Diagnostic imaging company Polarean Imaging (LON: POLX) has gained FDA approval for Xenoview, the Xenon129 hyperpolarised drug-device combination. This is the only product of its kind that has FDA approval. It provides enhanced visualisation of lung ventilation. Pricing still has to be secured. Revenues will take time to build up and the sales expertise will have to be put in place. Net cash is expected to be £2.9m at the end of 2023. Stifel Nicolaus has increased its target price from 100p to 130p. The share price rose 18% to 59p. Polarean Imaging joined AIM in March 2018 at 15p a share.
Applied Graphene Materials (LON: AGM) has received indicative proposals from interested parties for the sale of the business as part of the strategic review. Management hopes that there will be final proposals in early January. A preferred party will then be chosen. There is no guarantee that any satisfactory proposal will be tabled. Redundancy consultations continue for the time being. The hare price recovered by one-fifth to 5.4p.
Peru-focused oil producer PetroTal Corp (LON: PTAL) has successfully tested well 12H in the Bretana oil field. Current production has increased to 3,650 barrels of oil/day and it could reach an even higher level. Other wells will be drilled. Total current production is 20,000 barrels of oil/day. Barges are arriving for the oil now that the river blockade has ended. The share price is 4.62% higher at 40.8p.
City of London Group (LON: CIN) and Gfinity (LON: GFIN) share prices continue to fall. City of London Group shares are down 15% to 25.5p. A cash injection to Recognise Bank provides a valuation of the stake of 30p/ City of London Group share for the proposed distribution of shares in the new bank. The Gfinity share price has declined a further 14.8% to 0.49p following last week’s results and the rate of cash outflow from the egaming business. There was a £2.57m cash outflow from operating activities with £2.14m left in the bank at the end of June 2022. Potential deferred consideration is payable based on 30% of revenues generated by recent acquisitions over specific periods.
Trafalgar Property Group (LON: TRAF) reported a slump in revenues from £390,000 to £18,000 in the six months to September 2022. The loss increased from £444,000 to £338,000. There was cash of £49,000 on 19 December. A development site was acquired in Speldhurst and Retirement+ has been granted planning permission in Leatherhead. An offer has been agreed on Orchard House for £1.05m, but the buyer has to sell their existing property. There is another investment property valued at £325,000. The share price is 8.57% lower at 0.16p.
