Touchstone Exploration Inc (LON:TXP) (TSE:TXP) has revealed successful test results from the Cascadura-1ST1 well, confirming a significant liquids-rich natural gas discovery in the Ortoire block in Trinidad. The well encountered a total of 777 feet of pay in the Herrera formation, and, first stage testing covered the lower-most 162 feet.
ImmuPharma PLC (LON:IMM) has hailed the “positive and proactive” progress made by it and partner Avion Pharmaceuticals that will see a second phase III trial of the latter’s drug for lupus get underway “as soon as possible” this year. The pair will meet America’s Food & Drug Administration sometime this quarter to seek guidance for an optimised study of Lupuzor.
Faron Pharmaceuticals Oy (LON:FARN) (FIRSTNORTH:FARON) said it has amended the protocol for a second phase III study of its drug for acute respiratory distress syndrome (ARDS) to reflect input from the US regulator. Following a meeting with the Food & Drug Administration, the company’s treatment of patients with its interferon-beta (IFN-beta) medication Traumakine will exclude the overlapping use of steroids.
Ceres Power Holdings PLC (LON:CWR), a global leader in fuel cell technology and engineering, said it has appointed former Vodafone Group plc (LON:VOD) executive, Warren Finegold as an independent non-executive director with effect from 1 March 2020. In a statement, the AIM-listed firm noted that, over a 30-year career, Finegold played an instrumental role in growing Vodafone into one of the world’s largest telecoms companies.
Meanwhile, the number crunchers at Berenberg reckon it’s only just begun for Ceres Power. Ceres’ share price has advanced around 50% so far this year, giving it a market capitalisation of £630mln. However, analysts at the London arm of the German private bank said “we are confident the company is still only at the start of its multi-year journey” as it raised its target price for the shares to 470p from 290p.
ReNeuron Group PLC (LON:RENE) saw its shares leap 11.5% higher to 160.50p after the stem cell specialist revealed it has been notified that a German private investment firm, Obotritia Capital KGaA has emerged with a 16.42% stake in the company. The big stake could be that which belonged to tarnished fund manager Neil Woodford’s collapsed Woodford Investment Management Ltd, which sold a 16.58% holding in December last year.
Tekcapital PLC (LON:TEK) the UK intellectual property (IP) investment group focused on creating marketplace value from investing in university technology, is looking to raise £740,000 via a placing to fund investment in key activities. In a statement, the AIM-listed firm said the proposed placing will be of 14,800,000 new ordinary shares at 5p per share.
Summit Therapeutics PLC (LON:SUMM, NASDAQ:SMMT) has received a US$1mln milestone payment after enrolling initial patients at trial sites in Latin America as part of phase-III clinical trials of its ridinilazole treatment for C. difficile infection. The payment is the first under its license and collaboration agreement with Eurofarma Laboratórios SA, under which it is entitled to receive a further US$2.75mln upon the achievement of additional staged patient enrolment targets in Latin America, along with other development and commercial milestones.
Genel Energy PLC (LON:GENL) told investors that its 25% owned Tawke PSC project, host to the Tawke and Peshkabir fields, yielded average production of 122,800 barrels of oil per day (bopd) in the fourth quarter of 2019. The Tawke field produced 63,900 bopd in the three months ended 31 December whilst Peshkabir averaged 58,900 bopd. In a separate statement, Genel also announced management changes, with David McManus appointed as its chairman with immediate effect. Steve Whyte resigned as chairman back in December, to be temporarily replaced by interim chair George Rose.
Supermarket Income REIT plc (LON:SUPR) generated a 7% total return for its shareholders in the six months to the end of December. The company paid out two dividends totalling 2.9p each in the reporting period – up from 2.8p a year earlier – and is on track to deliver its targeted full-year dividend of 5.8p.
Premier African Minerals Limited (LON:PREM) said it has agreed to acquire, for US$200,000 a further 2% in MN Holdings Limited, the owner and operator of the Otjozondu Manganese Mining Project in Namibia, increasing its overall interest to 12%. The company added that the consideration has been satisfied through the issue of 171,074,444 new ordinary shares at an agreed issue price of 0.09p per share for an aggregate consideration of £153,967.
Cello Health PLC (LON:CLL) has reduced the consideration for the sale of its social media analytics business to Access Intelligence PLC (LON:ACC). Cello will make a cash payment of £1.6mln to correspond to a shortfall in the net assets of Pulsar Platform below the agreed target level at the closing of the deal, with Access Intelligence also buying back 4,076,238 of its own shares to reduce the purchase price for one pound.
Nuformix PLC (LON:NFX) has said it is considering its options over how to get a payment of £2.5mln owed by Chinese group Newsummit Biopharma. The two companies have partnered on a chemotherapy side effect treatment developed by Nuformix, which is currently going through clinical trials in China. In spite of an assurance the money would be paid in November, drug developer said it has not been forthcoming, with the latest delay blamed on an audit of Newsummit by its parent company. Separately, Nuformix said chairman Dave Tapolczay has resigned with immediate effect and will be replaced by Chris Blackwell on an interim basis while it looks for someone with specialist life sciences experience.
Applied Graphene Materials PLC (LON:AGM) is to present to the global paints and coatings industry at five international conferences this spring. The speciality producer of graphene materials noted that over the last 12 months there have been several customer coatings containing Applied Graphene’s graphene dispersion technology hitting the market.
Open Orphan PLC (LON:ORPH), the rapidly growing specialist CRO pharmaceutical services company which has a focus on orphan drugs and is a world leader in the provision of virology and vaccine challenge study services, announced that it will be attending and presenting at a series of investor events from the 11th February to 26th March 2020. The group said its executive chairman, Cathal Friel, or CEO Trevor Phillips will be in attendance for all the events and will be presenting an update to existing and potential investors on the company’s acquisition of hVIVO and business plans for 2020.
IQ-AI Ltd announced on Wednesday that it had received a conversion notice from Free Association Books Limited, converting £60,000 convertible loan notes and the £16,875 associated interest, issued on 18 November 2015, at a price of 1.15p, into 5,125,000 ordinary shares also at a price of 1.15p each. Free Association Books is a company in which Trevor Brown, who is an executive director of IQ-AI, has an interest. Following the conversion, the group noted, Brown will be directly and indirectly interested in 43,419,766 ordinary shares, representing approximately 29.75% of the company’s enlarged issued ordinary share capital.