Ondine Biomedical (OBI), a provider of light-activated antimicrobial technology to treat and prevent hospital infections, provided an update on its recent developments, strategic priorities and 2024 corporate plans. OBI said it has received indications of support from its founder CEO and substantial shareholder, Carolyn Cross, and from other existing shareholders, to provide near-term funding to extend the Company’s runway. Discussions are currently underway with HCA’s investment arm, Health Insight Capital, for its funding support of the key Phase 3 clinical trial. The Company is confident in its ability to secure longer-term financing to execute on the growth opportunities described above.
Comment: OBI’s latest Australian expansion reminds us that this is an under-rated group, meeting a universal need which is internationally scalable. One looks forward to the company progressing its funding requirements.
Filtronic (FTC), the designer and manufacturer of products and sub-systems for the aerospace, defence, telecoms infrastructure and space markets, is expecting profits to exceed expectations as well as announcing as a strategic agreement with Spacex. The initial irrevocable purchase order of $19.7m (£15.8m) to supply E-band SSPA modules, scheduled for delivery in FY2025, with further order flow expected to continue thereafter to support the ongoing deployment of SpaceX’s Starlink constellation, which provides high-speed, low-latency high-speed internet to users all around the world. Spacex are receiving warrants for upto 10% of the company which start to be are triggered when orders exceed £30m. As a result FY2025 is set to be significantly ahead of current market expectations for both revenue and EBITDA.
Comment: At 33p the mkt cap is £71m and the shares are likely to challenge the recent high of 40p.
Atlantic Lithium (ALL), the African-focused lithium exploration and development company, announce its Quarterly Activities and Cash Flow Report for the period ended 31 March 2024. ALL said with its sights firmly set on breaking ground at the Ewoyaa Lithium Project later this year, Atlantic Lithium remains fully focused on activities that de-risk the Project and move Ewoyaa closer to shovel-readiness. Following the completion of its US$5m investment in the Company, it was delighted to welcome the Minerals Income Investment Fund of Ghana to the Atlantic Lithium share register as a highly valued local stakeholder and key funding partner. MIIF’s subscription represents the first stage of its planned US$32.9m total investment.
Comment: It would appear that it is still the lithium price, rather than the funding and operational progress that ALL is making which is still governing the share price.
Panther Metals (PALM), the mineral exploration group, announced its audited financial statements for the year ended 31 December 2023. PALM said it remains committed to its vision of a commercial discovery while maintaining a dynamic and flexible approach. The Company’s robust and growing global network of financial and industry partners is testament to Panther CEO Darren Hazelwood’s unceasing drive and professionalism.
Comment: Given that exploration groups have not exactly been flavour of the month on the stock market of late, it taken more than just having a chirpy CEO to keep moving PALM forward. But it least it looks like all the dealmaking, the VMS and efforts not to dilute shareholders have paid off.
Hydrogen Utopia International (HUI), a company specialising in turning non-recyclable mixed waste plastic into hydrogen and other carbon-free fuels, said it was aware that a news story was published in error yesterday afternoon by Alliance News. HUI wishes to make clear that the news story with the headline ‘Hydrogen Utopia Board withdraws AGM Resolution for Incentive Plan’ released on 23 April 2024 at 14:25:20 does not relate to the Company and was misleading. The news story referred to a withdrawal of a resolution from an AGM agenda on a given date.
Comment: One of the more bizarre developments in the small cap space of late. It would appear that Alliance News will no longer be on HUI’s Christmas card list.
Creo Medical Group (CREO), the medical device company, announced that NHS Supply Chain data demonstrates significant cost and operational savings provided by the use of Creo’s Speedboat technology in Speedboat Submucosal Dissection procedures. This is in addition to life changing patient outcomes previously identified by the Company and the ability to positively impact NHS waiting lists. CREO said for NHS Supply Chain to recognise Creo’s Speedboat technology as one of just a handful of cutting-edge technologies from so many indications across the NHS is great recognition in itself. The clinical data clearly demonstrates the level of value Speedboat can bring to the NHS and its patients, in-line with its own previous estimates, which is both gratifying and hugely significant.
Comment: CREO remains one of the more reliable plays in the UK’s rather limited biotech space, with the NHS angle underpinning the company well.
Warpaint London (W7L), the specialist supplier of colour cosmetics and owner of the W7 and Technic brands, announced its audited results for the year ended 31 December 2023. Group sales for 2023 grew by 40% to £89.6 million (2022: £64.1 million). W7L said it was very pleased with the Group’s strong performance in 2023 and that this has continued into 2024, with record first quarter sales. This reflects the delivery of Warpaint’s consistent and focused strategy. The key to its growth has been, and will continue to be, expanding its presence in large retailers globally, by growing its sales with existing customers, entering into relationships with new ones and increasing its online presence.
Comment: Cost of living crisis or not, it would still appear that when the going gets tough, the tough buy makeup. The EU growth is particularly outstanding.
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