Genedrive (LON: GDR) has made a pre-submission to the US FDA for the MT-RNR1 ID kit. The MT-RNR1 assay is a rapid point-of-care test for screening infants for a genetic variant that will cause life-long hearing loss if they are given certain antibiotics. There is no exact comparative test, and the FDA will provide feedback on what will be required in the final submission. The share price has jumped 31.8% to 14.5p.
Omega Diagnostics (LON: ODX) says a draft evaluation report for the VISITECT CD4 test suggests that the test has high diagnostic accuracy and it should meet criteria for WHO Prequalification. Once WHO Prequalification happens the £4m in an escrow account following the sale of VISITECT CD4 to Accubio will be released to Omega Diagnostics. That could happen in the next six months. This should boost the cash position to £6m by the end of March 2023. The shares rose by 21.7% to 2.8p, which values the company at £6.7m.
Concurrent Technologies (LON: CNC) has launched its first systems product. Helios is a ruggedised vision computer system. The share price is 7.59% higher at 78p.
Arbuthnot Banking (LON: ARBB) says full results should be ahead of market expectations of a £13m pre-tax profit. Base rate rises have a positive effect on results. Changes to deposit rates lag the rises in interest rates. Credit criteria are being tightened. The share price improved by 7.38% to 800p.
City Pub Group (LON: CPC) has launched its share buy back programme. An initial £2m has been set aside and there is an option for an additional £1m. The programme lasts until 20 September 2023. The shares rose 7% to 61p.
PCF Group (LON: PCF) has suspended new lending by PCF Bank while it is trying to raise additional finance. Last week, Castle Trust Capital decided not to bid for PCF. Sales of assets and other options to raise money are being considered. There will be further cost cutting. The shares have fallen by one-third to 1.5p.
Serinus Energy (LON: SENX) says that the Moftinu Nord-1 well in Romania was unsuccessful. This knocked 26.1% off the share price leaving it at 8.5p. The well cost $867,000 and the gas found did not warrant flow testing. Arden expects management to assess the results of its Romanian drilling before making a decision on whether to drill a third well. A drilling rig has been secured for Tunisia in the fourth quarter. This will be deployed to Sabria and this drilling could significantly increase production.
Horizonte Mining (LON: HZM) announced a fundraising on Tuesday evening and the size of the placing was increased from £61.7m to £70.5m at 90.5p a share. The share price fell 10% to 89.5p. This larger fundraising has also reduced the contribution from major shareholder La Mancha from £23.8m to £22m. The cash will help to complete the construction of the Araguaia nickel project in Brazil. Total capital cost has increased from $477m to $537m. First production is scheduled for the first quarter of 2023.
