3rd Jan 2024 10:12
(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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C4X Discovery Holdings PLC, up 34% at 11.75 pence, 12-month range 7.63p-22.00p. The drug discovery company focussed on immuno-inflammatory diseases receives a USD11.0 million milestone payment from FTSE 100-listed pharmaceutical firm AstraZeneca PLC, following trials of the C4X respiratory disease therapy treatment. The payment stems from preclinical progress of C4X's NRF2 Activator programme, an oral therapy for the treatment of inflammatory and respiratory diseases which AstraZeneca is developing following a agreement between the two in November. In addition to a USD2.0 million upfront payment, the global licencing agreement for the NRF2 Activator entitles C4X to receive up to USD400.0 million in payments following preclinical, clinical development and commercial milestones. The deal also will grant C4X tiered mid-single digit royalties on future sales of the NRF2.
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Getech Group PLC, up 29% at 6.75p, 12-month range 4.10p-17.43p. The geo-energy and green hydrogen company says it has won eight new contracts, worth GBP1.8 million in total. The deals comprise of subscriptions to Getech's Globe platform, geoscience data and the purchase of expert consulting services. It expects to recognise GBP600,000 of revenue from these contracts in its 2023 earnings. Acting Chief Executive Officer Richard Bennett says: "Entering 2024 with our substantially reduced costbase, increased order book and growing [annual recurring revenue] means the business is undoubtedly better placed following a year of transition in 2023. We have also invested in expanding our exploration capabilities, targeting resources associated with the energy transition. The recent Cop28 demonstrated again the world's commitment to phasing down fossil fuels and in 2024 we expect to benefit from this by helping our customers locate the subsurface future facing resources such as critical minerals and geothermal projects that are so vital to the energy transition."
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AIM - LOSERS
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Mkango Resources Ltd, down 7.3% at 9.50p, 12-month range 8.00p-17.41p. The mineral exploration and development company says that its subsidiary Maginito Ltd will partner with CoTec Holdings Corp to roll out scrap magnetic recycling technology in the US. The partnership will focus on promoting HyProMag Ltd's technology. HyProMag is a rare earth magnet recycling company in which Maginito holds a 100% stake, and is commercialising its technology in the UK, Germany and US. The 50-50 joint venture will initially involve a bankable feasibility study using three hydrogen processing of magnet scrap vessels and a magnet manufacturing hub. Following this, Mkango and CoTec will decide whether to proceed with the construction of the US project. Revenue from the project is targeted for either 2025 or 2026. The pair recently issued a request for proposal process from "leading engineering, procurement and construction management providers", and has ordered three HPMS reactors to expedite the US project.
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By Greg Rosenvinge, Alliance News senior reporter
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