4th Dec 2024 10:57
(Alliance News) - The following stocks are the leading risers and fallers on AIM on Wednesday.
----------
AIM - WINNERS
----------
N4 Pharma PLC, up 30% at 0.75 pence, 12-month range 0.36p-1.50p. The pharmaceutical company files a new patent for its oral anti-inflammatory irritable bowel disease product. The asset is currently in early pre-clinical development. "We are excited by the potential of this product as it not only addresses a strong clinical need to replace injectable TNF-alpha inhibitors and other oral solutions with significant side effects, it also showcases the key features of the Nuvec system, namely the ability to protect the payload, target delivery to a particular cell type and load multiple RNA onto the one nanoparticle," Chief Executive Officer Nigel Theobald says.
----------
AIM - LOSERS
----------
Biome Technologies PLC, down 38% at 3.27p, 12-month range 2.55p-135.00p. It warns on annual revenue amid component delivery woes. The bioplastics and radio frequency technology company says two projects in the latter division are now unlikely to get going by the end of the year.
"Additional complexities relating to component deliveries for the two large projects, which were expected to be completed in 2024, have arisen recently. In two specific cases, externally manufactured parts and bought in assemblies have required rework or return to their suppliers for replacement," Biome explains. "The technical paths for rework and replacement are clear. However, despite significant recent work on expediting this, the timetables are such that this will not be delivered within a timeframe that will allow completion of the two final machine builds and the required extensive internal and customer testing acceptance process before the 2024 year end. Internal completion dates have therefore been revised into Q1 2025 and new final acceptance dates are being discussed with the customers." The firm now expects revenue to be "materially below current market expectations with a consequential impact on profitability".
----------
Litigation Capital Management Ltd, down 4.9% at 112.50p, 12-month range 84.50p-122.00p. The litigation finance company falls after a funded party suffers a legal blow in an Australian class action. LCM has invested AUD25 million, some GBP, in the suit, funded on behalf of the Queensland users of electricity against electricity generators Stanwell Corp Ltd and CS Energy Ltd. "The judgment found against LCM's funded party," the firm says. "There is a right of appeal from the judgment which must be filed within 28 days. LCM is considering the judgment with the legal team and any appeal will be filed in due course." LCM Chief Executive Officer Patrick Moloney says an appeal was always likely, regardless of the initial outcome of the proceedings. "We remain confident in the strength of the underlying claim," the CEO adds. On Monday, the firm announced a new expanded credit facility with private markets investment firm Northleaf Capital Partners. The new facility offers access to initial credit of USD75 million, and the potential to upsize by a further USD75 million. LCM said: "The credit facility offers significant flexibility to drive LCM's growth strategy, supporting both direct investments and LCM's co-investments into cases funded alongside its managed funds business. It is secured against LCM's assets, is available for general corporate purposes, and has an overall term of four years."
----------
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.