Redx Pharma (LON: REDX) is selling global rights to the preclinical-stage KRAS (Kirsten rat sarcoma virus) inhibitor programme to Jazz Pharmaceuticals for an upfront payment of $10m and potential milestone payments of up to $870m. Redx Pharmaceuticals should have enough cash to get into 2025. The share price jumped 37.5% to 27.5p
Deltic Energy (LON: DELT) has farmed-out to Dana Petroleum a 25% interest in UK licence P2437, which contains the Selene exploration target. Deltic Energy will receive $500,000 in cash and will be fully carried for its 25% interest for the share of the up to $49m cost of drilling and testing planned by 50% interest holder Shell if it is a success. If the hole is dry, then the carry will be for up to $40m. The share price improved 14.2% to 30.25p.
Michael Covington has become Getech (LON: GTC) and acting chief executive Richard Bennett has been given the full-time role. Dr Stuart Paton is leaving the board after 12 years of service. Getech has confirmed that it is refocusing on the Globe geoscience platform. It does not mention its potential hydrogen production interests. The three executive directors have been issued a total of 6.45 million options exercisable at 8p/share. The share price has to average 24p for one month before the options vest. The share price rose 9.38% to 8.75p.
TV programmes producer Zinc Media (LON: ZIN) beat expectations with a one-third increase in 2023 revenues to £40m. Organic growth was 14%. Zinc Media is outperforming in a weak TV market. Zinc Media is still on course to move into profit in 2024. The share price increased 6.29% to 84.5p.
FALLERS
Verditek (LON: VDTK) has agreed terms to sell its solar business and become a shell. The buyers are the holders of secured convertible loan notes in return for the surrender of £528,340 loan notes and £50,000 in cash. The company will transfer the shareholder loan to the new company for nominal consideration. The bondholders are providing Verditek with a loan facility of up to €100,000 to fund the operating costs of the solar business. If the deal does not go ahead by the end of February Verditek will be running out of cash. A new management team is interested in joining Verditek and there are plans to raise £300,000. The share price slumped 25.9% to 0.11p, which is a new low.
A soaring share price made a fundraising too much to resist for Helium One Global (LON: HE1) and it has raised £4.7m at 1.5p, which is still a 650% premium to the share price prior to positive drilling news. This cash will be spent on further work on helium exploration in Tanzania. The share price dipped 17.8% to 1.775p.
Yesterday evening, Powerhouse Energy (LON: PHE) revealed that GetGo Recycling (now known as Onunda) has served a High Court claim, which relates to a European patent application by Powerhouse Energy. The patent process has been stopped until the claim is settled. The share price is 18.5% lower at 0.33p.
Former Versarien (LON: VRS) chief executive Neill Ricketts is making claims against the graphene technology company. A preliminary hearing will happen on 17 July. The share price fell 14% to 0.135p.
RiverFort Global Opportunities (LON: RGO) is benefitting from the rise in the share price of investee company Smarttech247 (LON: S247), which is one-fifth higher over the past five days at 24p. RiverFort Global Opportunities owns 6.7% of the cybersecurity company. The share price declined 14.1% to 0.305p.