhaps the broadest consideration yet of how GenAI can diffuse through the economy. Efficiency is the common theme, pr

Hybridan Small Cap Feast - 19 May 23

19th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Oxford BioDynamics+ (OBD, House Stock, 17p) - Expanding applications

Vetting the opportunity

Monday''s trading update caused the shares to drop 13%, leaving c28% upside on the possible all-cash offer price by EQT, set at 4,070p per share. While the market seems sceptical on the deal going through (outcome expected by June 2), we believe EQT will proceed and most likely on unchanged terms. We turn opportunistic and upgrade the shares to outperform. Destocking and European slowdown behind the trading update Destocking in the USA went deeper than expected by a couple of weeks, with inven

46 stocks, 272 charts, 690 questions

Conference compendium With the summer conference season approaching, we have collated a convenient compendium of questions and performance/valuation/data screens for all the stocks within our food, household and personal care, beverages and consumer ingredients coverage universe. Stock information Within you will find 15 updated questions for management, latest company guidance, the P/E and EV/EBIT history relative to the wider sector, the P/E history relative to the relevant sub-sector, the YTD

ReNeuron Group Prelims

Preliminary FY 2023 results from ReNeuron Group plc (RENE.L) highlight its transition via restructuring from a clinical-stage drug developer to a drug delivery platform based on its exosome technologies. As such, clinical trial spend is being minimised to cover legacy obligations only and in future will be conducted instead by partners, such as Fosun Pharma. The generation of data validating its CustomEx™ exosome platform to enable partnering and licensing transactions can be completed more cost

Hybridan Small Cap Feast - 25 May 23

25th May 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objectiv

Funding the opportunity in medical imaging

On 18 April Kromek announced a major seven-year agreement with a Tier 1 OEM to develop and incorporate its CZT-based detectors in the OEM’s advanced medical imaging scanners, and further deals have since followed. In order to fund these opportunities, on 5 May the Group announced a fund-raise of £8m (gross). It is our assumption that the Tier 1 OEM segment targeted is the CT scanner market. This was worth an estimated US$6.7bn in 2022 and, at a 5.6% CAGR, is expected to reach US$9.92bn by 2029.

NetScientific - FY 2022 results, portfolio value increases 35%

NetScientific, an investment and commercialisation group with an international portfolio of innovative life science, sustainability, and technology companies announces its FY 2022 results demonstrating a 35% increase in portfolio value to £41.8m across an expanding portfolio of 24 companies. NSCI reports that its portfolio has raised c. £70m. In line with its capital light investment strategy, NSCI/EMV have supported these fund-raises selectively through £3.2m of direct investments and loans, an

Avon Protection - Termination of coverage

Edison Investment Research is terminating coverage on Avon Protection (AVON), Osirium Technologies (OSI), IQE (IQE), Kopy Goldfields (KOBY) and RhoVac (ROHVAC). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

Initial Equity Trading Comments - 10 May 2023