Energy density testing of the Gelion (LON: GELN) lithium-sulphur battery technology shows that it far exceeds lithium-ion batteries. The 9.5 Ah pouch cell achieved an energy density of 395 Wh/kg, which 60% higher than lithium-ion batteries. This means that the batteries could be lighter and cheaper and made from more abundant materials, but there is some way to go to get to commercialisation. Gelion has cash of £7.5m. The share price is 50.8% higher at 23p. Last November’s fundraising was at 24p/share.
Diagnostic tests developer genedrive (LON: GDR) is still benefiting from NICE’s recommendation of the CYP2C19-ID test for genotype-guided clopidogrel treatment in the NHS. It is the preferred platform for UK point-of-care testing for the management of ischemic stroke and transient ischaemic attack patients. It is advised that these patients should have a genetic test before antiplatelet treatment. The share price rose a further 49% to 7.75p.
Strong second half trading at Cavendish Financial (LON: CAV) meant that full year pro forma revenues, following the merger of finnCap and Cenkos, grew from £50.5m to £54m. Private and public M&A activity was buoyant. There was cash of £20.8m at the end of March 2024. Annualised savings of £7m have been made with more to come. The share price increased 30.1% to 11.25p.
Shares in Xtract Resources (LON: XTR) continue to rise following yesterday’s announcement of an option and joint venture agreement with Oval Mining to earn up to 70% of the Silverking copper mine in Zambia. Spending $500,000 over 18 months will earn 51% and spending $1m will earn a further 19%. There is historical data suggesting copper mineralisation. The share price is 10% ahead today at 1.1p.
FALLERS
Cirata (LON: CRTA), formerly WANdisco, says 2023 bookings fell to $7.2m from $11.5m. The business is being rebuilt after a period of turmoil. Management expects bookings to be in a range of $13m and $15m. The cash cost base of the data analytics company could be reduced to $23m. The share price fell 28.1% to 43.225p, which is a new low.
Cancer treatments developer Faron Pharmaceuticals (LON: FARN) is raising €4.8m at €1.50/share to satisfy the covenant requirements of its debt and this should provide enough cash until June. More cash will need to be secured to complete the phase II study for bexmarilimab. Cash burn for the first half of 2024 is expected to be €2.5m, declining to €2m in the second half. The share price declined 13.3% to 130p.
Evgen Pharma (LON: EVG) raised £51,760 from a retail offer of up to £1m. The offer price of 1p/share was the same as the placing that raised £850,000. The share price slumped 11.8% to 0.75p, which is an all-time low. Chronos Therapeutics is being acquired for £900,000 in shares at 1.44p each, which means that it will no longer be a single asset company. The company is changing its name to TheraCryf.
Antimicrobial treatments developer Ondine Biomedical Inc (LON: OBI) is preparing to enter the intensive care unit market in Canada. One in every eight of these patients develops an infection in their stay. Daily nasal decolonisation with the company’s Steriwave treatment can help to prevent infections. The share price slipped 5.41% to 8.75p.
Ex-dividends
Alpha Group International (LON: ALPH) is paying a final dividend of 12.3p/share and the share price rose 5p to £19.05.
BP Marsh (LON: BPM) is paying a dividend of 2.68p/share and the share price slipped 2.5p to 496p.
Kitwave (LON: KITW) is paying a final dividend of 7.45p/share and the share price fell 5p to 356.5p.
Nexus Infrastructure (LON: NEXS) is paying a dividend of 2p/share and the share price declined 3p to 77.5p.
Pebble Group (LON: PEBB) is paying a final dividend of 1.2p/share and the share price is unchanged at 65p. Real Estate Investors (LON: RLE) is paying a dividend of 0.63p/share and the share price dived 1p to 32.5p.
