Politics

Scancell the top riser in London after it starts work on a coronavirus vaccine

Scancell Holdings PLC (LON:SCLP), up 50% at 7.65p, was the top riser in London after it is working on a coronavirus vaccine.

The project, to be led by the companys chief scientific officer Lindy Durrant, will aim to utilise the companys clinical expertise in cancer to produce a cost-effective and scalable vaccine to induce both durable T cell responses and virus neutralising antibodies against coronavirus.

“It is becoming increasingly clear that the induction of potent and activated T cells may play a critical role in the development of long-term immunity and clearance of virus-infected cells. Although other vaccines may reach the clinic earlier, the company believes its combined T cell and antibody approach should give more potent and long-lasting responses, ultimately leading to better protection”, Scancell said in a statement.

2.30pm: Business (almost) as usual for Bilby

Bilby PLC (LON:BILB) jumped 24% to 17p after it said many of its employees continue to work during the coronavirus lockdown.

The workers have been deemed to be providing essential services.

The gas heating, electrical and building services provider noted that 95% of its revenue comes from contracts with local authorities and housing associations, “providing an assurance of continuity moving forward as well as minimal debtor risk”.

1.30pm: Pires Investments perks up after placing news

Pires Investments PLC (LON:PIRI) rose by a penny, or 43%, to 3.35p after it proposed a placing of shares at 2p a pop.

The company expects to issue 53mln shares in all to raise £1.06mln.

Those taking shares in the placing will also receive warrants, exercisable at 4p a share, on the basis of one warrant for every share taken.

12.30pm: Urban Exposure gets bid approach

Urban Exposure PLC (LON:UEX) saw its shares harden 8.6% to 38p after it threw light on a proposal by Wellesley Group Investors.

The residential development finance provider has received several enquiries in respect of the potential sale of its loan book, one of which has led to a proposal by Wellesley to acquire Urban Exposures assets, including its management operations, on terms that Wellesley says value Urban Exposure at 76.9p per share.

Urban Exposure said it has not received certain proof of funds on which the Wellesley proposal would be financed nor is there a definitive timeline on which the Wellesley proposal would be capable of execution.

11.30am: SDX boosted by successful well testing

SDX Energy PLC (LON:SDX) shares rose 6.6% to 16.25p as the group confirmed successful well testing results at the recently drilled SD-12X (Sobhi) well

Sobhi flowed at a maximum rate of 25mln cubic feet of gas per day (on a 54/64" choke), in an initial one hour test, followed by a stable rate of 15mln cubic feet per day over three hours (on a 28/64" choke) and 10mln over four hours (on 16/64").

The company said that following a review of data it anticipates the well, located at the South Disouq project in Egypt. will produce at an optimum stabilised rate of 10-12mln cubic feet per day.

10.30am: KEFI Minerals glistens as rising gold price lifts value of ore reserves at Tulu Kapi

KEFI Minerals PLC (LON:KEFI) shot up 13% to 0.758p after it said the coronavirus (COVID-19) pandemic has yet to have an impact on project costs.

The company, which is developing the Tulu Kapi Gold Project in Ethiopia noted, however, that the gold price outlook for the project now appears significantly higher than the US$1,098/oz assumed for determining ore reserves or the US$1,300/oz assumed in base case financial studies.

"Our longstanding and planned new Ethiopian partners are also working hard and remain keen for Tulu Kapi to commence development as soon as possible, as the Project will not only generate substantial local employment in these difficult times but will also generate substantial tax revenue and export income,” said Harry Anagnostaras-Adams, the executive chairman of KEFI.

9.30am: Shearwater sinks after announcing plans to place shares

Shearwater Group PLC (LON:SWG) sank 8.6% to 265p in early deals on Friday after it announced plans to raise cash by placing shares.

The data technology firm is looking to raise a minimum of £2.5mln by placing shares at 240p each. The shares closed at 290p last night.

The company also announced a new £4mln revolving credit facility covering three years.

Plant Health Care PLC (LON:PHC), the crop productivity technology company, wilted 12% to 5.5p after it published its results for 2019.

The company said the recent collapse in the oil price has led to a severe reduction in the price of ethanol from sugar cane in Brazil, which will lower demand for the companys Harpin aß product.

Delayed sales in Brazil, down 64% year-on-year, and exceptionally difficult market conditions in the US, down 18%, held back sales, despite robust market demand for Harpin aß, the company said.

Proactive news headlines:

Scancell Holdings PLC (LON:SCLP) said it has begun a research programme to develop a vaccine for the coronavirus. The project, to be led by the companys chief scientific officer Lindy Durrant, will aim to utilise the companys clinical expertise in cancer to produce a cost-effective and scalable vaccine to induce both durable T-cell responses and virus neutralising antibodies against coronavirus. Initial research is now underway, with the company anticipating a phase 1 clinical trial in the first quarter of 2021.

SDX Energy PLC (LON:SDX) has confirmed successful well testing results at the recently drilled SD-12X (Sobhi) well, at the South Disouq project in Egypt. Sobhi flowed at a maximum rate of 25mln cubic feet of gas per day (on a 54/64" choke), in an initial one hour test, followed by a stable rate of 15mln cubic feet per day over three hours (on a 28/64" choke) and 10mln over four hours (on 16/64"). The company said that following a review of data it anticipates the well will produce at an optimum stabilised rate of 10-12mln cubic feet per day.

Tekcapital PLC (LON:TEK) said its portfolio firm, Lucyd is to launch its range of Bluetooth-enabled glasses on the website of US superstore chain Walmart Inc (NYSE:WMT). The investment firm said the expansion offered a “new opportunity” to reach Walmarts customer base, which is estimated to make up about 6% of the entire US eCommerce sector. In a statement, Tekcapital said Lucyd is “aggressively expanding” its online direct-to-consumer presence, adding that the firm has also listed its flagship Loud 2020 glasses range on both the eBay marketplace and the Mercari selling app.

Genedrive PLC (LON:GDR) and Inspiration Healthcare Group PLC (LON:IHC) are collaborating to distribute Genedrives antibiotic-induced hearing loss (AIHL) test in the UK & Ireland. The companies also expect to expand the scope of the contract over time to engage Inspiration Healthcare's network of more than 50 neonatal-focused sub-distributors around the world. The Genedrive MT-RNR1 AIHL test is the world's first point-of-care genetic test designed for use in a neonatal intensive care setting. The test screens newborns for a genetic mutation called mt-RNR1 that can cause lifelong and irreversible deafness to a child upon administration of certain antibiotics.

i3 Energy PLC (LON:I3E) has told investors that it is in talks with its loan note holders to get consent to waive a condition which would require new funding to be in place by the end of this month. In a statement, the company noted that a November 2019 extension demanded that i3E Energy, by April 30, entered a reserves-based lending facility or alternative financing to take the Liberator field. However, the group said: “As the company will not be in a position to enter into such a facility by April 30, the company is in discussions with all noteholders to waive this condition and expects to provide an update to the market prior to April 30.”

Tiziana LifRead More – Source