15th Jul 2024 10:38
(Alliance News) - The following stocks are the leading risers and fallers on AIM on Monday.
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AIM - WINNERS
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Genedrive PLC, up 36% at 3.80 pence, 12-month range 1.21p-12.40p. receives breakthrough device designation from the US Food & Drug Administration for the Genedrive MT-RNR1 ID Kit. The kit is a rapid point-of-care test to screen infants in an urgent care setting for a genetic variant that can cause life-long hearing loss when carriers of the variant are given certain antibiotics. CEO James Cheek says: "The US is an attractive market for this unique test given the potential to save hundreds of individuals from life-long deafness and reduce litigation costs relating to the unwanted side effects from antibiotic use on those carrying the gene variant, and given its size, birth rates, use of diagnostic testing and reimbursement structure. The FDA Breakthrough Device Designation process will be invaluable in mitigating study design risks associated with bringing a novel test such as this to the US market where no predicate device exists with which to align study designs to."
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AIM - LOSERS
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Destiny Pharma PLC, down 69% at 2.66p, 12-month range 2.00p-84.00p. The Brighton, England-based clinical phase biotechnology company is focused on developing novel anti-infectives. It proposes going private to pursue funding opportunities after failing to secure a licensing partner. After first floating in 2017 on the AIM stock exchange in London, the company has been seeking a licensing partner for its XF-73 post-surgical nasal gel. "I continue to believe that XF-73 Nasal could be a highly differentiated drug for patients to prevent post-surgical site infections. XF-73 Nasal has substantial market potential and represents an attractive commercial proposition," says Chief Executive Officer Chris Tovey. Destiny has progressed the development of XF-73 and designed an "efficient" phase 3 clinical development programme. However, after much deliberation and conversations with potential partners, the board views the likelihood of the company reaching an appropriate licensing deal in the near term as "very unlikely". As is the ability to raise sufficient capital from public markets to advance the programme in their opinion.
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Vast Resources PLC, down 31% at 0.11p, 12-month range 0.11p-2.40p. The miner has raised GBP600,000 through a placing of 600.0 million shares priced at 0.1p each. "The net cash raised from the Placing will be used for costs associated with the implementation of the reorganisation plan at Baita Plai in order to lower production costs and bridging the short-term gap in operational expenses while the company awaits the first tranche of the structural refinancing to close, and to cover near-term corporate obligations, and working capital needs," Vast Resources says.
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By Sophie Rose, Alliance News senior reporter
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