31st Jan 2025 12:31
(Alliance News) - The struggling public market in London got a small, but much-needed, vote of confidence on Friday, as Cardiogeni PLC started trading on Aquis Stock Exchange, while RC Fornax PLC confirmed plans to list on AIM next week.
Cardiogeni is a clinical-stage biotechnology company developing cellular medicines to treat heart failure patients during coronary artery bypass grafting surgery. Based in Stratford-Upon-Avon, England, it was founded by Martin Evans, a professor and Nobel laureate.
Its lead product CLXR-001 has patents in the US, UK and 34 other countries. It has received regulatory approval in the EU to begin a trial that has begun dosing patients. Interim data from the trial is expected within 18 months.
As part of its initial public offering on AQSE, Cardiogeni raised GBP1.4 million from a subscription for new shares at GBP1.47 per share. At that price, it has a market capitalisation of GBP125.5 million. The stock was quoted at 115.00 pence on AQSE on Friday, though no trades have been reported.
"I am delighted that today...we begin the next phase of our mission to bring first- and best-in class allogeneic cell therapy products to patients suffering early- to mid-stage heart-failure," Executive Chair Darrin Disley said.
Separately, RC Fornax confirmed its first day on AIM will be Wednesday next week. It had announced plans for the IPO earlier this month.
The consultancy firm is focused on the defence sector. It was co-founded in 2020 by CEO Paul Reeves and Chief Operating Officer Daniel Clark, both veterans of the Royal Air Force veterans. The company is registered in London and trades from Bedford, England.
The IPO will raise GBP5.2 million for the company from the sale of new shares at 32.50p. Another GBP1.0 million will be raised for existing shareholders at the same price. The fresh cash will be used to develop artificial intelligence products.
At its IPO price, RC Fornax will have a market capitalisation of GBP18.2 million.
The IPO is being led by Strand Hanson Ltd as nominated adviser and Cavendish Capital Markets Ltd as broker.
Meanwhile, shares in Tally Central Ltd started trading on JP Jenkins, a matched bargain platform for unlisted companies. The stock started trading at 3p, giving the London-based company an indicative market cap of about GBP23 million.
Tally explained that it decided against offering new shares as part of its admission to JP Jenkins. This would have set a base market price. Instead, Tally will use a stable price of 3p per share to establish liquidity over the first two months. Thereafter, it may set up an auction process to establish share prices.
Tally Central operates the Tally full-reserve physical gold monetary system, and the 'tally' digital gold currency. This "empowers people to use sound money in an everyday account and debit card, and provides transparent and inexpensive gold ownership, with instant use," it explained.
Tally also has investments of 5% or more in Bombay Stock Exchange-listed miner Deccan Gold Mines Ltd and in travel software firm Journey Mentor Ltd.
JP Jenkins additionally on Friday said Hydrogen Vehicle Systems Ltd has started trading on the private share trading venue.
Glasgow, Scotland-based HVS aims to use its emissions reduction technology and powertrain design to produce zero-emission heavy goods vehicles. The emission reduction technology uses artificial intelligence to save fuel for diesel, battery and hydrogen trucks.
The shares started trading on JP Jenkins at 5p each, but HVS wants to see them back at their valuation early last year of GBP3.65.
"While the goal of moving from 5p to GBP3.65 per share within 12 weeks is ambitious, it is based on recent developments, including our acceptance of 5p per share from Excelledia Ventures after reaching the end of our cash runway," said CEO Abdul Waheed.
Excelledia Ventures is a Qatar-based investor.
"When the Labour government abandoned the UK's GBP28 billion climate pledge last year, it triggered investor withdrawals. This led us to seek support in the Middle East, where investors believe 'there is no Planet B' and view climate tech as a trillion-dollar global market opportunity," Waheed explained.
By Tom Waite, Alliance News editor
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