(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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88 Energy Ltd, up 36% at 0.355 pence, 12-month range 0.20p-0.64p. The Alaska-focused oil exploration company says flow testing of the Upper SFS reservoir in its Hickory-1 discovery well confirms light oil discovery. It says flow rates achieved from low volume frac over small 20 feet vertical interval are in line with expectations and results observed from other reservoirs on adjacent acreage. Managing Director Ashley Gilbert comments: "[It] confirms our understanding of the substantial potential of these reservoirs...We will now proceed to undertake flow testing of the shallower SMD-B reservoir over the coming weeks. This is a zone which has previously been successfully tested on adjacent acreage to the north."
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AIM - LOSERS
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Redx Pharma PLC, down 59% at 7.5p, 12-month range 7.00p-37.90p The clinical-stage biotechnology company intends to cancel its shares from trading on AIM in London, subject to shareholder approval. Chair Jane Griffith says: "Following an extensive review, the board has unanimously concluded that it is in the best interests of the company and our shareholders to delist from AIM and re-register as a private limited company...Despite completing some of the largest AIM capital raises for biotech companies in recent years, Redx is still liquidity constrained on AIM. As a result, we believe our current market valuation is not reflective of our track record or future potential and is not conducive to raising the level of capital required for our growing clinical portfolio. The board believes that as a private company we can access a broader universe of specialty investors and, accordingly, a larger quantum of future funding required to execute our strategy and maximise our value in the interests of all our shareholders. A general meeting has been called for April 19 for shareholders to vote on the cancellation resolution.
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Belluscura PLC, down 38% at 11.5p, 12-month range 10.00p-52.00p. The medical device developer says sales and manufacturing progress on its each X-Plor and Discov-R products has been pushed back by at least four months compared to its previous expectations, primarily due to the "untimely delay" completing the acquisition and closing of TMT Acquisition. The GBP5.8 million deal was announced in October and completed last month. Chief Executive Officer Robert Rauker comments: "We have substantial interest in the Discov-R, as demonstrated by the demand and orders we have already taken from leading oxygen providers. We are focused on bringing this new product to initial launch as quickly and efficiently as possible within the next three months."
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By Greg Rosenvinge, Alliance News senior reporter
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