Blue Star Capital (LON: BLU) says investee company SatoshiPay has a stake in Vortex, which has achieved transaction volumes of $1m since launch in Europe and Brazil. The Vortex platform enables the swapping of stablecoins for local currencies. The share price jumped 133% to 10.5p.
Peptide drug conjugates developer Avacta (LON: AVCT) has appointed David Bryant and Zeus founder Richard Hughes as non-executive directors. Yesterday, Avacta reported delays in its audit and results for 2024 have delayed to 4 June. The share price improved 38.2% to 3.2p.
IG Design (LON: IGR) has sold its American division to a company set up by Hilco Capital. The upfront payment is a nominal $1 and 75% of any proceeds from sale or realisation of assets after the disposal, after agreed adjustments. There may be no additional consideration, especially if the business is not sold. Money owed by the American division will be assigned to the buyer for $1. This business had net assets of $245.4m at the end of September 2024, but it has fallen into loss since then. There will be a considerable write-down of this asset value in the 2024-25 accounts. The risk of further losses is avoided. New financing is being arranged. The share price recovered 34.9% to 85p.
Poolbeg Pharma (LON: POLB) has been granted orphan drug designation by the FDA in the US for POLB001 for treating cytokine release syndrome caused by T cell engager bispecific antibodies. This is a side effect of cancer treatments. POLB001 is ready for a phase 2 study. The status provides seven-year exclusivity after US approval, plus tax credits for development spending. This is a $10bn market. There is potential for securing a partner for clinical trials. The share price rose 30.6% to 3.2p.
FALLERS
A surprise trading statement from contract research business hVIVO (LON: HVO) reveals two contracts have been cancelled, including one large human challenge trial, and one has been postponed, triggered by fears about drug pricing in the US. Contracted revenues are still £47m, but Cavendish expects a loss this year. The share price slumped 48.8% to 8.7p.
Diagnostics company Angle (LON: AGL) increased 2024 revenues by 31% to £2.9m, although the product mix and early discounts to pharma customers meant that gross margins declined. The loss was reduced by 29% to £14.2m after cost savings. Net cash was £10.4m at the end of 2024 with £2.3m of tax credits due, of which £1.4m have been received. The cash should last until the first quarter of 2026. There is uncertainty about timing of new deals that will help to further improve revenues. The share price slipped 23.8% to 8p.
Student accommodation and residential property developer Watkin Jones (LON: WJG) reported interims in line with expectations. Revenues fell from £175m to £129m and there was a pre-tax profit of £200,000, down from £3.4m in the corresponding period. Net cash improved to £73.4m. Further forward sales will enable a pre-tax profit of £4.2m for the full year, but timing is not assured. The share price declined 23.6% to 28.3p.
Catenai (LON: CTAI) investee company Alludium is being included in the NVIDIA Inception partnership programme for AI start-ups. This will help Alludium to expand by having access to NVIDIA technology and it will be offered at a preferential price. There will also be networking opportunities. The share price is one-fifth lower at 0.38p, but it is still 68.9% higher than at the start of the year.