Timothy McCutcheon will replace Kirill Golovanov as chief executive of healthcare company Ovoca Bio (LON: OVB) and he has also bought his 19.5 million shares at 0.85p each. This follows Ovoca Bio’s decision to end the development of Orenetide after disappointing trial results. The company will assess new opportunities. The share price increased 37.1% to 1.2p.
Caspian Sunrise (LON: CASP) shares have returned from suspension following publication of 2023 accounts. Average oil production fell 16% to 1,800barrels/day last year. Current aggregate production is 2,300 barrels/day from the BNG contract area, which is being sold for up to $83m. Production is expected from Block 8 and West Shalva later this year. The board will consider special dividends and share buy backs. The share price recovered 34.6% to 4.375p.
Digital services provider Silver Bullett Data Services (LON: SBDS) has secured 20 new contract wins in the first half of 2024. A global confectionery company has asked the company to take control of its data strategy. This covers revenues of £1.2m. A new $1m discounting facility will help to cover the later payment terms of larger customers. The share price is one-third higher at 100p, which is the highest level since May.
Pharmacogenetic testing company GeneDrive (LON: GDR) has received breakthrough device designation from the US FDA for the MT-RNR1 ID Kit, a rapid point of care test to screen infants for a genetic variant that can lead to hearing loss. The share price rose 35.7% to 3.8p.
FALLERS
Destiny Pharma (LON: DEST) is leaving AIM to make it easier to fund the XF-73 through access to private capital. It has been difficult to secure a commercial partner for the post-surgical infection prevention treatment. Destiny Pharma need to find funding for a phase 3 study. The share price slumped 67.7% to 2.75p.
Vast Resources (LON: VAST) raised £600,000 at 0.1p/share. Each share comes with one warrant exercisable at 0.4p. The cash will fund the reorganisation of Baita Plai to reduce production costs and to cover working capital requirements. The share price declined 34.4% to 0.105p.
Mosman Oil & Gas (LON: MSMN) produced 69,000 barrels of oil equivalent/day in the second quarter of 2024, which is 68% higher than the previous quarter. There was just over A$1m in cash at the end of June 2024. The share price dipped 17.5% to 0.066p.
Broker and acquisitions adviser Cavendish Financial (LON: CAV) had a stronger second half, which was the first period as a merged business. The figures for the year to March 2024 include Cenkos from 7 September 2024. Consolidated revenues were 46% higher at £48m. The operating loss was flat at £1.7m. The dividend is reduced from 1.15p/share to 0.25p/share. Cash was £20.7m at the end of March 2024. The trading statement is optimistic and Cavendish Financial is expected to return to profit this year. The share price fell 8.42% to 12.5p.