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(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Destiny Pharma PLC, up 19% at 56.99 pence, 12-month range 25p-61.85p. The clinical stage biotechnology company focused on developing and commercialising medicines for life-threatening infections announces publication of new microbiological data on XF-73, or exeporfinium chloride. XF-73 is its leading antibacterial drug, and the paper - published in Frontiers in Cellular & Infection Microbiology - examines its efficacy against 2,500 staphylococcus isolates with "wide geographical and clinical diversity". The screening finds XF-73 to be effective against all isolates tested, and all tested antibiotic resistance mechanisms. It was effective against 840 MRSA clinical isolates from around the world, and "high clinical significant" staphylococcus isolates. "This landmark data set will support the approval process for this breakthrough drug in our lead indication for the prevention of postsurgical staphylococcal infection," says Chief Scientific Officer Bill Love.
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AIM - LOSERS
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i-nexus Global PLC, down 20% at 3.6 pence, 12-month range 2.53p-5.4p. The software company reports the loss of a "major legacy customer" which currently brings in monthly recurring revenue of around GBP54,000. The customer in question does not intend to renew its contract at the end of the calendar year. i-nexus says it has put in place mitigating actions to minimise the impact on its cash flow and maintain its breakeven adjusted earnings before interest, tax, depreciation and amortisation position. Says working capital will be sufficient for at least the next 12 months, and reports "an otherwise steady performance" in the financial year ended September 30. "While it is always unfortunate to part ways with a valued customer, especially one with whom we have enjoyed a strong working relationship, this was our last remaining client using the older, highly customised version of the i-nexus software, and supporting their unique requirements was resource and cost intensive," says Chief Executive Simon Crowther.
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Abingdon Health PLC, down 17% at 10.78p, 12-month range 3.6p-18.5p. The lateral flow contract development and manufacturing company's shares fall despite positive developments in its annual results for the financial year ended June 30. Revenue rises to GBP4.0 million from GBP2.8 million a year before. Pretax loss narrows to GBP3.6 million from GBP21.6 million. Says focus is on being a "fully integrated lateral flow [contract research organisation/contract development and manufacturing organization" following its transition away from Covid-19 products. "We remain highly focused on continuing to grow our revenues and reducing our cash-burn in FY24 and beyond," CEO Chris Yates says.
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By Elizabeth Winter, Alliance News senior markets reporter
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