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AIM WINNERS & LOSERS: Polarean wins deal; Genedrive completes placing

10th May 2024 10:59

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Friday.

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AIM - WINNERS

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Polarean Imaging PLC, up 45% at 5.02 pence, 12-month range 3.30p-3.00p. The medical imaging technology developer says it has received its second de novo order for a new Xenon MRI system from the University of Alabama at Birmingham Hospital. It expects to install the new system later this year and will collaborate "closely" with the hospital team, as it does with its existing clinical sites, to develop a "strong" Xenon MRI programme. Polarean Imaging says this programme will support clinical imaging, NIH-funded research, and pharmaceutical-sponsored trials, aligning with Polarean's commitment to advancing medical research and patient care.

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AIM - LOSERS

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Genedrive PLC, down 41% at 2.06p, 12-month range 1.55p-25.90p. The pharmacogenetic testing company raises GBP2.1 million via the placing portion of a fundraise. It placed 138.8 million new shares at the issue price of 1.5p. Before this, it said it seeks to raise a minimum of GBP6.0 million from an offer of new shares. The announcement was made after the London market close on Thursday, and the price represents a more than 50% discount to Genedrive's closing price. The equity raise will be split into a firm placing of shares for GBP2.5 million, an offer to new and existing retail investors via the REX platform for GBP3.5 million, and an open offer to existing shareholders for GBP2.1 million. Genedrive says that if the GBP6.0 million minimum target is not reached, then only the firm placing will go ahead. The share sale is being run by broker Peel Hunt LLP. The fresh cash will be used to develop Genedrive's MT-RNR1 ID test kit, both to accelerate commercialisation in UK, Europe and the Middle East and to fund clinical studies and regulatory submissions in the US.

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Mothercare PLC, down 323% at 4.16p, 12-month range 3.50p-8.50p. The parents and young children-focused retail franchise operator says it expects adjusted earnings before interest, tax, depreciation and amortisation for the financial year ended March 25 to be "marginally above" its financial 2023 print of GBP6.7 million. It expects retail sales to fall to GBP281 million from GBP323 million. Mothercare notes that performance in Indonesia was particularly strong during its financial 2024. Looking ahead, Chair Clive Whiley comments: "Given the exogenous factors influencing some of the company’s operating markets, our immediate priority remains to support our franchise partners, ultimately for the benefit of our own business, however we have also redoubled our efforts to restore critical mass and are focused upon monetising the Mothercare global brand [intellectual property]. This remains an exciting prospect for our partners, our colleagues and all stakeholders."

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By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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