AIM movers: LungLife AI validates lung cancer test and Plexus licence deal

LungLife AI Inc (LON: LLAI) has successfully validated its LungLB early lung cancer detection test. The positive predictive value was 81% in distinguishing cancer nodules smaller than 15mm. The current standard is 60%. There will be an early access programme offered in the first quarter of 2024. The test will be optimised for additional uses. The share price initially rose above 70p and it is currently 30.4% ahead at 60p.

Sareum (LON: SAR) says that its co-development partner CRT Pioneer Fund has entered into a development and commercialisation licence for SRA737 with a US biopharmaceutical company. SRA737 is an oral, selective checkpoint kinase 1 inhibitor that targets cancer cell replication. There will be an upfront payment of $500,000 to CRT Pioneer Fund with potential for an additional fee of up to $1m in cash and 500,000 shares. There could be payments of up to $289m if a successful drug is developed, plus high single-digit royalties. The share price jumped 21.9% to 72.5p.

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Extractions Premium & Mining has converted £250,000 of loan notes in oil and gas explorer Corcel (LON: CRCL) at 0.8p/share. That leaves a balance of £750,000. Corcel executive chairman Antoine Karam owns 45% of Extractions Premium & Mining. The share price improved 18.3% to 0.81p.

Drug development services provider Proteome Sciences (LON: PRM) has completed the installation of equipment at its new laboratory in San Diego, which will service growing demand in the US.

Oriole Resources (LON: ORR) expects execution of the earn-in agreements with BCM for the Mbe and Bibemi gold exploration projects in Cameroon to happen this month. That will trigger payments of $1m and $450,000 respectively. BCM will then spend $4m on exploration to earn 50% of each of the projects. Managem has decided not to invest any more cash in the Senala project in Senegal, so Oriole will retain ownership of Senala. After an initial fall, the share price moved up 3.09% to 0.17525p.


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Plexus Holdings (LON: POS) has extended an IP licence agreement with SLB, which replaces a previous surface production wellhead licence agreement with a subsidiary of SLB. For $5.2m in cash, SLB gets a licence in perpetuity to use POS-GRIP technology, including HG sealing technology. This licence covers areas of the market that are not a focus of Plexus. The 2023-24 revenues forecast has been upgraded to £14m and pre-tax profit raised by 467% to £1.7m. Net cash should be £3.8m at the end of June 2024. However, this is a one-off, so Plexus could fall back into loss next year. Plexus was the best AIM performer in 2023. The share price slipped 17.9% to 17.25p.

A general meeting has agreed to change the name of Barkby Group (LON: BARK) to Roadside Real Estate, which will be LON:ROAD. Barkby is refinancing its debt and a change to the articles of association will enable more to be borrowed. The share price declined 5.51% to 6p.

Real-time oil condition analysis company Tan Delta Systems (LON: TAND) says that progress has been slower than hoped since floating in August. Full year revenues will decline from £1.6m to £1.44m, which is lower than expected. Customer trials have been delayed, but there has been greater interest in the technology. The loss will be in line with expectations at £400,000. Cash was £4.5m at the end of the year. The placing price was 26p. The share price fell 4.35% to 22p.

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