Quadrise (LON: QED) says that the failure of the Utah authorities to grant its licensee Valkor a unitisation will not impact the development plan a t the primary project site and the $15m of financing. A drilling permit is anticipated in September. Unitisation could be granted by the first quarter of next year. The Quadrise technology will be used in the production of heavy oil. The share price recovered 24.6% to 1.1025p, but it is still lower than a fortnight ago.
Pantheon Resources (LON: PANR) says an independent expert report confirms gross 2C contingent resources of total marketable liquids of 963mmbbls at the Kodiak project in Alaska – roughly one-third oil and two-thirds natural gas liquids. That is well below the company’s own estimate of 1.7 billion barrels. An assessment of the resource of Alkaid at the Ahpun project should be finished before the end of the year. The share price improved 10.7% to 15.05p. Canaccord Genuity has a NPV10 target price of 100p.
Hutchmed (China) Ltd (LON: HCM) says the Center for Drug Evaluation of China’s National Medical Products Administration has granted breakthrough therapy designation to savolitinib for the treatment of “locally advanced or metastatic gastric cancer or gastroesophageal junction adenocarcinoma patients with mesenchymal epithelial transition factor amplification who have failed at least two lines of standard therapies”. This means that the treatment will have priority review when a new drug application is submitted. A phase II study is planned. The share price increased 8.17% to 241.75p.
Medical scanning technology developer Polarean Imaging (LON: POLX) has been granted a new reimbursement code for the Polarean XENOVIEW (xenon Xe 129, hyperpolarised) technology by the US Centers for Medicare & Medicaid Services. The payment level will be announced in a few weeks, and it commences from 1 October. The share price improved 8.2% to 16.5p.
Pre-clinical antibody developer Fusion Antibodies (LON: FARN) has received the first order for its AI/ML-Ab services from Australia. The share price rose 7.41% to 290p.
FALLERS
Pelatro (LON: PTRO) will ask shareholders to vote to cancel the AIM quotation because of the cost and the inability to raise cash. Finance director Nic Hellyer is leaving the board. A matched bargain facility will be put in place. The share price slumped 69.2% to 1p.
Grafenia (LON: GRA) is raising £23m via a placing at 8.5p/share and a further £4.9m can be raised through an open offer. The share price slipped 9.76% to 9.25p. The cash will be used to repurchase bonds and pay consideration for past and future acquisitions to expand in the vertical market software sector. Last year £11.2m of bonds were issued to finance four acquisitions. The focus is businesses where a majority of revenues are recurring and there is a defined market niche. The valuation would be up to seven times adjusted EBITDA.
Volvere (LON: VLE) chief executive Jonathan Lander has died. His brother Nick Lander will take over his responsibilities. Jonathan Lander has a 10.2% shareholding. The share price fell 5.46% to 1125p. Oil and gas company Arrow Exploration (LON: AXL) has more than doubled its second quarter revenues from $5.02m to $10.3m. There was $4.9m of cash generated from operations. There was $10.8m in cash at the end of June 2023. The share price declined 2.86% to 17p.