Ondine Biomedical (LON: OBI) is raising at least £3m at 7p/share to help fund the preparations for the US phase 3 clinical trial, as well as supporting sales of Steriwave nasal decolonisation. Steriwave more than halves post-surgical hospital infection rates. Further funding will be required for the clinical trial and FDA submission. The share price recovered 26.8% to 6.5p, but it is still well below the placing price.
Trading in Roadside Real Estate (LON: ROAD) shares recommenced following the release of its results for the 15 months to September 2023 and there was an increase of 15.9% to 9.5p. This has been a period of restructuring for the business and there is progress being made on the focus on roadside property. The reported loss was £10.2m. Subsidiary Cambridge Sleep Sciences has acquired the remaining SleepEngine-related IP rights. The partial sale of a stake in CSS has been completed, but the deal was amended so that it was worth £7.5m, which is more than before. Roadside Real Estate retains a 61.4% stake.
Angle (LON: AGL) has secured a deal with AstraZeneca to develop a Parsortix-based Androgen Receptor detection assay for use in prostate cancer studies. This will generate income of £550,000. The share price moved up 12.7% to 15.5p.
Shares in UK Oil & Gas (LON: UKOG) have risen 6.25% to 0.0255p even though 10% of the enlarged share capital has been issued to the employee benefit trust at 0.0001p each.
Tekmar Group (LON: TGP) has sold loss making engineering consultancy Subsea Innovation for £1.9m with £549,000 of this payable in 12 months. Tekmar is retaining the Subsea Innovation premises, which are valued at £2.8m. The cash will be reinvested in the core subsea technology operations. The share price has improved 5.41% to 9.75p.
FALLERS
In-technology advertising technology provider Mirriad Advertising (LON: MIRI) has raised £6.12m at 1.25p/share. The share price slumped 39.1% to 1.325p. The cash will be spent on operating costs and technology development. In addition, a REX retail offer has been launched and that closes on 7 May.
Delays in contracts mean that pharma data company Physiomics (LON: PYC) will report lower than expected revenues for the year to June 2024. The indicated range is £600,000-£650,000. There are two contracts worth £350,000 in total are being negotiated and this is likely to be recognised next year. The share price fell 13.3% to 1.3p.
Currency services provider Argentex Group (LON: AGFX) has launched a retail offer at 45p/share, following yesterday’s placing. The share price has slipped a further 5.29% to 34p. The new chief executive wants to fund the transformation of the business.
