Itaconix PLC (LON:ITX) said it has made significant progress in its operational efforts to extend the company’s cash runway. The speciality chemicals group announced in mid-March, when the effects of the coronavirus (COVID-19) pandemic were starting to be felt, that it had enough funds to operate until the end of May and would look to conserve cash and negotiate terms on payments due. While the company is pulling out the stops to prevent cash leaving the company, it said it has also made significant progress on increasing revenue in the first four months of 2020, with revenue up 42% year-on-year at US$600,000. Itaconix noted that the strong growth is primarily from the continued commercial progress and success of the company’s detergent polymers.
genedrive PLC (LON:GDR) said its hepatitis-C diagnostic has received what’s called ‘prequalification’ from the World Health Organisation. This means the product joins a list of devices eligible for purchase by United Nations procurement agencies. WHO member states are encouraged to buy from the list. The genedrive HCV-ID kit is a portable molecular testing kit for hepatitis-C that delivers results in 90 minutes from a small plasma sample. This allows healthcare workers to operate in the field rather than hospitals. In a statement, Genedrive chief executive David Budd called the WHO prequalification an “important milestone”.
In a separate statement, genedrive also announced its intention to raise £7mln, before expenses, by way of a conditional placing with existing and new institutional investors through the issue of 8,750,000 new ordinary shares at a price of 80p each, a 60% discount to its mid-market closing share price on May 4. It also announced a proposal to raise up to a further £1 million by way of a broker option through the issue of up to 1,250,000 additional new ordinary shares at the placing price in order to enable smaller shareholders and other retail and institutional investors to participate in the fundraising. The group said the net proceeds of the fundraising will support the rapid development of the Genedrive® SARS-CoV-2 assays, fund the scale-up of the Genedrive-96-SARS-CoV-2 test including build-up of inventory for an initial period, fund product development, commercialisation and general corporate purposes.
BATM Advanced Communications Limited (LON:BVC) said its Adaltis subsidiary has launched a new range of coronavirus (COVID-19) testing kits. The networking tech and medical lab specialist said initial orders of the enzyme-linked immunosorbent assay (ELISA) serological testing kits, which diagnose if someone has had the disease by detecting antibodies in their blood, are now being shipped to several customers in Europe and that it is ramping up production to fulfil further orders.
Aminex PLC (LON:AEX) announced that it has now reduced cash remuneration for directors by 90%, down to a total of £100,000 or £8,000 per month. In a statement, the group said its chairman John Bell has waived his annual fees of £100,000, and senior non-executive director Linda Beal has waived annual fees of £35,000. Both waivers are for twelve months. Senior employees have also agreed to accept temporary salary reductions of between 20% and 40% in return for share options, it added.
AfriTin Mining Ltd (LON: ATM) said it has secured £2.05mln from a new loan note facility. The group said the funds will be used to improve its financial position as production ramps up at the company’s flagship Uis tin mine in Namibia, and to mitigate any potential effects from the coronavirus that may occur in relation to future tin shipments or the company’s wider supply chain. The notes, which are issued in tranches of £50,000, bear an interest rate of 10% per annum to be accrued and payable in full on redemption, and have a 12-month term.
Faron Pharmaceuticals Oy (LON:FARN) (NASDAQFIRSTNORTH:FARON) said it has selected AGC Biologics as the contract manufacturer for Clevegen, its clinical-stage cancer immunotherapy candidate. AGC will help support the expansion of trials to assess the treatment’s safety profile and potential efficacy in nine different cancer types. Faron’s chief executive, Dr Markku Jalkanen, said the tie-up would provide flexible and cost-efficient manufacturing.
Touchstone Exploration Inc (LON:TXP) (TSE:TXP) announced, in a statement after Monday’s close, that it has signed a framework agreement for the sale of natural gas and gas liquids produced from the Ortoire block, onshore Trinidad. The agreement is signed with the National Gas Company of Trinidad and Tobago and Heritage Petroleum Company.
Argo Blockchain PLC (LON:ARB) said it mined 1,237 Bitcoin in the first four months of 2020, a 122% increase over the previous four months. In an update for April, the cryptocurrency miner also said that over the last month it has installed 1,000 Bitmain Antminer S17+ mining machines, taking its total capacity to around 18,000 machines, a 244% increase in power from the end of last year. Argo also announced that its incumbent chief financial officer, Timothy Le Druillenec, will be stepping down with immediate effect to become a non-executive director and will be replaced as CFO by James Savage. Argo noted that Savage has seven years’ private practice experience in auditing and corporate finance across capital markets in the UK, US and Canada and has held roles managing audits of large multinational groups and carried out valuations for investment funds.
OptiBiotix Health PLC (LON:OPTI) said it has entered into a three-year distribution agreement with Asian product developer and distributor, Pierce Group. The agreement grants Pierce exclusive rights to import and commercialise OptiBiotix’s SlimBiome weight management ingredient and LPLDL, its cholesterol-lowering probiotic, in China and Hong Kong. Under the agreement, Pierce will also conduct business development activities in other Asia-Pacific geographies to advance OptiBiotix’s commercial interests. Market exclusivity is linked to minimum yearly order quantities.
Power Metal Resources PLC (LON:POW) has told investors that the pitting programme is now complete at its 70% owned Kisinka copper-cobalt project in the Democratic Republic of the Congo. The programme, following the discovery of a large 6.8 kilometre (km) copper anomaly last year, has comprised 21 pits spaced across 174.5 metres on 9 cross-sections of the copper anomaly. More than 200 samples were collected. Samples will be tested using x-ray fluorescence shortly subject to transportation restrictions easing and the availability of laboratories in South Africa.
Power Metal has also been rated at ‘buy’ by analysts at First Equity, who in a note to clients on Tuesday highlighted the “swift advancement” of its gold projects in Australia The broker said the company’s joint venture with Red Rock Resources PLC (LON:RRR), which on Monday announced that it had applied to expand its gold acreage in Victoria, Australia with the acquisition of an additional 581sq km in the Ballarat Goldbelt, provided investors with “a broader exposure beyond African focused battery metal targeted commodities”.
Gaming Realms PLC (LON:GMR) said it has extended its licensing and revenue share agreement with 888 Holdings PLC (LON:888) by launching its Slingo Originals portfolio on 888casino.com. “Today’s announcement reaffirms our strategy to continue developing and expanding our partnerships with the world’s leading gaming brands”, Gaming Realms executive chairman Michael Buckley said in a statement. “As one of the world’s most popular online gaming providers with an established global user base, 888 provides the perfect fit for Gaming Realms as we focus on creating new and exciting games and bringing these to a greater international audience. We are extremely pleased to have extended our agreement and look forward to continuing to work closely with the team at 888”, he added.
Vast Resources PLC (LON:VAST) has confirmed that the first shipment of equipment needed for construction at its Baita Plai mine in Romania has arrived on site and is currently being unloaded. The shipment includes the longest installation lead time items consisting of railway tracks and locomotives. The shipping schedules of the remaining containers of equipment remain on track, the group said.
Vast Resources also announced that Eric Diack has resigned from his position as a non-executive director of the company with immediate effect as a consequence of taking on a new role which requires his full-time attention. The group said the board would like to thank Diack for his contribution over the years and wishes him well on his new role.
Asiamet Resources Ltd (LON:ARS) booked a net loss of just over US$7mln in the year to December 31, 2019. The company closed out the year with US$418,000 in cash, a total that was subsequently boosted by a US$3.89mln placing completed in March.
Supply@ME Capital PLC (LON:SYME) said that it has now received confirmation from Companies House that its name change from Abal Group PLC, following completion of its reverse takeover, standard listing and share placing, has been formally registered and changed. The company’s official website address is now: www.supplymecapital.com.
Live Company Group PLC (LON:LVCG) has announced that, further to its announcements on April 15 and April 30 regarding the cost-saving initiatives implemented by the company as a result of the coronavirus (COVID-19) pandemic and its intention to make up for the decrease in pay for all staff, including directors and those who have been furloughed, via the issue of new shares in the company, it will, as a result, issue 975,806 new ordinary shares at 12p each to certain of the applicable staff. As a result, it added, the group’s executive chairman, David Ciclitira, has elected to receive 139,060 salary shares at an issue price of 20p each, and its chief operating officer, Sarah Dees, whose whole fee is satisfied through the issue of ordinary shares, has also elected to receive 82,000 new ordinary shares at an issue price of 20p each.
Live Company also announced that its nominated adviser has given notice that it is stepping down, effective, July 9, 2020, and confirms that it is in advanced discussions with a number of potential replacements. It said the group’s board will be making a decision on their chosen adviser shortly.
Ncondezi Energy Limited LON:NCCL) has announced that Estevao Pale has resigned as a non-executive director of the company with immediate effect to focus on his newly appointed role as chairman of Mozambique national oil company, Empresa Nacional de Hidrocarbonetos. Hanno Pengilly, Ncondezi’s chief executive officer commented: “The Board would like to thank Estevao for his invaluable support and guidance throughout his Directorship. He has been on the Company’s Board since 2010 and acted as the Company’s local director, providing key guidance and assistance to the Company’s engagement strategy with government departments. Estevao has taken on an important task for Mozambique as it looks to become one of the world’s largest producers of liquified natural gas. We wish him well in the future.” He added: “The Company has started a process to find a replacement local director and additional news on this will be announced in due course.”
Oncimmune Holdings PLC (LON:ONC), a leader in the development, manufacture and commercialisation of personalised immunodiagnostics for the screening, detection and care of cancer, announced that Richard Sharp has stepped down as a non-executive director of the company with effect from May 4, 2020. The group noted that Sharp has taken up a role as senior strategic adviser to the UK Government in connection with the coronavirus (COVID-19) crisis and in view of the demands of that role, has decided to step down from the board. It added that Sharp continues to be a shareholder in the company. Meinhard Schmidt, Oncimmune’s non-executive chairman commented: “On behalf of the Board, I would like to thank Richard for his contribution and support to the Oncimmune group over the last 10 years. We wish him every success with this important new role and in his future endeavours.” Sharp added: “Over the decade leading up to the date of my last Board meeting on 12 February 2020, I have valued being involved with the Oncimmune Board. During this time Oncimmune has grown to a business which has now performed over 158,000 tests to patients worldwide. I feel the business now has an experienced management team and is in a strong strategic position to deliver against future objectives.”
Impax Asset Management Group PLC (LON:IPX) has said it expects to announce its interim results for the six months ended March 31, 2020, on Thursday, June 4, 2020. It added that there will be a conference call for analysts on the day of the results at 9.00am and a copy of the presentation will be made available on the company’s website from 7.30am on June 4.
Cello Health PLC (LON:CLL) said that further to its announcement of February 1, 2017, regarding the acquisition of the assets of Defined Healthcare Research, Inc, and Cancer Progress, LLC, the final deferred consideration payments to the vendors of Defined Health have now been settled, and the maximum deferred consideration has been achieved. It said to satisfy the equity element of the final instalment of the deferred consideration, the company has issued 194,391 new ordinary shares.