EYEG: Building towards FDA filings

EYEG: OBG-PRK Pivotal Data Upcoming, 2020 Launch Feasible. OBG-PE Pre-Pivotal Study Moving Quick, Pivotal in 2020?

EyeGate Pharmaceuticals - OBG pivotal study recruitment on schedule

EyeGate’s Ocular Bandage Gel (OBG) is progressing in its ongoing pivotal study in corneal wound healing following photorefractive keratectomy (PRK) surgery. The firm recently met its 75% recruitment target (planned n=260 patients) and data are expected by YE19. If positive, it should lead to a market approval filing in H120. EyeGate will shortly begin a follow-on pilot study in punctate epitheliopathies (PE), a much larger indication that is related to dry eye disease (DED). Prior OBG PRK studies showed improved wound healing and a prior PE pilot trial showed improvement in patient symptoms,...

Games Workshop Group - A notable acceleration in Q225

Games Workshop Group’s (GAW’s) H125 trading update suggests the company enjoyed a strong Q225 in both its core business (due to the launch of the fourth edition of Age of Sigmar midway through Q125) and licensing (due to the success of the Space Marine 2 video game). These are impressive in the context of the tough comparative from the prior year’s launch of the new edition of Warhammer 40K (40K) and the currency headwinds in the early part of H125. We upgrade our profit estimates for FY25 (by 7%) and FY26 (by 3%) to reflect the outperformance versus our prior expectations.

Altron - Further margin expansion in H125

Altron reported a 105% y-o-y increase in operating profit before capital items in H125, with margin expansion of 5.1pp to 9.8%. The Platforms businesses were particularly strong, with Netstar and FinTech achieving material revenue and profit growth. Altron Digital Business, still in the integration phase, saw some non-recurring costs and the shift of several project starts into H225, but has seen indications that performance should improve in FY26. Management raised its FY26 operating profit target, partly to reflect the inclusion of Altron Document Solutions (ADS) in continuing operations. We...

Sayona Mining - Catching up with majors

Sayona Mining is a lithium producer and explorer with projects in Canada, Western Australia and soon in the US and Ghana. A proposed merger of equals with Piedmont Lithium will create a c A$1bn mid-tier lithium player with streamlined asset ownership and significant growth optionality. Sayona and Piedmont’s Canadian and US projects comprise one of the largest advanced hard rock lithium resources in North America and are strategically positioned to supply the region’s growing lithium demand. Following the proposed equity raises, the company will be well capitalised to execute on its growth plan...