(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.
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AIM - WINNERS
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Redx Pharma PLC, up 13% at 26.5 pence, 12-month range 22.00p-70.00p. The biotechnology company focused on discovering and developing targeted therapeutics for the treatment of fibrotic disease and cancer says that its drug zelasudil has received orphan drug designation from the US Food & Drug Administration for the potential treatment of idiopathic pulmonary fibrosis. "The designation provides Redx with various development and commercial incentives, including market exclusivity, in order to address this unmet need for patients suffering from IPF," the pharma company explains. Zelasudil is currently in a phase 2a clinical study for IPF, and topline data is expected in the first quarter of 2024.
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Fusion Antibodies PLC, up 5.8% at 7.14p, 12-month range 4.95p-95p. The ore-clinical antibody discovery, engineering and supply company signs an agreement with a "leading" US-based artificial intelligence and machine learning company, to support Fusion's new AI/ML-Ab service offering. The agreement follows the memoranda of understanding signed with two companies in May. "We are delighted to be able to announce the successful delivery of the AI/ML-Ab service utilizing our established production and evaluation capabilities and an option to include our proprietary 'mammalian display' technology, which can significantly improve success rates, output affinities while reducing the cost per sequence test to as little as 1% of the cost of lower throughput methods," explains CEO Adrian Kinkaid.
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AIM - LOSERS
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Fulcrum Utility Services Ltd, down 71% at 0.24p, 12-month range 0.2p-8.7p. The provider of utility infrastructure services reports a disappointing set of annual results and says it plans to cancel its AIM listing. In the financial year that ended March 31, revenue falls 18% year-on-year to GBP50.6 million from GBP61.8 million, as pretax loss widens to GBP25.7 million from GBP14.2 million. It attributes the widened loss to "significant" challenges, including a hit from the UK energy crisis. The firm proposes to cancel its AIM listing, due to the "limited prospects" of raising additional equity financing in light of its current investor base, the limited trading of its shares on AIM. It also cites the costs of the AIM listing, as week as the management time, and the legal and regulatory burden of being a quoted company. Will let shareholders vote on the proposal at a general meeting on September 26. The cancellation proposal will need at least 75% of shareholders to vote in favour, and 57% of its shareholders have already agreed to vote for it.
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By Elizabeth Winter, Alliance News senior markets reporter
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Fusion Antibody (FAB)