(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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Redx Pharma PLC, up 35% at 27.00 pence, 12-month range 19.00p-60.00p. The clinical-stage biotechnology company signs an agreement to sell Kirsten rat sarcoma virus inhibitor program to Jazz Pharmaceuticals PLC. Redx says it will receive USD10 million upfront, with a potential for up to USD870 million in development, regulatory and sales milestone payments in addition to royalties on future net sales. Jazz and Redx will collaborate to advance candidates through IND-enabling studies; Jazz will be responsible for all clinical development, regulatory, manufacturing and commercialization activities.
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AIM - LOSERS
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Verditek PLC, down 19% at 0.12p, 12-month range 0.080p-1.90p. The producer of lightweight solar panels agrees terms to sell its solar business to a new company, which will be established by the holders of Verditek's secured convertible loan notes for GBP528,340 in notes and GBP50,000 in cash. Upon disposal, Verditek will be regarded as an AIM rule 15 cash shell. Verditek will therefore need to, within six months, make an acquisition or acquisitions which constitute a reverse takeover. It said that it is currently in discussions with "a group of individuals", who it is proposed would come in as a new management team with a view to completing a fundraise of about GBP300,000. The aim would be to conduct a reverse takeover within 6 months of completion of the disposal. "There is no guarantee that this proposal will proceed as it still at an exploratory stage and the company will update the market with more information as soon as it is available," Veritek adds.
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Helium One Global Ltd, down 16% at 1.81p, 12-month range 0.19p-10.30p. The primary helium explorer raises GBP4.7 million through a placing of 313.3 million new shares priced at 1.5p each. The placing price represents a 30% discount to the closing price of 2.16p on Tuesday. The proceeds will provide the company with "sufficient" working capital to progress its planning for the next stage of the work programme in Tanzania. Chief Executive Lorna Blaisse says: "The results that we have achieved from the Itumbula West-1 well, flowing helium to surface in such significant concentrations, has confirmed a globally unique helium producing province. By moving quickly and finalising this company led placing early on, we have been able to strengthen our working capital position, which will enable us to fully focus on the next phase of the company's growth."
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By Sophie Rose, Alliance News reporter
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Redx Pharma (REDX)
Helium One (HE1)