Cenkos: RUA Life Sciences Plc -- Positive developments

RUA Life Sciences has released a positive AGM statement and trading update noting continued cost control and a number of positive business development updates across its divisions. While the two revenue generating divisions continue to make strong progress, we are particularly encouraged by the engagement of RUA Structural Heart and RUA Vascular with ‘major' players in these markets, which sees both divisions providing products to third-parties for testing – potentially opening new revenue strea

Positive AGM Statement & Trading Update

RUA Life Sciences’ AGM statement provided tangible progress on its heart valve and vascular graft products, detail on revenue expectations and reassuring cost control since its FY 2023 results announcement. Our valuation remains at £120.3m (542p per share). RUA Contract Manufacture has announced progress with a customer funded project that assuming success, is anticipated will convert into a supply contract. This would appear to be a new customer and is in addition to building on this relations

Final FY 2023 results

RUA Life Sciences final results for FY 2023 were in line with the earlier trading statement and reflect the costs associated with the development of its vascular and heart valve products, its cash-generative business segments, cash conservation and a higher R&D tax credit. Outside the financial results which conformed with the recent trading statement where contract manufacture revenues were ahead of our estimates and total administrative expenses were below, there have been interesting advance

Cenkos: RUA Life Sciences Plc -- Final results

RUA Life Sciences has reported final results for the 12-months to March 2023, with group revenues of £2.2m, up 34% YoY and a loss before tax improved marginally to £2.3m from £2.4m. Cash at the end of the period was £1.5m. We believe the company has delivered strong operational progress across all four of its businesses, with its revenue generating units showing strong revenue growth and improved profitability, while its ‘development' units have both made progress towards future commercialisatio

FY 2023 Trading Update

RUA Life Sciences trading update included Group revenues and year-end cash position were modestly ahead of our estimates, with other figures mostly in-line. The highlight of the trading update was the agreement with the FDA on the requirements for the GLP animal study and 120-patient clinical trial required to secure US approval of RUA’s vascular graft. It is clear that RUA is on a pathway to the US approval of its vascular graft which should not be a surprise. RUA Contract Manufacture and RUA

Cenkos: RUA Life Sciences Plc -- Sales growth and development progress

RUA Life Sciences has provided a trading update for the 12-months to March 2023, ahead of publication of FY23 results, mid-July 2023. The company notes sales and profitability growth from its mature businesses and progress from its Vascular and Structural Heart businesses. RUA has managed cash resources, closing the year with £1.5m versus £3.0m at the close of FY22A. Importantly, the company has reached an agreement with the FDA regarding the regulatory process for the RUA vascular graft, includ

Hybridan Small Cap Feast - 07 Jun 23

7th June 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

Cenkos: RUA Life Sciences Plc -- Vascular graft distribution agreement

RUA Life Sciences has signed a global distribution agreement with Corcym, a medical device company focussed on treating heart conditions. The agreement will cover the distribution of RUA's large bore straight and aortic root grafts, for which RUA is currently working towards gaining FDA clearance. We expect RUA's grafts to be complementary to Corcym's existing product portfolio which is sold in over 100 countries. The agreement establishes global distribution for the vascular grafts and validate

Commercialisation partnership signed

RUA’s global commercialisation partner for its range of large bore vascular grafts has been announced as Corcym SRL. Corcym is the heart valve business bought out from Sorin/Livanova in 2021 and is a specialist cardiovascular medical device company with complementary products – like sutureless/minimally invasive aortic valves, mechanical heart valves, aortic prostheses and mitral valves and repair devices. RUA Vascular’s products for straight and aortic root grafts will fit perfectly into Corcym

This Week's AIM Highlights 16th December 2022

Cenkos: RUA Life Sciences Plc -- Group progress

RUA Life Sciences has reported its interim results for the six-months to September 22, detailing progress across each of its four business units. The company has delivered strong revenue growth of 56%, while maintaining tight control on its cost base, such that the end of period cash balance was £2.5m vs £3.0m at March 2022, ahead of an expected R&D Tax Credit. Discussions with the FDA on the vascular graft devices have progressed and RUA sees the requirements of the human clinical study much re

Hybridan Small Cap Feast 12/12/2022

Dish of the day Joiners: No joiners today. Leavers: No leavers today. What’s cooking in the IPO kitchen?** Savannah Energy, the AIM-quoted energy company, is undergoing a reverse transaction in connection with the acquisition of Exxon Mobil Corporation's entire upstream and midstream asset portfolio in Chad and Cameroon. No capital to be raised on Admission. Anticipated market cap £323m. Expected 13 December. Celsius Resources intends to join AIM. Currently ASX listed, Celsius is a natural resou

Messages from the interim results

RUA Life Sciences’ interim results include in-depth updates on the development of its vascular graft and aortic heart valve products. They also provide more detail on its cash-generative businesses which together are now segmented into Vascular, Structural Heart, Biomaterials and Contract Manufacture. For the latter two, a 56% increase in revenue compared to the same six-month period in 2021 left our previous FY 2023 forecasts of total revenue and cash looking a bit anaemic with the Board’s expe

Hybridan Small Cap Feast 14-11-2022

Dish of the day Joiners: Looking Glass Labs (NFTX) joins the Access Segment of the AQSE Growth Market. The company is engaged in digital agency specialising in immersive XR metaverse design, non fungible token architecture and virtual asset royalty streams. Looking Glass Labs is currently listed on the NEO Exchange (Canada). Market Cap £18.8m. EDX Medical Group joins the Access Segment of AQSE Growth Market. (Formerly TECC Capital plc) EDX operates a molecular biology and diagnostics laboratory

LIBERUM: Aptamer* - Prelims supports growth projections

LIBERUM: Aptamer* - Initiation - Build better binders

LIBERUM: Futura Medical: The Futura's coming

Update on Life Sciences expansion

Despite continued strong revenue growth from the existing Point-of-Care and Life Sciences activities, it is now apparent the new capacity expansion programme for enzymes fermentation will not contribute to revenues this year. As a result, management is now guiding to FY23 group revenues of ~£53m and Adj EBITDA of ~£10m, both around £4m lower than previous expectations. We update our forecasts accordingly and expect more information around the shape of the revenue ramp up in FY24 at the upcoming

Destiny Pharma plc+ (DEST, House Stock at 57p) - Primed to go

Shield Therapeutics - $26.1m fundraise ($20.0m debt)/$6.1m equity)

Shield raised $26.1m through a $20m term loan facility with SWK Holdings (unconditional) and $6.1m equity placing to fund several initiatives to drive improvement in gross-to-net (GTN) prices (including new field access team), fund the working capital needs (inventories and receivables) of the US growth story and repay the $5.7m AOP Health convertible loan. The interims and Q3 update clearly show the fruits of the Viatris collaboration, with covered lives increasing 20% to 123m (vs. 100m) and st

Interims in line – new forecasts for Life Sciences

Interims are in line and show strong growth from key product lines, which bodes well for future sustainable growth. Having already rebased our FY23 estimates to remove any contribution from the delayed South Bend facility, we reintroduce FY24 & FY25 forecasts to reflect the revised schedule of revenues ramping up. These show group revenues on an improving trend and EBITDA margins strengthening towards 22%. The shares trade on an FY24 EV/EBITDA multiple of sub-10x, falling to 8x in FY25. There is

Venture Life Group - Strong cash generation

Venture Life has published its interim results to the end of June 2023, reporting group revenue growth of 24.4% to £23.5m, supported by both VLG brands and Customer brands. Although gross margin was down in the period as anticipated, tight operational cost control delivered improved adjusted EBITDA margin of 18.9% (H1/22A: 17.6%). As in previous years, we expect H2/23E to deliver stronger adjusted EBITDA and maintain our £11.6m FY23 expectation. Significantly, cash flow generation was strong in

Hybridan Small Cap Feast - 26 Sep 23

26th September 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 ob

Oxford BioDynamics+ (OBD, House Stock at 10p) - Early availability of prostate cancer test

Interim results

Belluscura has reported interims in line with our expectations and notes strong momentum across its product range, particularly the DISCOV-R, and ‘transformational' progress in its global roll-out after signing Agreements with InnoMax and McKessen.

Artificial intelligence in UK biopharma and healthcare 11/09/2023

Artificial intelligence (AI) continues to accelerate at full speed, first by imitating the workings of a human brain and now it is drawing concepts of evolution, sometimes with synthetic data, artificially manufactured for training purposes or for privacy protection, and sometimes not even with human intervention. In this note, we examine how AI is being developed and applied by the NHS and UK mid/small cap companies for the benefit of human health and wellbeing. AI in drug discovery and devel

Interims – trading in line with upgraded estimates

NIOX delivered a strong H1, driven by Clinical revenues +29% in the period. Trading is in line with the forecasts that were materially upgraded in July. Margins continue to strengthen and cash flow is following the increased profitability. Having returned £10.5m via a special dividend in September, we expect a maiden ordinary dividend to be declared at the finals in March, reflecting the strong fundamentals and highly cash generative nature of the model. We continue to view NIOX as a unique asse

Hybridan Small Cap Feast - 12 Sep 23

12th September 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 ob

NetScientific - Interim Results – solid strategic progress paves way for value inflection

NetScientific, the deep tech and life sciences VC investment group, has released interim results to June 2023 evidencing progress in the ‘core' portfolio and first asset realisations. Amongst multiple updates detailed below, across an expansive and diversified portfolio of over 20 companies, NSCI reports a Fair Value' as at 30 June 2023 of £35.5m (H1-22: £29.2m) a 21% increase compared to H1-22A. Looking at the last six months, and excluding the market value of PDS Biotech (NASDAQ:PDS - currentl