AIM weekly movers: Trellus Health reduces cash burn

The new management team at Trellus Health (LON: TRLS) is reducing the cash burn and there should be nought cash until the end of 2024. Trellus Health intends to provide personalised care for people with chronic conditions with the initial focus being inflammatory bowel disease (IBD). The service offered is what the company calls resilience-driven connected health, which is about digital care delivery and patient monitoring. The first monthly subscribers have been enrolled and contracts with businesses are under negotiation. There was $24m in the bank at the end of June 2022 and there could still be net cash of $17m at the end of the year. The shares rose 86.2% to 13.5p, having reached the all-time low on the previous Friday.

N4 Pharma (LON: N4P) successfully completed initial in vitro testing of its Nuvec delivery system loaded with two generic siRNA probes at the same time. Both probes were able to significantly silence their respective targets. These positive test results will help discussions with potential partners. Work continues on a treatment for lung cancer. The N4 Pharma share price rose 58.5% to 3.25p.

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Oxford Biodynamics (LON: OBD) is raising £9.1m via a placing at 20p a share and up to a further £2.95m could be raised through a one-for-6.81644 open offer. The share price rose 56.3% to 17.975p, which is still well below the placing price. This cash will help to fund the commercial development of the EpiSwitch CiRT technology. The EpiSwitch CiRT checkpoint inhibitor response test for cancer has been issued with a US reimbursement code earlier in the week.

Infectious disease treatments developer Poolbeg Pharma (LON: POLB) received a positive response from the US Patents and Trademarks Office concerning its application for POLB001. Chief executive Jeremy Skillington subsequently bought an initial 718,733 shares at 4.78p each. Over the week the share price improved 46.6% to 6.45p.

Abingdon Health (LON: ABDX) shares bounced back after a judgement in relation to judicial review proceedings against the Department of Health and Social Care found that there was nothing wrong with the contracts awarded to the diagnostic tests company. The shares jumped 44% to 9p.


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PCF Group (LON: PCF) was the worst performer last week after it suspended new lending by PCF Bank while it is trying to raise additional finance. Last week, Castle Trust Capital decided not to bid for PCF. Sales of assets and other options to raise money are being considered. There will be further cost cutting. The shares have fallen by 44.4% to 1.25p.

Two deals were not completed by student accommodation and build to rent developer Watkin Jones (LON: WJG) before the end of September and they have knocked at least 10% off 2021-22 profit to around £49m. The dividend could be trimmed to 7.8p a share, so that it is still twice covered by expected earnings. There are also cost pressures and interest rate rises will hamper future profitability. There was a one-third cut in 2022-23 pre-tax profit forecast to £50m as a precaution. Demand for student accommodation and build to rent property remains strong but margins will come under pressure. Net cash is £75m. The share price has slumped by 40.5% to 90p. Directors bought shares at between 101p and 102.25p each.

Tortilla Mexican Grill (LON: MEX) increased interim revenues by 30% to £26.9m, including like-for-like growth of 19%. The restaurants operator reported a slump in pre-tax profit from £2.63m to £264,000. That was mainly down to a reduction in government assistance from £1.88m to £211,000, plus costs relating to the Chilango acquisition. There has also been general cost inflation. The opening programme is ahead of target, but sales during the summer were disappointing. The share price has dived 29.1% to 103.5p.

There were three trades in Craven House Capital (LON: CRV) last week. It appears that Tuesday’s trade at 15 cents a share was behind the 28.9% drop in the share price to 16 cents a share.

Mobile content and data company Mobile Streams (LON: MOS) launched a placing and subscription raising £1.2m at 0.18p a share, which was a one-third discount to the market price. The shares have fallen 28.8% to 0.185p. A broker option enable existing shareholders to invest an additional £200,000 – there was demand for £400,000 worth of shares. The new shares come with warrants exercisable at 0.3p each. The cash will go towards NFT contracts. GTCR is no longer considering a bid for GB Group (LON: GBG) and the shares have fallen 23% to 469.2p.

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