Welcome to our new product “Friday Takeaway”
This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to help raise awareness
Friday Takeaway from UK Small Caps
This will delve a little deeper on individual companies and focus on non-house stocks under £200m market capitalisation to help raise awareness
29th August 2025
Alphabetically arranged
Share prices and market capitalisations taken from Alpha Terminal from the current price on the day of publication.
Top three shareholders are taken from the websites of the companies that we are writing about, unless there is a more up to date TR-1 notification RNS announcement.
Three Med tech companies patiently healing
APTA Testing Times
CREO Maximum Invasive Commercialisation
STX Global Iron Awe
Aptamer Group 1.00p £27.64m (APTA.L)
Last Reported in Friday Takeway, 15 November 2024, at 0.275p
Financial Calendar:
Year End June, Last Reported 22 October 2024, Interims to December, Last Reported 11 March 2025
Three Main Shareholders:
Dr John Wardle 8.14%, Oberon Investments Ltd 6.47%, Pathcelerate Ltd 6.40%
Key Investment Points:
New Revenue Stream, License Pipeline, Recent funding
Following the £2m fund raise on 4 July 2025 at 0.3p, it’s been a busy two months. The announcements in August include a paid contract extension with a global partner, an update on licensing opportunities, and a new Biomarker Discovery service launch.
Aptamer is a life science Company developing customised affinity binders through its proprietary Optimer platform which enables clients to take new approaches in therapeutics, diagnostics, and research applications. Aptamer's affinity reagents allow for a wider target range than competitor affinity reagents.
The Biomarker Discovery service launch is a shift from traditional, time-intensive methods, with a new fee-for-service revenue stream targeting the $62.4bn global biomarker discovery market. The new approach enables rapid, unbiased identification of disease-specific biomarkers by differentiating healthy and diseased cell states at the molecular level. This new service should provide an immediate monetisation opportunity with minimal upfront investment and is expected to be revenue enhancing in the current financial year to December 2026.
There was also an update on Aptamer's enzyme modulation projects as a second enzyme inhibitor project is in the final development stage. There is a separate development project with a top five pharmaceutical company as the customer has evaluated the Optimer in a parallel application, showing that the Optimer significantly outperformed all previously tested antibodies. As a result, the customer has placed a repeat order of the Optimer to expand internal testing and technology evaluation.
The Trading update for the finals to June 2025 anticipates a 41% increase in revenues to £1.2m, while H1 2025 reported a reduced EBITDA loss to £1.1m from £1.8m on £0.7m revenue for H1 2024.
Hybridan Comment: The 263% share price rise since our last comment and July’s funding suggests a pause in share price rise may be on the cards, if only to allow pipeline discussions to evolve, and the Company to generate sufficient revenue to reach cash flow break-even.
Creo Medical Group 13.13p £54.14m (CREO.L)
Financial Calendar:
Year End December, Results reported on 19th May, Interims to June, to be reported before the end of September
Top Three Shareholders:
M&G Investments 11.52%, Canaccord Genuity 8.58%, Baillie Clifford 6.81%
Key Investment Points:
Reduced cost base, Commercialisation Progress, 12m Cash runway
The rejuvenating medical device Company is focused on products for the growing market for minimally invasive surgical endoscopy for pre-cancer and cancer patients. The Interim Trading Update to June 2025 reported progress and interim results are expected to be announced in September.
Revenues for H125 from continuing operations were up 40% to £2.2m and in line with management expectations. Creo has implemented efficiencies and H125 has benefitted from the full impact of the proactive cost management undertaken in 2024. The underlying operating costs have reduced to £9.1m from £12.8m and the operating loss on a continuing basis has reduced by 43% to £6.9m from £12.1m in H124. The YE gross profit margin as at 31 December 2024 was 46.6%.
US reimbursement codes have been received for two of Creo Medical's next generation products which is a financial incentive to encourage the US market to move to higher demand therapeutic procedures. Further commercial traction was reported in June 2025 when the FDA gave clearance for its SpydrBlade Flex device. A case study on evaluating the safety and performance of the SpydrBlade Flex device in the treatment of lung tumours demonstrated efficacy as well as cash and operational savings. This is a unique multi-modal endoscopic device designed for precision and adaptability in therapeutic endoscopy procedures and the latest product in Creo's Gastrointestinal suite of advanced energy products. It is expected that these latest products will generate commercial newsflow.
Cash and cash equivalents in June 2025 was £20.5m and well ahead of last year’s H124 £8.7m. This is after a £12m fund raise on 1st October 2024 at 24p and the sale of a 51% interest in Creo Medical Europe (CME) to Micro-Tech (NL) for Euro 36.7m (£32.5m) which was completed in February 2025. The remaining 49% stake in CME could be sold or generate dividend revenue from profits going forward.
The Board believes the Company is on plan for 50% revenue growth for the full year, although there is an historical H2 weighting. The December 2025 is forecast to report an EBITDA loss of less than £16m compared to £22.3m at FY 2024, according to market consensus expectations on Alpha Terminal.
Hybridan Comment: The distance travelled from development towards commercial traction will be evidenced by reducing losses. We estimate that there is over 12 months cash in the bank to continue to increase sales.
Shield Therapeutics 7.75p £80.7m (STX.L)
Last Reported in Friday Takeway, 27 September 2024 at 4.9p
Financial Calendar:
Year End December, Last Reported 24 April, Interims to June, Last Reported 21 August
Top Three Shareholders:
AOP Health 54.53%, Hargreaves Lansdown 8.71%, Interactive Investor 5.99%
Key Investment Points:
Product Evaluation, Global roll-out, Cash flow break-even
STX is a commercial-stage pharmaceutical company specialising in treating iron deficiency. Shield listed in 2016 on the AIM market at 150p with a £162m market capitalisation and since then, the market for its products has expanded. The European Journal of Heart Failure published a study on 21 July 2025 showing improvement in the quality of life in patients with heart failure after using FeRACCRU (ferric maltol) in a 16-week trial. FeRACCRU showed positive safety and efficacy in improving haemoglobin and other iron markers. This is consistent with results reported from an earlier study in patients with pulmonary hypertension (PH) and anaemia published in the European Respiratory Society (Oral iron supplementation with ferric maltol in patients with pulmonary hypertension European Respiratory Society).
The Interims to June 2025 on 21 August reported a 1.8x increase in revenue to $21.4m with a 38.7% reduced loss to $9.5m. Net cash was $10.8m after a funding of £7.8m ($10.5m) at 3p on 6th December 2025. Geographical progress is also being made following the launch of ACCRUFeR in Canada, a new licensing agreement in Japan, and the successful completion of a key Phase 3 study in China. A revenue milestone was passed at the Interims with the doubling of royalties to $2.2m from global partners in Europe, Canada and Japan. The EBITDA forecast according to market consensus expectations on Alpha Terminal for FY December 2025 is for a loss of $8.6m, implying a cash flow positive H2, which is a significant milestone for a drug discovery Company and one which management has said it hopes to reach by the end of 2025.
Hybridan Comment: The 58% price rise since our last comment (Friday Takeway, 27 September 2024) was diluted by the $10m fund raise, but it is a reasonable return given that the global roll-out has only just begun.
Status of this Note and Disclaimer
This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor 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. The information has been provided without taking into account the investment objective, financial situation or needs of any particular person. Recipients should make their own investment decisions based upon their own financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
As market commentary, this document is not investment research or a research recommendation for regulatory purposes as it does not constitute substantive research or analysis. It is not subject to any prohibition on dealing ahead of the dissemination of investment research although Hybridan LLP maintains related internal systems and controls in connection with such dealing.
This document should not be relied upon as being an independent or impartial view of the subject matter. The individuals who prepared this document may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result, both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
This document is not intended to be an invitation or inducement to engage in investment activity. In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are categorised by Hybridan LLP as either a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority's Conduct of Business Sourcebook) (all such persons referred to in (i) and (ii) together being referred to as "relevant persons"). This document must not be acted on or relied up on by persons who are not relevant persons. For the avoidance of doubt, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority's Conduct of Business Sourcebook.
The information contained in this document is based on materials and sources that are believed to be reliable; however, they have not been independently verified and are not guaranteed as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. The information may contain projections or other forward-looking statements regarding future events, targets or expectations. There is no assurance that such events or expectations will be achieved, and actual results may be significantly different from that shown here. The information is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Any and all opinions expressed are current opinions as of the date appearing on this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein.
References to specific securities, asset classes and financial markets are for illustrative purposes only. Past performance is no guarantee of future results. Information and opinions presented have been obtained or derived from sources which Hybridan LLP reasonably believed to be reliable however no representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information in this document nor should it be relied upon as such.
To the fullest extent permitted by law, none of Hybridan LLP, its members, directors, officers, employees, agents or associated undertakings shall have any liability whatsoever for any losses arising in any way from use of all or any part of the information in this document including, for the avoidance of doubt, direct or indirect or consequential loss or damage (including lost profits).
Neither this document nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom or any other jurisdiction in any part of the world.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication.
In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
Unless otherwise stated, Hybridan LLP owns the intellectual property rights and any other rights in this document. This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
This document, which does not constitute research, has been issued 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 any such action. This document has no regard for the specific investment objectives, financial situation or needs of any specific person or entity and is not a personal recommendation to any such person or entity. Recipients should reach an individual investment decision, based upon their respective financial objectives and financial resources and, if any doubt, should seek advice from an investment advisor.
The information contained in this document is based on materials and sources that are believed to be reliable; however, such information has not been independently verified and therefore it is not possible to confirm such information as being accurate. This document is not intended to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty, either express or implied, is made or accepted by Hybridan LLP, its members, officers, employees, agents or associated undertakings in relation to the accuracy, completeness or reliability of the information contained in this document, nor should it be relied upon as such.
The content of this document includes market commentary and other information which we have prepared in relation to the company referred to in this document, which is our broking client. The provision of this document to you constitutes a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of Regulation 600/2014/EU (MIFID II Regulation).
Any and all opinions expressed are current as of the date appearing on this face of this document only. Any and all opinions expressed are subject to change without notice and Hybridan LLP is under no obligation to update the information contained herein. To the fullest extent permitted by law, none of Hybridan LLP, its members, officers, employees, agents or associated undertakings shall have any liability whatsoever for any direct or indirect or consequential loss or damage (including lost profits) arising in any way from use of all or any part of the information in this document.
This document should not be relied upon as being an independent or impartial view of the subject matter and, for the avoidance of doubt, constitutes non-independent research (as such term is defined in the Financial Conduct Authority’s Conduct of Business Sourcebook to reflect the requirements of the MIFID II Regulation and Directive 2014/65/EU (known as MIFID II)). The individuals who prepared this document may be interested in shares in the company concerned and/or other companies within its sector, may be involved in providing other financial services to the company or companies referenced in this document or to other companies who might be said to be competitors of the company or companies referenced in this document. As a result both Hybridan LLP and the individual members, officers and/or employees who prepared this document may have responsibilities that conflict with the interests of the persons who receive this document. Hybridan LLP and/or connected persons may, from time to time, have positions in, make a market in and/or effect transactions in any investment or related investment mentioned herein and may provide financial services to the issuers of such investments.
In the United Kingdom, this document is directed at and is for distribution only to persons who (i) fall within article 19(5) (persons who have professional experience in matters relating to investments) or article 49(2) (a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (SI 2005/1529) (as amended) or (ii) persons who are each a professional client or eligible counterparty (as those terms are defined in the Financial Conduct Authority’s Conduct of Business Sourcebook) of Hybridan LLP (all such persons referred to in (i) and (ii) together being referred to as relevant persons). This document must not be acted on or relied up on by persons who are not relevant persons. For the purposes of clarity, this document is not intended for and should not be relied upon by any person who would be classified as a retail client under the Financial Conduct Authority’s Conduct of Business Sourcebook.
Neither this document, nor any copy of part thereof may be distributed in any other jurisdictions where its distribution may be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Distribution of this report in any such other jurisdictions may constitute a violation of territorial and/or extra-territorial securities laws, whether in the United Kingdom, the United States or any other jurisdiction in any part of the world.
Where possible this document is made available to all relevant recipients at the same time. Dissemination of research by Hybridan LLP is monitored to ensure that it is only provided to relevant persons. Research prepared by Hybridan LLP is not intended to be received and/or used by any person who is a retail client.
Hybridan LLP and/or its associated undertakings may from time-to-time provide investment advice or other services to, or solicit such business from, any of the companies referred to in this document. Accordingly, information may be available to Hybridan LLP that is not reflected in this material and Hybridan LLP may have acted upon or used the information prior to or immediately following its publication. In addition, Hybridan LLP, the members, officers and/or employees thereof and/or any connected persons may have an interest in the securities, warrants, futures, options, derivatives or other financial instrument of any of the companies referred to in this document and may from time-to-time add or dispose of such interests.
This document may not be copied, redistributed, resent, forwarded, disclosed or duplicated in any form or by any means, whether in whole or in part other than with the prior written consent of Hybridan LLP.
MIFID II status of Hybridan LLP research
The cost of production of our corporate research is met by retainers from our corporate broking clients. In addition, from time to time we issue further communications as market commentary (such as our daily newsletter, Small Cap Breakfast), which we consider to constitute a minor non-monetary benefit which is capable of enhancing the quality of service provided by Hybridan LLP and which is of a scale and nature which could not be judged to impair the duty of Hybridan LLP to act in the best interest of its client falling within article 24(7)(b) of the MIFID II Regulation.
Hybridan LLP is a limited liability partnership registered in England and Wales, registered number OC325178, and is authorised and regulated by the Financial Conduct Authority and is a member of the London Stock Exchange. Any reference to a partner in relation to Hybridan LLP is to a member of Hybridan LLP or an employee with equivalent standing and qualifications. A list of the members of Hybridan LLP is available for inspection at the registered office, 2 Jardine House, The Harrovian Business Village, Bessborough Road, Harrow, Middlesex HA1 3EX.
If you would like to unsubscribe, please email enquiries@hybridan.com with “unsubscribe me”.
