Faron Pharmaceuticals Oy (LON:FARN) have said that they have won approval from the MATINS trial’s data monitoring committee to expand the clinical trial of its Clevegen cancer drug.

The MATINS clinical trial is investigating the drug, which targets both metastatic cancers, forms of the disease which spread to new areas of the body, and inoperable tumours, which cannot be removed from the body surgically.

Faron said that the committee who are monitoring the drug have accepted their proposal that the the initial Clevegen dose for part II of the study should be 0.3 milligrams per kilogram.

A total of ten late-stage colorectal, or bowel, cancer patients are expected to be dosed in this 0.3 milligrams per kilogram cohort, including two patients who had previously received this dose in the earlier part I of the study.

In the initial phase of the study, patients received Clevegen dosage amounts of 0.1 milligramme per kilogramme, 0.3 milligrams per kilogramme, 1.0 milligrams per kilogramme, 3.0 milligrams per kilogramme or 10 milligrams per kilogramme.

Primarily intended to investigate safety and tolerability, the completed Part I of the MATINS trial has already shown that Clevegen administration promoted immune activation in all of the dosed patients.

Dr. Markku Jalkanen, Faron’s CEO, said:

“We continue to be impressed by the potential of Clevegen and are very pleased to have the DMC’s support for the commencement of Part II of the MATINS trial. At just 0.3 mg/kg the dose could provide an unusually high safety margin for the use of this potential therapy as a stand-alone treatment or in combination with other cancer therapies. The decline in expression of negative immune checkpoint receptors post Clevegen dosing warrants expansion of Clevegen testing in numerous cancer types and therefore we will now ensure a rapid expansion of Part II of the MATINS trial to continue investigating the safety and efficacy of Clevegen in various cancer cohorts.”

Developments to Cancer medication

AstraZeneca (LON:AZN) have told shareholders that they have sold two cancer drug rights for $198 million, which saw shares spike.

The firm said that it had sold the rights to drugs Arimidex and Casodex in a number of countries to Juvise Pharmaceuticals for up to $198 million.

Astra added that it had sold the commercial rights for these drugs in numerous countries which included France, Austria, Germany, Cyprus, Turkey, Morocco, Mali, and Cameroon.

Arimedex and Casodex treat mainly prostate and breast cancer, however they have recently lost their compound patent protection in the countries in which AstraZeneca sold to.

In 2018, Arimidex saw sales of $37 million in the countries covered by the new agreement, while Casodex sales were $24 million.

Biotechnology and cancer therapy development group ValiRx Plc (LON:VAL) have also invested heavily into this market.

The company stated that the full-year loss could largely be pinned on expenditure on developing and proving its cancer treatment candidates. It is advancing its clinical trials of the VAL201 prostate cancer treatment and said it was in the pre-clinical stage for other treatments.

In a statement to investors, Company Chairman Oliver de Giorgio-Miller said, “Given the risk-averse funding climate in the reporting period, we sustained momentum in terms of adding value to our assets by advancing VAL201 in the UCLH prostate cancer clinical trial and progressing the pre-clinical advancements of the VAL101 and VAL301 compounds, to bring these closer to the Phase I ready stage.”

It seems that Faron are bringing something unique into the market, and shareholders will be keen to see how the full trial unfolds.

Shares in Faron trade at 277p (+1.65%). 13/1/20 12:36BST.

PetroTal (LON:PTAL) have said on Monday that they are looking to expand production capacity in 2020.

PetroTal is a oil and gas development and production company domiciled in Calgary, Alberta, focused on the development of oil assets in Peru.

PetroTal’s flagship asset is the Bretaña oil field in Peru’s Block 95 where oil production was initiated in June 2018, six months after acquisition, and within 18 months has exceeded the initial 10,000 bopd goal.

In 2019, the firm produced over 1.5 million barrels of oil giving an average production figure of 4.131.

This was significant for the firm, as this showed a huge raise from the year before, and following these gains it seems that PetroTal want to go one step further.

Average production from Peru’s Bretana field within the fourth quarter of 2019 was 7,757 barrels of oil per day which showed a massive climb of 77% from the quarter previously.

Since the end of 2019, the figure has further risen to 12,500 average per day.

Texas-based PetroTal said the 5H well is continuing to perform above expectations, producing 240,000 barrels of oil in the first 30 days of operations.

The company will be announcing, within the next week, its 2020 budget, which will include a plan of achieving an exit rate production figure of 20,000 barrels per day at the end of 2020.

Manolo Zuniga, President and Chief Executive Officer, commented:

“We’re pleased that we were able to exit 2019 at the upper end of the previously announced guidance, a new record oil production level for PetroTal. The entire PetroTal team worked extremely hard to accommodate the strong oil production of the 5H well during the CPF commissioning phase. Additionally, the implementation of the PetroPeru oil sales contract, enables the Company to receive regular monthly revenues for its oil production.”

PetroTal build on last few updates

At the end of November, the firm saw its shares in green as it gave an optimistic production guidance update.

PetroTal reported the completion of drilling at its second horizontal well on the Bretana field in Peru, which gave shareholders optimism on Monday.

Following the completion of the Bretana field operation, the firm increased its year-end production guidance which would have appeased shareholders.

The 5H well reached the target Vivian formation at the prognosed vertical depth of 2,696 metres, PetroTal said, and 700 metres of the planned 870 metres horizontal section have been drilled, which is inside the main productive oil reservoir.

This will allow the expansion of nominal production facility to 10,000 barrels of oil per day, and 40,000 barrels of water per day.

Additionally, the firm just before Christmas reported a new production record.

The firm said it had completed completed the 5H well, its second horizontal well, at its 100%-owned Bretana oil field in Block 95 in Peru.

The well was completed on time and costs came in 20% under the original budget of $14.5 million, which was a noteworthy accomplishment for shareholders to take.

The initial three-day production rate was 8,250 barrels of oil per day, exceeding management’s expectations. Bretana was able to record production of over 9,000 barrels per day, a record PetroTal said, with only two of the six wells online.

Zenith Energy (LON:ZEN) have told the market on Monday that it has agreed a 20% stake with Anglo African Oil and Gas (LON:AAOG) for their operations in Congo.

The firm said that a put-and-call option has been formally signed for the last 20% stake in AAOG’s Congolese operations.

The two parties have agreed that this option can only be exercised by Zenith on January 16, 2021.

Another clause was inserted saying that the option is only valid if total production from Tilapia has never exceeded an average of 2,000 barrels a day for any period of 30 consecutive days.

Zenith will have to pay £1 million in shares if it does decide to exercise the option.

AAOG can only exercise the option, on the same day as Zenith, if production has averaged at least 4,000 barrels a day for 30 consecutive days prior to January 15, 2021.

Andrea Cattaneo, Chief Executive Officer, commented:

“We are pleased to have agreed these terms with AAOG for its residual 20 percent holding in AAOG Congo. The Tilapia asset has, we believe, potentially transformational production potential. Indeed, our primary operational goal shall be to source a fully inspected and functional rig to begin drilling operations at the earliest opportunity in TLP-103C to test the productivity of the Mengo and Djeno horizons.

The aforementioned terms will further ensure that, in the event of future success, both Zenith and AAOG shareholders will enjoy the fruits of victory.We look forward with excitement to the challenge ahead.”

Sarah Cope, chair of AAOG, added: “We are very pleased to have agreed these terms with Zenith which protects the upside value for shareholders in AAOG in the event that Zenith succeeds in increasing production to 4,000 barrels per day.

“The board believes this will give the company’s shareholders comfort in AAOG’s ability to liquidate its holding in a successful AAOG Congo following the investment that Zenith has committed to make into Tilapia.”

Initial deal announcement

Last week, the deal between the two firms hit headlines, which saw Anglo African shares crash.

The firm said that it has agreed a deal with both Riverfort (LON:RGO) and Zenith Energy for two separate financing deals to allow the company to continue operating.

Following the lack of funds and a recent share subscription, Anglo African entered negotiations with Riverfort for a convertible note loan.

However, a deal has not be struck. Riverfort have agreed terms where Anglo will receive an initial tranche of £250,000, if shareholders approve the Zenith deal, and a further £50,000 every month until negotiations over the convertible notes concludes, which leaves shareholders will power.

Zenith has also agreed to advance a £250,000 loan to AAOG to help with its cashflow position. This loan, whilst subject to shareholder approval, is not contingent on the sale of AAOG Congo. The loan is for an initial six month period but may be extended for an additional three months.

Anglo already hold a 56% interest in the Tilapia field in the Republic of the Congo. Once the transaction is complete, Anglo African Oil & Gas will become a cash shell on AIM.

It intends to use the proceeds from the disposal to finance its day-to-day operations and consider potential reverse takeover options.

Zenith build on Italy Deal

Zenith have been quick to build on the deal with Coro Energy (LON:CORO) to sell operations in Italy.

The deal which has been formalized will value at £3.9 million, which led to the reflections in share price movements for both firms.

The initial consideration for the Italian natural gas production and exploration portfolio is £400,000, payable by Zenith to Coro in the form of 6.7 million new Zenith shares priced at 6.0 pence each.

Then, provided the portfolio achieves average daily production of 100,000 standard cubic metres per day on average for four successive months, a up to £3.5 million in Zenith shares will be due to Coro. This production figure represents approximately 590 barrels of oil equivalent per day.

The deal will make Zenith one of Italy’s largest natural gas production operations with total production at 55,000 cubic meters per day.

Zenith CEO Andrea Cattaneo said: “There are a number of opportunities to increase production from current levels in the acquired assets through targeted relatively low-risk well interventions, also present in our existing Italian portfolio. Our newly enhanced technical team and financial resources will enable Zenith to apply renewed focus on its Italian portfolio.”

Zenith seem to be expanding their operations globally, which is something that will excite shareholders.

Upon the completion of this deal, Zenith will have started 2020 in a strong manner and will hope that this can continue across the year.

Resolute Mining (LON:RSG) have guided for a larger production capacity in 2020 in an update on Monday.

The firm said that they are looking to increase operations at the Syama and Ravenswood mines.

Resolute have announced a target of 500,000 ounces of gold in 2020 which shows a 30% rise on the 383,731 figure reported last week.

With the Syama operations, the firm has said that forecast is expected to around 260,000 ounces which shows a 7% appreciation from the 243,058 figure in 2019.

Resolute outlined an all-in sustaining cost figure of $1,090 per ounce for 2020, however this figure is still being calculated.

At the Ravenswood operations, the initial stage of expansion has allowed a rise in processing capacity which has led to a 2020 target production figure of 80,000 ounces of gold, nearly double on the 2019 figure.

At Resolute’s other mine, Mako in Senegal, the company sees mining and processing carrying on at similar rates in 2020 to 2019, though grades will be lower due to depletion of higher-grade stockpiles.

Gold production at Mako is guided at 160,000 ounces in 2020, from 87,187 ounces in 2019.

However, the 2019 figure includes Mako production since Resolute took it over in July, in the $270 million acquisition of Toro Gold. In 2018, Mako produced 156,926 ounces of gold.

Resolute’s Managing Director and CEO, Mr John Welborn, commented on the Company’s production growth:

“Production guidance for 2020 of 500,000 ounces is a significant milestone for Resolute. Following completion of the repairs at Syama in late 2019, we have started 2020 with all our operations operating at nameplate capacity and generating positive cashflows. Strong operating cashflows, and reduced capital demands, will support a stronger balance sheet and create further opportunities for Resolute’s growth and ambition.”

Resolute confidence pays off

Last week, the firm said that they remained confident to pull results out of the bag despite missing their annual production target.

Resolute reportedly missed their production guidance after they saw problems at their operations in Mali, which stagnated production and supply lines.

In the three month period, ending in December the firm reported production of 105,293 ounces of gold which saw a 2% rise.

Looking at the yearly figures, the report was a little disappointing. Annual production totaled at 384,371 ounces which fell short of the guidance which was given by Resolute around the 400,000 benchmark.

The firm was quick to defend itself as it said that production volumes lost in 2019 would be made up across 2020 as the firm looked to please shareholders about the resilient nature.

The Syama mine, which is located in Mail accounts for over 50% of total production or Resolute and henceforth the disruptions significantly skewed production totals.

Resolute join forces to boost production

The power supply agreement with Aggreko PLC (LON: AGK) is giving the chance for Resolute to make stay progress.

The plans come into action following an ensured effort to lower operating costs for Resolute, and the new plans will help reduce power costs by around 40%.

Resolute Chief Executive John Welborn said: “Aggreko is the right partner to support our power ambitions at Syama. I am delighted work has commenced and that we will deliver the power cost savings we have promised at Syama.

“A key component of our cost reduction strategies at Syama is the provision of lower cost power. We can now look forward to significantly lower energy costs, in line with our life-of-mine feasibility study expectations, as we focus on maximising the efficiencies of our new automated underground mine. Together, these initiatives, will allow us to deliver lower unit costs as well as providing an environmentally friendly, capital efficient expandable power solution for Syama.”

The approval also of a new Financial Officer, named as Stuart Gale was also another impressive announcement from the firm.

Gale will be joining from Australian iron ore company Fortescue Metals Group (Ltd ASX: FMG) where he was group manager for Corporate Finance for nine years since 2010.

The renewed optimism for Resolute has certainly paid off, and now shareholders will be expecting these production targets to be hit in consequent updates across the year.

Shares in Resolute were 1.48% to the good, trading at 60p. 13/1/20 11:49BST.

Spirent Communications PLC (LON:SPT) have continued to gain momentum over the last few months, which has driven strong performance.

Spirent Communications plc offers test, measurement, analytics and assurance solutions for next-generation devices and networks.

Spirent provides products, services and information solutions for high-speed Ethernet, positioning mobile network infrastructure markets, with expanding focus on service assurance, cybersecurity and 5G.

The FTSE 250 listed firm said that it expects full year profits to exceed market expectations, which has sent shares soaring.

Spirent said that they were able to secure a number of important and significant contract wins in the final quarter of 2019, which drove revenue.

The firm said that 2019 total group revenue rose 5.5% compared to a year ago, with the figure totaling $503 million.

Spirent added that it has forecasted for adjusted operating profit to be between $91 million and $93 million – which would represent a rise of between 18% and 21% on the $77.1 million reported one year ago.

There was notable growth in its Network and Security Unit, as demand rose for 400G high speed ethernet test solutions.

The company alluded to strong order growth for its Lifecycle Service Assurance products in the final quarter, but this is expected to benefit 2020 and long term operations.

Its Connected Devices unit saw a “solid” operating profit outturn, despite some revenue reduction driven by increased 4G legacy decline.

Spirent report another strong year of growth

Commenting on the results, Eric Updyke, Chief Executive Officer, said:

“We are delighted to deliver another strong year of growth and earnings improvement as further evidence that our strategy is indeed working, and we expect to exceed the market’s profit expectations for the financial year 2019. We enter the new financial year with a strong orderbook and we are well positioned with leading technology to leverage more opportunities across our portfolio. Over the medium term we expect to continue to deliver mid-single digit revenue growth with a focus on increasing recurring revenue streams to enhance the Group’s visibility and effective investment in our technical platforms to drive ongoing performance.”

Impressive few months for Spirent

In November, the firm gave shareholders another update which outlined the strength in position of the firm.

The FTSE250 listed firm did not change their annual expectations after a solid third quarter performance.

The telecoms firm also reported positive 5G and high speed internet testing, where all firms in the market look to upgrade their services.

Eric Upydyke took over as Chief Executive in May and is currently restructuring operations and management at the firm.The changes outlined included a focus on recurring revenue, senior board changes and the development of sales and marketing campaigns.

“We are on track to show full year progress on 2018 with, as in previous years, revenue and earnings performance weighted to the second half of the year and in particular to the final quarter. Our expectations for the full year remain unchanged.”

The changes in plan and structure seem to have been of great benefit to Spirent from the update today, and shareholders will be thoroughly impressed.

AstraZeneca plc (LON: AZN) have ended their phase three Strength trial for Epanaova in an update on Monday.

The firm added that this could lead to a $100 million impairment, something which will worry shareholders.

Astra said that this decision was based on a recommendation by an independent monitoring g committee, which said that Epanova is “unlikely to demonstrate a benefit to patients” with mixed dyslipidaemia who are at increased risk of cardiovascular disease.

Mene Pangalos, Astra’s executive vice president of BioPharmaceuticals R&D, said: “It was important to assess the potential benefit of Epanova in mixed dyslipidaemia. We are disappointed by these results, but we remain committed to addressing the needs of patients in the cardiovascular space where we have an extensive pipeline.”

“Any impairment will be treated as a non-core item in the fourth quarter of 2019. A write down of up to USD100 million relating to inventories is also anticipated to impact the core earnings in the fourth quarter of 2019,” Astra added.

Astra also said that they are reviewing the ongoing value of their $533 million Epanova asset.

Astra slow down after electric start to 2020

Just one week ago, Astra said that they had received the green light on both their Lokelma and Farxiga drugs.

AstraZeneca said that the Lokelma drug has been approved in China for the treatment of hyperkalaemia and Farxiga granted a priority review by the US Food & Drug Administration.

Lokelma is used to treat conditions such as hyperkalaemia which is diagnosed by high level of potassium in the blood, which can lead to many other long term health complications.

The firm had seen a very impressive few weeks of trading as they agreed a tie up deal with Deepmatter Group PLC (LON:DMTR) in a digital technology venture.

Additionally the firm also outlined plans to market their Lynparza drug which was agreed with US based Merck & Co (NYSE:MRK).

The approval in China is based off the successful results from the III SOLO-1 trial, which showed that Lynparza significantly reduced the risk of disease progression or death by 70% in women with BRCA-mutated advanced ovarian cancer following response to platinum-based chemotherapy.

Roy Baynes, senior vice president and head of Global Clinical Development, chief medical officer, MSD Research Laboratories, said: “Today’s approval of Lynparza reinforces the importance of patients knowing their BRCA mutation status at diagnosis.

“We are proud to provide a new option for the treatment of this devastating disease in China, and we will continue to collaborate with the Chinese government and healthcare organizations to provide Lynparza to patients who need it as quickly as possible”.

Certainly, there had to be a slow down for AstraZeneca following a very impressive few months of trading.

However, shareholders will not be too concerned with the updates provided today as the new deals outlined will massively increase potency and reach in the pharmaceuticals market.

Shares of Astra trade at 7,661p (+0.21%). 13/1/20 10:58BST.

William Hill PLC (LON:WMH) have said to shareholders that they expect profits to be ahead of expectations.

The firm said that this was driven by favorable sports results as the firm gave shareholders a positive update on Monday.

In their trading update, the firm said that adjusted operating profit from continuing operations is expected to be in range of £143 million to £148 million, ahead of market and management expectations.

The firm said that favorable sports results allowed the strong end to the year, which will please shareholders.

The betting firm said that the retail business, after being scrutinized with restructuring and reorganizational plans generated profits above their guidance.

Initial guidance was in the range of £50 million to £70 million, as the firm alluded to “favorable sporting results in December, above the long term gross win margin range”.

Online once again grabbed the headlines as this sector grew for the fourth consecutive quarter, whilst weakness in gaming net revenue was offset by a strong sporting gross win margin, the bookmaker said.

Ulrik Bengtsson, chief executive officer, said: “The group has delivered a strong operating performance, ahead of our expectations and against a challenging regulatory backdrop.”

William Hill also announced the departure of Chief Financial Officer Ruth Prior.

Prior who has been with William Hill since 2017 will take up a role with Element Materials as Chief Financial Officer.

William Hill and 888 go head to head

In similar fashion to William Hill, 888 (LON:888) have given shareholders a confident update following a strong period of trading.

888 alluded to strong performance in the second half of the year, which has driven its full year expectations.

December revenue was particularly strong as this figure hit a new monthly high with progress supported by the success of the Orbit casino platform launched in May 2018.

In the first half of 2019, 888 reported pretax profit of $22.2 million, falling from $60.1 million a year before, on $277.3 million in revenue, down from $283.9 million.

In 2018, the company’s pretax profit was $108.7 million on revenue of $529.9 million.

888 said it was pleased by the first-phase rollout of its Poker 8 platform. The company will add “a number of exciting new product features” and will be rolling out the final-phase platform in 2020.

GVC – another name to be mentioned

GVC (LON:GVC) who run stores such as Coral, saw their shares up in October as the firm lifted its full year guidance. The owner of the Ladbrokes brand increased its core profits forecast, predicting that they will now lie in the range of £670 million – £680 million for the full year.

The Coral brand has become synonymous with UK betting, whilst bwin is one of the leading online betting brands in Europe.

Additionally, the firm appointed former Homeserve PLC (LON:HSV) chair as its new non-executive chair. This came at a time where GVC were looking to stimulate business and impose their foot holding in the UK market.

The betting market certainly has become competitive, and William Hill have seemed to perform strongly and in line with competition.

William Hill are set to post their annual results on February 26, and shareholders will be hoping that the firm can sustain trading across the new year.

Shares of William Hill trade at 184p (+0.19%). 13/1/20 10:47BST.

Verona Pharmaceuticals (LON:VRP) have given shareholders a pleasing update at the start of the week.

The firm said that its Phase 2b clinical trial of nebulized Ensifentrine met its primary endpoint.

The four weeks trial, which is currently being undertaken is being studied within severe chronic obstructive pulmonary disease patients is now reaching its conclusion.

The drug was administered twice daily in combination with tiotropium, a treatment used in the management of chronic obstructive pulmonary disease and asthma.

Verona are currently trialling four different doses of the new medication, which are 0.375 milligram, 0.75 milligram, 1.5 milligrams and 3.0 milligrams.

Verona said the drug hit its “primary endpoint” for a dose-related positive effect on lung function when compared with a group taking a placebo that has no medical benefit.

“We are delighted with these results in symptomatic COPD patients already on steady-state maintenance treatment. These data bring clarity to planning the design, including dose selection, endpoints and background therapy, of our Phase 3 program. We expect Phase 3 trials to start in the third quarter of 2020,” said Verona Pharma CEO Jan-Anders Karlsson.

“We look forward to discussing these new and compelling data, together with the positive results from our previous clinical studies, in an End-of-Phase 2 meeting with the FDA planned for the second quarter,” he finished.

Verona build from November worries

At the start of November, the firm reported that it had widened its third quarter loss, which sent shares in red.

For the three months ended September 30, Verona’s pretax loss totaled £12.8 million, more than three times the £3.5 million loss posted the the year before.

The increasing costs in the Research and Development team was the main cause of the massive loss.

These costs inflated to £12.0 million from £5.3 million. Verona’s general & administrative costs also rose, jumping 43% to £2.0 million from £1.4 million.

A 28% increase in general & administrative costs to £5.9 million from £4.6 million also saw the loss widen for Verona.

Chief Executive Jan-Anders Karlsson said: “We are very pleased that our four-week phase 2b dose-ranging clinical trial with nebulized ensifentrine is progressing according to plan and that we have completed enrollment of over 400 symptomatic patients with moderate to severe COPD. We anticipate completing this study around the end of 2019. Informed by this and prior studies in around 850 subjects, we plan to advance into our phase 3 clinical trial program which we expect to commence in 2020 following an end of phase 2 meeting with the [US Food & Drug Administration.

However, it seems from the update today that the increased expenditure in research and development may have had long term benefits.

Shareholder of Verona would have been initially worried about the loss widening a few months back, however from today’s update there will be keen optimism to see how results perform.

Shares in Verone trade at 88p (+53.28%). 13/1/20 10:33BST.