Small Cap Feast

Small Cap Feast – 12 July 2019

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What’s Cooking in the IPO Kitchen?

Breakfast Buffet

Faron Pharmaceuticals (AEG.L) 0.41p £4.81m

Faron Pharmaceuticals, the clinical stage biopharmaceutical company, today announced additional data from the open label phase I/II MATINS clinical trial investigating the safety and efficacy of Clevegen, Faron’s wholly-owned novel precision cancer immunotherapy, in selected metastatic or inoperable solid tumours.

“We are thrilled with the progress the MATINS study has made during the last few months. We believe we have the first macrophage immune checkpoint drug in clinical development promoting immune activation and are encouraged by the latest data indicating potential early efficacy and good tolerability. We expect to progress the cohort expansion phase of the study in Q3 2019 in patients with late-stage colorectal cancer and as more data are generated we will seek guidance from regulators regarding the best and fastest pathway to secure initial approval of Clevegen as a single-agent treatment.

“We also hope to conclude partnering discussions during H2-2019, which should enable us to expand clinical development to include combination studies exploring the potential of Clevegen in combination with existing immunotherapies.”

 

Anglo African Oil & Gas (AAOG.L) 4.44p £10.59m

Further to the announcements of 3 July and 8 July the Company announces that the board has unanimously decided to progress financing discussions with co-investors Riverfort Global Capital Limited and Yorkville Advisors. This follows a competitive process in which three potential investors who had indicated interest were asked to provide their best and final offers to the Company. These offers were reviewed by a sub-committee of the board led by the Non-Executive Directors which led to the choice of Riverfort and Yorkville as preferred providers.

The Company will now look to finalise a definitive equity sharing agreement with Riverfort and Yorkville. The Company expects to be able to announce that the final terms are preferable for the Company compared to those previously announced.

In the meantime, the Company confirms that the major investor in the Placing (subscribing for 49,288,347 shares (£2,562,994 at a price of 5.2p per share)), as announced on 3 July 2019, has reconfirmed its commitment to that investment.

 

Audioboom (BOOM.L) 255.00p £32.86m

Audioboom, the leading global podcast company, announces that it has opened two new recording studios, comprising over 1,000 sq. ft. of recording and production space, within its existing office in New York City, USA.

Due to significant and growing demand for roundtable and personality driven podcasts, Audioboom has expanded its production operation with the launch of a 1,000 sq. ft. studio complex in midtown Manhattan comprising two new recording studios and a new Green Room for talent. One of the new studios will serve Audioboom’s roundtable and personality driven shows, while the other will be dedicated to more intimate, interview style shows and solo productions.

The new studios will assist Audioboom with launching new Audioboom Originals Network podcasts in 2019, including: Never Thought I’d Say This with Fuller House Star Jodie Sweetin, a biological podcast A Life Lived, and movie show Truth vs. Hollywood. The new studios will also reduce the costs associated with renting/leasing third party studios for in-house productions such as: Mafia, Covert, Nightcall, Blank Check, and It’s Happening with Snooki and Joey.

 

Renalytix AI (RENX.L) 329.00p £177m

Renalytix AI, a developer of artificial intelligence enabled clinical diagnostics for kidney disease, welcomes the Executive Order signed by the President of the United States of America on 10 July 2019 to launch Advancing American Kidney Health, a new initiative to improve the lives of Americans suffering from kidney disease, expand options for American patients, and reduce healthcare costs.

The Executive Order sets out the policy of the United States to prevent kidney failure whenever possible through better diagnosis, treatment and incentives for preventative care. The Secretary of Health and Human Services is expected to launch an awareness initiative to educate patients and support programmes that promote kidney disease awareness. In addition, the Secretary will select a payment model to identify and treat at-risk populations earlier in disease development. The model should broaden the range of care and Medicare payment options available to potential participants with a focus on delaying or preventing the onset of kidney failure, preventing unnecessary hospitalisations, and increasing the rate of transplants.

 

Vela Technologies plc(VELA.L) 0.125p £1.18m

The Board of Vela notes the announcement by Interbit Ltd (“Interbit”) (formerly called BTL Group Ltd) on 11 July 2019 regarding its product strategy and a contract with Xinova, LLC.

Vela owns 620,000 common shares in Interbit equivalent to approximately 2.6 per cent. of Interbit’s issued share capital. Interbit is listed on the TSX Venture Exchange, on which the opening mid-market price on 11 July 2019 was C$0.70 per share. This values Vela’s shareholding in Interbit at C$434,000 (equivalent to c. £264,527*).

 

Shearwater Group plc(SWG.L) 1.865p £40.5m

Shearwater Group, the organisational resilience group, announced that its group company Brookcourt Solutions has won a contract to supply and deploy cyber security software and services in a multi-year agreement worth £0.5m in aggregate to Deloitte ES Cyber Risk Services covering the EMEA region.

Under the terms of the contract, Brookcourt Solutions will be managing the project on behalf of Deloitte and working with the vendor to provide the threat intelligence software and associated cyber security services.

 

Science Group plc (SAG.L) 199p £81.84m

Science Group plc announced that on 11 July 2019 the Company purchased 2,433,648 shares in the capital of Frontier at a price of 35p per share.  Following these purchases, the Company holds a total of 14,577,934 shares in the capital of Frontier, equivalent to 35.8%% of the voting share capital of Frontier.

 

Tremor International (TRMR.L) 121p £148.78m

Tremor, a global leader in advertising technologies for brand advertising and performance-based mobile marketing, announced that on 11 July 2019 it bought-back 110,000 ordinary shares of NIS0.01 each in the capital of the Company in the market at a price of 121p per Ordinary Share. The Ordinary Shares acquired pursuant to the Buyback Programme will be reclassified as dormant shares under the Israeli Companies Law (without any rights attached thereon) and will be held in treasury.

 

Trans-Siberian Gold (TSG.L) 81.77p £87.12m

Trans-Siberian Gold, a low cost, high grade gold producer in Russia, announced the appointment of Sergey Kryazhevskih as CFO, with immediate effect. The composition of the Board is unchanged.

Mr Kryazhevskih has over fifteen years of experience in the mining industry, most recently serving as CFO of JSC Pavlik, a Russian top 10 gold producer operating in Russia’s Far East. During his tenure at Pavlik, the Company successfully restructured its financial obligations in the amount of $750m. Prior to this, Sergey held senior positions at Atomredmetzoloto and Evraz, a FTSE 100 company, responsible for leading budgeting, investment planning and financial control.

Sergey has extensive experience in managing investor, community and senior government relations in Russia’s Far East.

Mr Kryazhevskih graduated from the Moscow State University (MSU) with a degree in Economics and holds a Masters degree from MSU in Management, majoring in accounting, financial analysis and audit.

 

CyanConnode Holdings (CYAN.L) 6.50p £11.04m

CyanConnode, a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, announced that it has received a follow-on Nordic order worth 489,000.

The order, for legacy CyanConnode hardware and software, is from an existing Partner and the end customer is a Nordic Utility, who is expanding an existing smart metering deployment. The Company expects to recognise 50% of the revenues for this follow-on order in 2019 and 50% in 2020.

The existing smart metering deployment has been delivering reliable communications between consumers and the utility’s data collection centre for over eight years, thereby providing significant benefits, including improved information on energy consumption, simplified billing and enhanced customer service.

 

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Derren Nathan
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