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(Alliance News) - The following is a round-up of trading updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:
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Genflow Biosciences PLC - London-based biotechnology company focused on longevity - Wins EUR 2.9 million in two new grants that it says will broaden its research pipeline and expand the size of its therapeutic markets over the next three years. Genflow will undertake key investigational new drug- enabling development activities to help define the pharmacological and toxicological properties of its lead drug candidate, GF-1002. Chief Executive Officer Eric Leire says: "The milestones we reached in 2023 were numerous, and I commend our team for their exceptional commitment to execution and delivery. While 2023 was a pivotal year, we're poised for an even stronger 2024, as we shift focus to scaling development of our lead drug candidate, GF-1002, and its potential benefits for NASH patients. With the support of our partners and the backing of new grants, we are poised to make meaningful advancements in the field of longevity."
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Galileo Resources PLC - mining company focused on Zambia, Zimbabwe, Botswana, South Africa and the US - Says two further new targets have been derived from a recent TerraleachTM soil geochemical survey on licences PL039/2018 and PL040/2018 located towards the south-eastern basin margin of the Kalahari copper belt in Botswana.
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Trinity Exploration & Production PLC - exploration and production company, focused on oil projects in Trinidad & Tobago - Sets sales guidance for 2024 of 2,600 to 2,700 barrels of oil per day, down from 2,790 barrels in 2023. This reflects low field declines resulting from a strong operational focus on maximising production uptime, Trinity explains. Says capex expected to be between USD7 million to USD8 million, in order to fund programme of recompletions. Chief Executive Officer Jeremy Bridglalsingh says: "2024 is an important year for Trinity as we look to build on our opportunities in the Buenos Ayres block and wider Miocene play using data gained from Jacobin, and also progress our planning for Galeota. Operationally we will be highly focused on offsetting natural production decline through a very active programme of workovers, recompletions and swabbing operations. With the benefit of recently enacted SPT reforms, we anticipate strong cashflow from our production base which will help support our future drilling plans. Operations continue across our portfolio, including at the Jacobin well and we will update the market in further detail in our next quarterly update."
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Tern PLC - London-based investor in early-stage 'internet of things' technology businesses - Says Talking Medicines Ltd has secured GBP440,000 through the issue of unsecure convertible loan notes, under a fundraising round. Tern holds 24% of the equity in Talking Medicines. Tern says it subscribed for GBP100,000 of CLNs in Talking Medicines, and will still hold the same equity stake in the firm.
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Seeen PLC - London-based social media services firm - Says gross margin for 2023 was over 20% compared to 15% in 2022. Expects adjusted Ebitda loss of USD600,000 in 2023, narrowed from USD800,000 the year prior. Looking ahead, Seeen says it is well positioned to take advantage of key market trends.
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By Sabrina Penty, Alliance News reporter
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