Small Cap Feast

3rd October 2023

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What’s Cooking In The IPO Kitchen?

Announced ITF 26 September: Mydecine Innovations Group, a biotech and life sciences company that is building an R&D pipeline of nature-sourced psychedelic-assisted therapeutics, novel compounds, therapy protocols, and unique delivery systems, intends to join the Access Segment of the AQSE Growth Market. Admission expected on 10 October.

MicroSalt, the developer of salt-producing technology designed to deliver full flavor with less sodium, announces the launch of an exempt public offer of Shares to retail investors for up to £2.5m via PrimaryBid as part of its spin out from AIM listed Tekcapital plc (TEK.L). The Company is looking to raise £10m - £15m on IPO and announced revenues of US$0.638m in 2022, its first year of retail sales of SaltMe Crisp brand and Microsalt salt shakers in US based supermarkets and through Amazon US. Admission to trading on AIM is expected to be 18 October.

Breakfast Buffet

ADM Energy* 0.5p £1.8m (ADME.L)
A natural resources investing company notes the announcement that PetroNor E&P Limited (OSE Ticker: PNOR) has acquired the 32% cost sharing interest and 24% profit share interest of New Age (Africa Global Energy), Ltd. (New Age) in OML 113. PetroNor acquired New Age's interest in OML 113 for an upfront consideration of USD 6m, with a contingent consideration of up to USD 20m based on future gas production volumes. ADM holds a 9.2% profit interest in the Aje field in OML 113, which covers an area of 835km2 offshore Nigeria. Aje has multiple oil, gas and gas condensate reservoirs in the Turonian, Cenomanian and Albian sandstones with five wells drilled to date.

Aurrigo International 167.5p £69.8m (AURR.L)
A international provider of transport technology solutions has signed a formal Partnership agreement with International Airlines Group, S.A., for the deployment and demonstration of Aurrigo's autonomous aviation solutions within the UK. The Partnership is expected to follow with an evaluation and simulation phase to commence in October 2023 and then run for four months, followed by a demonstration phase and an initial deployment. The first project and deployment of Aurrigo's vehicles under the trial programme, which will be undertaken at a large UK airport, will be valued at £0.25m.

BiVictriX Therapeutics 14p £11.6m (BVX.L)
An biotechnology company applying a differentiated approach to developing anti-cancer precision Antibody Drug Conjugates, announces that it has appointed Adrian Howd, PhD as combined Chief Financial Officer (CFO) and Chief Business Officer (CBO). Alex Hughes will be stepping down from his position as CFO on 13 October. Adrian joins BiVictriX with over 20 years of strategic financial and commercial experience in the biopharmaceutical industry, having held various financial roles, private and public executive management positions and board roles across the sector.

Gooch & Housego 544p £140.3m (GHH.L)
The manufacturer of photonic components & systems announces a trading update for the second half of the financial year. Revenues for the financial year have marginally exceeded market expectations and the engineering team in Ashford is fully utilised supporting customers new instrument development and qualification programmes. The Company announced the integration of GS Optics and Artemis into the G&H Group which is proceeding to plan. The Company mentions net debt at the financial year end is expected to be better than market expectations and the Group’s order book stood at £124.9m at 30 September 2023.

Inspiration Healthcare Group 42p £28.7m (IHC.L)
The medical technology company announces its unaudited interim results for the six months ended 31 July 2023. Revenue marginally decreased to £20.4m (H1 2023: £20.5m) however, gross margin improved to 48.6% (H1 2023 45.1%). Adjusted EBITDA was £1.8m (H1 2023: £2.2m) and operating profit £0.6m (H1 2023: £1.0m). The Company has net debt of £2.1m (31 January 2023: £3.8m) and the Company looks ahead with optimism.

Pressure Technologies 27.5p £10.6m (PRES.L)
The specialist engineering group announces a business update for the financial year ended 30 September 2023 (FY23). Revenues were reported of c.£32m (FY22: £25m) in FY23, representing growth of 28%, as a result, expected adjusted EBITDA of c.£2.0m (FY22: loss of £0.9m). The Company has net debt of £2.4m (FY22: 3.5m) a reduction of 31% and Group order intake of £43m (FY22: £25m). Central costs in the year are expected to be c.£1.9m (FY22: £1.7m), higher than the prior year due to general inflationary pressures. The Board expects FY24 Group revenue and profitability to increase slightly over FY23 levels.

Physiomics* 1.65p £2.2m (PYC.L)
The oncology consultancy using mathematical models to support the development of cancer treatment regimens and personalised medicine solutions announces the hiring this week of a new senior member of its team, Dr Venkata Putcha, as Head of Biostatistics. Dr Putcha brings with him over 22 years of experience working within drug development, with over 17 years working for many of the top-tier pharmaceutical and CRO companies. He has held a variety of senior biostatistics and programming roles across academia and industry, both working in-house and as an independent consultant.

Renalytix AI 67p £63.7m (RENX.L)
The company that commercialises FDA approved artificial intelligence (AI) enabled prognostic blood test for individuals with type 2 diabetes and chronic kidney disease announces that the Centers for Medicare & Medicaid Services (CMS) has published the price for the Company's Food and Drug Administration (FDA) authorised kidneyintelX.dkd test on the nationwide Clinical Laboratory Fee Schedule at $950. This pricing will be effective as of January 1, 2024 and maintained for a minimum of three years. The Company believes the CMS action, which has included both expert and public review and comment, affirms the value of the KidneyIntelX testing platform.

Sareum Holdings* 80p £56.1m (SAR.L)
A biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, will announce its audited financial results for the year ended 30 June 2023 on Monday, 9 October 2023. The Company will also be holding a live presentation to investors on Wednesday, 11 October 2023 at 10.00 am BST via the Investor Meet Company (IMC) platform.

Tortilla Mexican Grill 66p £25.5m (MEX.L)
The fast-casual Mexican restaurant business in the UK today announces its unaudited interim results for the 26 weeks ended 2 July 2023 (H1 FY23). Revenue growth of 22% was recorded of £32.7m (H1 FY22: £26.9m), however adjusted EBITDA declined to £1.8m (H1 FY22: £2.5m), whilst trading was in-line with market expected financial performance and noted that the prior year amount benefitted from £1.1m of Government support. The Company announced a loss before tax of £0.6m (H1 FY22: profit before tax £0.3m) and net debt of £1.6m at period end (H1 FY22 £3.2m net cash). The Group opened three new stores including their first store in Northern Ireland. The Company remain confident of being broadly in line with their targeted adjusted EBITDA for FY23.

3 October 2023
*A corporate client of Hybridan LLP or retained by Hybridan LLP for certain services
** Arranged by most recent first
*** Alphabetically arranged
**** Potential means Intention to Float (ITF) has been announced, or it is a rumour


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