Zenova Group (ZED), the fire suppression and interdiction company, announced its results for the year ended 30 November 2023. Sales of £278k for the year ended 30 November 2023 (2022 – £175k), an increase of 59% over the prior year of £175k. ZED said It has been another challenging year as delays to product certifications slowed somewhat the rollout of our B2B strategy internationally. These issues are now largely behind us as the recent Drips and Sparks/Gracewood/Zensafe multi-year, multi-million-pound order demonstrates. It is entering 2024 focused on execution: delivering on existing business, opening new markets and client relationships, and serving its growing customer base as they upgrade their fire protection and thermal insulation needs.
Comment: While the sales to date are not exactly in the Imperial Chemical Industries league yet, one could say that as far as they are concerned we may be looking at a situation where there is no smoke without fire.
Physiomics (PYC), a mathematical modelling and data science company supporting the development of new therapeutics and personalised medicine solutions, announced that it has been awarded a significant contract by a new UK-based biotech client. The project involves the use of its proprietary Virtual Tumour technology to help guide the Phase 1b/2 dosing regimens for one of their oncology assets and benchmark it against the competition. The project is valued at £161,580.
Comment: Today’s contract win really will be regarded as a shot in the arm for PYC, especially given the way that the shares have generally traded near the low end of their range since the autumn.
Ondine Biomedical (OBI), a provider of light-activated antimicrobial technology to treat and prevent hospital infections, announced its audited results for the year ended 31 December 2023. OBI said 2023 was a year of rapid commercial growth. Building on successful outcomes in its initial Canadian beta sites, it achieved its target goal of 10 new hospital deployments. Of note is the first adoption of Steriwave within the NHS in the UK at Pontefract Hospital. It also made significant progress towards Phase 3 clinical trial preparation and US launch readiness. Following a Type C meeting with the FDA, protocols, budgets and timelines have also now been finalized. Its goal is to secure funding to commence the trial later this year, while continuing to accelerate its commercial progress in key territories in Europe and North America.
Comment: Shares of OBI have turned around well since the recent fundraise, and one would expect further recovery and re-rate as the company moves to progress its international rollout.
All Active Asset Capital updated on its Open Offer and Sentiance. Following AAA’s latest investment into Sentiance, part of an internal round which completed in May 2024, AAA now owns 39.1% of Sentiance. Sentiance has continued to make significant commercial progress in 2024, highlights including: Sentiance’s pioneering mobile Crash Detection technology is now available for motorcycles. New AI and machine learning models specifically designed for motorcycle driving insights and crash detection enhance road safety, benefitting riders, the gig economy and the insurance industry.
Comment: Before AAA was suspended a few years ago, the market cap of the company was £500m at its peak. Ironically, after the Sentiance investment, and the progress Sentiance is making, such an implied valuation may be on the conservative side.
Upland Resources (UPL) issued a TR1 which revealed Mohamad Norza Bin Zakaria in on the shareholder register at 14%.
Comment: Shares of Upland have been on the back foot for the past couple of months, even though the company made loud noises in its recent resources update. Perhaps today’s TR1 will lift the mood?
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