(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Wednesday.
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AIM - WINNERS
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Futura Medical PLC, up 24% at 45.95 pence, 12-month range 24p-51.3p. The pharmaceutical company reports positive results from the confirmatory phase 3 clinical study for its MED3000 as an erectile dysfunction treatment to be made available over-the-counter. "FM71 results are highly positive, in line with data generated in the previous phase 3 clinical study and broadly comparable with results from a recent "real world", home use study. Accumulated MED3000 clinical data demonstrates that it presents an effective treatment option with a rapid onset of action and a favourable risk versus benefit profile ideally suited for OTC classification," says Futura. The company is on track to file a dossier with the US Food & Drug Administration by the end of September, targeting marketing authorisation of MED3000 in the first quarter of 2023 as "the first major ED treatment available OTC throughout the USA".
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Alien Metals Ltd, up 22% at 0.704p, 12-month range 0.52p-1.24p. Says wholly-owned subsidiary Iron Ore Co of Australia Pty Ltd enters mandate letter providing for an exclusive right to negotiate project funding and offtake arrangements with Anglo American PLC in relation to Hancock iron ore project in the Pilbara, Western Australia. Grants Anglo exclusive right to negotiate and agree terms with IOCA for up to USD15 million in funding and 100% of offtake from the Hancock project.
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Nanosynth Group PLC, up 18% at 0.607p, 12-month range 0.21p-1.65p. Reports successful trial results with Volz Holdings vos for incorporation of Nanosynth's antiviral technology into heating, ventilation, and air conditioning units. "With the completion of the latest trial production run, Volz is now carrying out process improvements to enable more efficient and consistent production of safe and reliable media for the end user," it says.
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AIM - LOSERS
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Cake Box Holdings PLC, down 41% at 106p, 12-month range 92p-428p. Warns on full-year profit. The egg-less cakes maker says inflationary pressures have increased, and it has only managed to pass part of this onto franchisees, meaning its full-year gross margin will be hit. This has been compounded by weaker-than-expected sales at the franchise level during July and August. "Accordingly, due to the worsening outlook and increasing cost of living pressures on the consumer, the group now expects full year profitability to be significantly below current market forecasts," Cake Box says, adding that it does not expect inflationary pressures to ease up before the end of the financial year.
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System1 Group PLC, down 16% at 210.45p, 12-month range 210.4p-480p. Decides to conduct review of strategic options. "The board has decided to postpone the currently planned tender offer and the current share buyback programme, with decisions on future returns of capital being considered as part of the overall review," it says.
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By Lucy Heming; lucyheming@alliancenews.com
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