reports
- Hybridan Team
- Jon Levinson
Hybridan Small Cap Feast: 12/03/2025
Our daily digest of news from UK Small Caps @HybridanLLP 12th March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the day of publication Dish of the day Admissions: Delistings: RA International Grou...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s diabetes franchise is central to its investment case, with AT278 making a significant contribution to our rNPV-based valuation. Management has taken some tough decisions, notably the cessation of Tetris operations, in order to remain focussed on demonstrating the value of its novel insulins and confirming their central role in the emerging field of AID pump systems. The news of progress on co-development partnering of AT278 for the next study programme is welcomed an...
- Brian Moretta
- Mark Thomas
- Martin Hall
Hardman & Co Monthly: January 2025
Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from pro...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
ARBB ARBUTHNOT BANKING GROUP
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
RECI REAL ESTATE CREDIT INVESTMENTS
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
ACSO ACCESSO TECHNOLOGY GROUP
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
VTAS VOLTA FINANCE (GBP)
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
CSN CHESNARA PLC
SNG SYNAIRGEN PLC
IPO IP GROUP
HAT H&T GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
A0MXLB NB PRIVATE EQUITY PARTNERS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
TISSUE REGENIX GROUP PLC
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s investment case centres on the prospects for its development stage diabetes and obesity franchise. Attention is, rightly, focussed on AT278, its innovative ultra-rapid ultra-concentrated insulin. AT278 has the potential to become a key enabler in the development and uptake of next-generation insulin pump delivery systems, allowing both greater miniaturisation and longer wear times. We do not view Arecor as a revenue story, hence the impact of Tetris related changes t...
- Martin Hall
Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector. The HHI fell 17.7% to 398.9, underperforming all its benchmarks – FTSE 100 (+5.7%), FTSE All-Share (5.6%) and the FTSE AIM All-Share Index (-5...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ODX OMEGA DIAGNOSTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
FUM FUTURA MEDICAL PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
IMM IMMUPHARMA
PRM PROTEOME SCIENCES PLC
GNS GENUS PLC
SUN SURGICAL INNOVATIONS GROUP PLC
AMS ADVANCED MEDICAL SOLUTIONS GROUP PLC
OMG OXFORD METRICS
EAH ECO ANIMAL HEALTH GROUP
JDG JUDGES SCIENTIFIC
SDI SDI GROUP
HVO HVIVO
INDV INDIVIOR PLC
VAL VALIRX
FARON FARON PHARMACEUTICALS OY
ONC ONCIMMUNE HOLDINGS
STX SHIELD THERAPEUTICS
SNG SYNAIRGEN PLC
IPO IP GROUP
SCLP SCANCELL HOLDINGS
SYNC SYNCONA
CIR CIRCASSIA GROUP
SPI SPIRE HEALTHCARE GROUP PLC
AGR ASSURA PLC
GDR GENEDRIVE
CTEC CONVATEC GROUP PLC
CREO CREO MEDICAL GROUP
SBTX SKINBIOTHERAPEUTICS
FAB FUSION ANTIBODIES
IXI IXICO
OXB OXFORD BIOMEDICA PLC
TXG 10X GENOMICS INC CLASS A
ABDX ABINGDON HEALTH
IMCR IMMUNOCORE HOLDINGS ADS
POLX POLAREAN IMAGING
AREC ARECOR THERAPEUTICS
ONT OXFORD NANOPORE TECHNOLOGIES PLC
SLN SILENCE THERAPEUTICS PLC
SAR SAREUM HOLDINGS PLC
BAI BENEVOLENTAI
4BB 4BASEBIO PLC
Z29 TISSUE REGENIX GROUP PLC
029 GROUP SE
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s key value driver with the biggest upside potential remains its diabetes and obesity franchise, hence the focus is on advancing key assets particularly AT278, a unique ultra-rapid and ultra-concentrated insulin that could enable next-generation insulin pump delivery systems. Nevertheless, technology partnerships and formulation collaborations offer additional, albeit more modest, upside opportunities. Successful progression into a licencing agreement not only unlocks ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Arecor Therapeutics: AT220 sales building momentum
AT220, which we believe to be Fresenius’s Tyenne (tocilizumab), was discussed in detail during management’s Q324 results call. In its first year post-launch in Europe it has gained impressive clinical traction, posting a 19% share within the EU5 markets. The US is also performing well, following FDA approval in March 2024, with keen interest from major buying institutions. The product-specific Q-code was granted in late-October, opening the gateway to greater uptake as prescribing hurdles are re...
Hybridan Small Cap Feast - 26 September 2024
26th September 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Optima Health (OPT.L) has listed on the AIM market. Following its spin-off from Marlowe PLC, Optima is a provider of technology enabled corporate health and wellbeing solutions in the occupational health sector. In the 12 months ended 31 March 202...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: The key value driver for Arecor with the biggest upside potential is the diabetes and obesity franchise, in our view. The highly positive Phase I data for lead asset AT278, a potential disruptor insulin, strongly support conducting a pump study, and we believe Arecor is well positioned to determine the most optimal route forward. In addition, whilst early-stage, the oral GLP-1 programme could have significant commercial potential, and progress will help validate oral delivery...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Arecor Therapeutics: EASD 2024: Positive Phase I for AT278 in Type II ...
Detailed data from the Phase I study in Type II diabetes (T2D) of Arecor’s lead asset AT278, a unique ultra-rapid and ultra-concentrated insulin, were presented at the European Association for the Study of Diabetes (EASD) 2024 meeting. These data confirm its attractive profile, with faster onset and stronger early glucose-lowering effect in comparison to gold standard fast-acting insulin NovoRapid/NovoLog (NovoNordisk). Clinical data to date suggest a pertinent and highly differentiated profile ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: New funds are welcome, and will allow Arecor to invest judiciously in Tetris Pharma to drive Ogluo sales, whilst also continuing to expand the technology platform to include oral delivery of peptides as well as developing enhanced injectables, with these potentially generating meaningful future income streams through deals and partnerships. The funds also remove recent working capital headwinds. The key value driver for Arecor remains the diabetes franchise, with further deve...
- Emily Liu
Hybridan Small Cap Feast 10-06-2024
10th June 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Arecor Therapeutics: AT278 ultra-concentrated insulin superior to benc...
Arecor’s lead compound AT278, a unique ultra-rapid and ultra-concentrated insulin, has successfully shown superiority to benchmark fast-acting or concentrated insulins in a Phase I study in Type II diabetes (T2D). This follows a similarly positive outcome in a previous Phase I study in Type I diabetics (T1D). Demonstrating AT278’s clinical efficacy in difficult-to-treat overweight/obese T2D patients confirms the validity of the formulation, shows its profile is attractive for T2D patients with h...
Hybridan Small Cap Feast - 16 May 2024
16th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to trading on the Aquis Stock Exchange...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s revenue base is becoming increasingly diverse with growing contributions from Tetris Pharma product sales and nascent recurring royalties from the first approved Arestat-enabled product, on top of licence milestones and revenues under formulation development contracts. Continued deal execution has the potential to drive meaningful future royalties from multiple partners, building on the continued momentum from existing assets and partners. Topline data in H124 from t...
Hybridan Small Cap Feast - 09 May 2024
9th May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: E-Therapeutics (ETX.L) has left AIM. Advanced Oncotherapy (AVO.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has a...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: A deal with a major insulin device player such as Medtronic is undoubtedly a coup for Arecor, providing the opportunity to develop a closer relationship as well as broadening its existing diabetes franchise. This expanding franchise, centred on AT278 and AT247, now includes this novel implantable insulin-pump device combination with Medtronic (addressing an underserved niche patient population), an earlier co-development deal with TRx Biosciences to develop an oral GLP-1 (Mar...
Hybridan Small Cap Feast - 23 April 2024
23rd April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: Bidstack Group (BIDS.L) has left the AIM market What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to ...
- Franc Gregori
- Lala Gregorek
- Philippa Gardner
Trinity Delta Lighthouse: Arecor Therapeutics
Trinity Delta view: Arecor’s formulation expertise underpins both the in-house clinical pipeline and the partnered Specialty Hospital Products programmes. Investor attention is understandably focused on the diabetes franchise, hence the upcoming AT278 Phase I data are eagerly anticipated. Although still at the earliest stages, this partnership with TRx Biosciences for an oral GLP-1 product not only addresses a highly commercially attractive segment but, if successful, could provide complementary...
Hybridan Small Cap Feast - 29 Feb 24
29th February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
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