Small business finance provider Time Finance (LON: TIME) appears to be gaining momentum. Third quarter trading figures have sparked a full year pre-tax profit upgrade by Cenkos from £3.2m to £3.6m. In the latest nine month period the pre-tax profit is £3m, up from £1.1m, so this is an achievable forecast. Arrears are low at 6% and the gross loan book is worth £157.2m. The share price moved 15.7% higher at 25.8p.
Pantheon Resource (LON: PANR) has recovered some of its loss from earlier in the week following disappointing flow test results from the Alkaid #2 well in Alaska. The share price improved by 21% to 28.54p. The share price has still nearly halved this week.
Clean water technology company MyCelx Technologies Corp (LON: MYX) has secured a second pilot testing agreement for treatment of PFAS in landfill leachate in the US. The aim is to remove chemicals to non-detectable concentrations. The share price increased 9.52% to 34.5p.
Ovoca Bio (LON: OVB) is selling its Russian assets to Desirix for €1.05m. This includes Russian patents for Orenetide, plus certain development and marketing rights. Ovoca Bio will continue the development and trialling of Orenetide, a treatment for hypoactive sexual desire disorder, in other markets. The share price rose 6.67% to 6p.
Midatech Pharma (LON: MTPH) has posted a circular about its proposed share consolidation and cancellation of the AIM quotation. The current share price fell 19.4% to 1.25p. There will be a 20-for-one share consolidation and that would make the ADSs listed on Nasdaq more attractive to US investors and remove the worries concerning being thrown off Nasdaq for having a price below $1. Currently, one ADS represents 25 shares and after the consolidation it will represent five shares. The company’s name will be changed to Biodexa Pharmaceuticals.
Redx Pharma (LON: REDX) has revealed topline data for the biliary tract cancer module of the RXC004 PORCUPINE2 phase two clinical trial. The results were not good enough to further develop RXC004 as a monotherapy. There is still potential as part of a combination therapy. The share price fell 18.3% to 33.5p.
musicMagpie (LON: MMAG) released 2021-2022 figures in line with the recent trading statement. December was difficult because of the postal strikes, but trading has improved since the beginning of the year. Shore forecasts an increase in 2022-23 loss from £1m to £1.5m, even though revenues should grow, with net debt increasing from £7.9m to £12.9m. The share price slipped by 9.6% to 33.9p. The April 2021 flotation price was 193p.
Red Rock Resources (LON: RRR) is making progress in commencing lithium production in Zimbabwe. This will initially be from the Tin Hill project with production from Beatrice likely to start later. A target grade of 2% lithium will be sold in the local market. Partners in New Ballarat Gold are seeking a listing. The listing of Elephant Oil has taken longer than expected. The share price fell 9.68% to 0.28p.