Market newbie Genflow (GENF) gets its newsflow going in earnest as it announces that its subsidiary, Genflow Biosciences SRL, has received a non-dilutive research grant award of up to €3.375m from the regional government of Wallonia in southern Belgium SPW.
By Zak Mir
Genflow is a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of ageing and diseases associated with advanced age. Genflow will use the grant to expedite its planned research and development activity. The company said the substantial grant funding is non-dilutive to Genflow shareholders and is a significant benefit alongside the relatively low operating costs that Genflow BE benefits from. Would be centenarians everywhere will no doubt raise a glass.
Hemogenyx Pharmaceuticals (HEMO), the biopharmaceutical group, said that it has achieved proof of concept for its Chimeric Bait Receptor platform technology. HEMO has filed a seminal provisional patent application protecting its rights to the intellectual property covering CBR. CBR is a novel platform technology that constitutes a new paradigm for treating viral infections.
While we wait on THE announcement that will finally get the shares back towards 0.5p, Oilex (OEX) updated its operations in India and in particular, with respect to the Cambay field development. Following the Government of India Ministry of Petroleum and Natural Gas approval of the transfer of assignment of the 55% Participating Interest in the Cambay Field PSC held by Gujarat State Petroleum Corporation Ltd to Oilex (taking the Company’s interest to 100%), the company is finalising the completion accounts in conjunction with GSPC personnel with a view to completing the transaction at the end of March 2022. Could this announcement take the shares over the top?
It will be interesting to see whether the gas price surge finally gets Ascent Resources (AST) shares in a true bull market. The natural resources company provided an update on gas prices at its Petisovci gas project in Slovenia alongside amendments to the Slovenian Mining Law with consequent potential uplift in the company’s damages claim. AST noted continued significant strength in global gas prices with the Central Eastern Gas Hub day ahead market price, which represents over 270% increase on the 2021 average price. The company now expects to generate gross production revenues of at least Euro 150,000 per month. Upside from the Slovenian claim would clearly be a rather large added bonus.
CYBA (CYBA), together with its wholly owned subsidiary Narf Industries LLC, has signed an agreement regarding the licensing of SRI International’s intellectual property and patents relating to the Threat Intelligence for Grid Recovery product which Narf is set to launch in 2022. As part of the agreement SRI will become a significant shareholder in Cyba.
Corcel (CRCL), the natural resource exploration and development company, said that following recent positive developments in the Nickel market it has elected to accelerate the advancement of the Company’s nickel-cobalt assets in PNG. In support of this effort, it has agreed a fundraising of £365,000 alongside the conversion of £170,000 of outstanding debt.
Pires Investments (PIRI), the investment company focused on next generation technology, updated on its investment in the Sure Valley Ventures UK Software Technology Fund. RETìníZE Limited, the award-winning creative-tech company based in Belfast, Northern Ireland, has successfully raised £2 million in a seed round led by the SVV Software Fund.
Tern (TERN), the company focused on value creation from Internet of Things technology businesses, note that following the agreement for Tern to participate in the new Sure Valley Ventures UK Software Technology Fund, announced on 2 March 2022, the new SVV Fund has undertaken its first investment.
Sounding rather encouraging – Arc Minerals (ARCM) updated on the settlement of the legal cases in Zambia and in the UK as first announced on 18 February 2022. The company said all of the requisite consent judgements have now been obtained in conclusion of the Zambian High Court proceedings and, similarly, a Tomlin order has been executed by the parties referred to in the announcement of 18 February 2022, in relation to the UK court proceedings. A Tomlin order causes any court action in the UK to be suspended.
Horizonte Minerals (HZM) the nickel company focused in Brazil, said that it has signed binding loan documentation, including a comprehensive intercreditor agreement and loan agreements with two export credit agencies in relation to its previously announced senior secured project finance debt facility of $346.2 million. The Senior Debt Facility has been executed between Araguaia Niquel Metais LTDA, a wholly owned subsidiary of Horizonte and a syndicate of international financial institutions.
Pharos Energy (PHAR), an independent oil and gas exploration and production company, announced its preliminary results for the year ended 31 December 2021. The company said the completion of the deal with IPR, expected imminently, is a key step in reshaping the portfolio and 2022 will see investments made in both Vietnam and Egypt to deliver growth, value and cash flow.
Avacta Group (AVCT), a clinical stage oncology drug company, said that Vimian Group AB has acquired the veterinary division of Avacta Group, Avacta Animal Health. Avacta Animal Health provides veterinary allergy diagnostic solutions through its laboratory in Wetherby, UK and re-sells immunotherapy products from Nextmune, a Vimian Group company, to veterinary clinics across the UK.
Bezant Resources (BZT), and Caerus Mineral Resources (CMRS) the exploration and resource development companies with a Joint Venture focused on the Troulli Mine Development Project and other copper-gold JV targets in Cyprus, delivered a further Joint Venture update. BZT said every facet of the work has been confirmatory, and has often extended well beyond our initial expectations. 3D resource model will soon be received, leading to a definitive mine planning, with a view to optimising feed input to the proposed processing plant.
Upland Resources (UPL), which is building a portfolio of exploration interests, announced that a Heads of Terms agreement has been signed between the Company and Pennpetro Energy PCL for a proposed farm-in into its Saouaf permit area Tunisia . Pennpetro Energy enters these HoT with Upland through its wholly owned subsidiary enterprise, Nobel Petroleum USA, Inc (‘NPUSA’).
Idox (IDOX), a supplier of specialist information management software, issued a trading update ahead of today’s Annual General Meeting for the period 1 November 2021 to date. The company said the business is performing in line with our expectations for the half year and integration of the three businesses acquired in 2021 is on track.
Cora Gold (CORA), the West African focused gold company, said that resource drilling has now commenced at the company’s Sanankoro Gold Project in southern Mali. The company said it has multiple workstreams underway as it sets its sights on delivering a Definitive Feasibility Study in the coming months, alongside a resource expansion programme, which it believes will further enhance both the quantum and confidence levels of its MRE.
Sareum Holdings (SAR), the specialist drug development company, updated on the development of its proprietary TYK2/JAK1 inhibitor SDC-1801 towards first-in-human trials. The data analysis from the preclinical toxicology and safety studies required to file for an exploratory Clinical Trial Authorisation is complete. The company has now received the final signed report from the Contract Research Organisation that conducted these studies and the data fully supports the company’s plan to submit a CTA application in mid-2022 and to commence a Phase 1a clinical trial with SDC-1801 in H2 2022.
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