Imagination Technologies Group Share News (IMG)

Multimedia technology developer Imagination Technologies cheered up investors with slightly better than expected interim figures to October 2009. Revenues grew by 40% to £38.2m and underlying profits quintupled to £4.4m. Royalty revenues were particularly strong even though volumes were slightly lower than forecast. Licensing revenue is lumpy and it was below forecast in the period. The digital radio business Pure Digital returned to profit. The Phytopharm share price is falling back towards the drug developer's open offer price. The placing and open offer at 10p a share will raise £24.1m net. The open offer price is at a 9% discount to the current mid-price but the bid/offer spread is 10.25p/11.5p. The closing date for the open offer is 21 December. Phytopharm is raising cash to fund trials of its Parkinson's disease treatment Cogane. The cash will finance a Phase II proof of concept trial for Cogane as well as further research and development spending. KBC Peel Hunt reckons that the cash will last until 2013. The Phase II trial should be completed and results reported in 2012.Some experts believe that Cogane could be the first drug to reverse the progression of Parkinson's disease. FTSE TechMARK - RisersArk Therapeutics (AKT) 32.00p +5.79%Psion (PON) 84.00p +5.00%GB Group (GBG) 19.25p +4.05%Vislink (VLK) 20.75p +3.61%Morse (MOR) 39.00p +3.31%Puricore (PURI) 15.75p +3.28%Triad Group (TRD) 38.50p +2.60%Imagination Technologies (IMG) 222.70p +2.34%ARM Holdings (ARM) 170.40p +2.16%CML Microsystems (CML) 26.50p +1.92%FTSE TechMARK - FallersOxford Biomedica (OXB) 10.00p -13.04%E2V Technologies (E2V) 58.00p -6.45%Phytopharm (PYM) 11.00p -4.35%Torotrak (TRK) 22.75p -4.21%Parity Group (PTY) 13.00p -3.85%KCOM Group (KCOM) 44.50p -3.78%Alterian (ALN) 167.50p -3.74%Trafficmaster (TFC) 26.00p -3.70%Filtronic (FTC) 30.00p -3.23%Emblaze (BLZ) 46.00p -3.16%