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SkyePharma Announces Successful Completion of flutiform® Japanese Clinical Trial Programme LONDON, UK, 22 June, 2012 - SkyePharma PLC (LSE: SKP) today announces that its development and marketing partner Kyorin Pharmaceutical Co, Ltd. ("Kyorin") has successfully completed the Phase III clinical studies for the Japanese development programme for KRP-108 (flutiform®), with both studies (A301 and A302) meeting their primary endpoints. This will enable the regulatory filing with the Japanese authorities to take place in Kyorin's fiscal year ending in March 2013 as planned. Study A301 included patients suffering from asthma. They were treated in an eight week single-blind, randomised multiple centre, two arm parallel group study, to assess the efficacy and safety of KRP-108. The two treatment arms were: (1) KRP-108; and (2) Flutide 50 (fluticasone). The changes in the mean values of morning PEF (Peak Expiratory Flow) was the primary endpoint measured. The top line analysis confirms that KRP-108 achieved consistently higher results when compared with Flutide® 50 and demonstrated that KRP-108 was well tolerated in the study patients. Study A302 included patients suffering from mild to severe asthma. They were treated over 52 weeks in an open-label, multiple centre three arm study to assess the safety and efficacy of KRP-108. The results are consistent with the large safety database already accumulated on flutiform®.

http://www.investegate.co.uk/Article.aspx?id=201206220700059181F

Singer Capital retained its "buy" rating for Creston (CRE) with an increased target price of 80p, from 75p. The communications group met the broker's 2012 full year targets, with a higher than expected dividend of 3.5p. Singer is encouraged by the firm's growing international exposure, accounting for 30% of revenues, compared to 25% in 2011, and believes that this will increase further as the Corkery acquisition is integrated. The shares were unchanged at 54p.

Panmure Gordon maintained its "buy" recommendation for Endace (EDA) with a 530p target price. The broker believes that the appointment of Simon Wilson as a non-executive director for the network monitoring company will provide it with considerable experience, given his prior work at peer SurfControl. Additionally, Panmure said that the group's recent strategic review, conducted by Deutsche Bank, provided it with useful insights into how to develop its business. On a prospective EV/Sales multiple of 2 times for 2013, the broker noted that the shares trade at a 50% discount to its international peers. Endace shares stayed flat at 367.5p.

Daniel Stewart reiterated its "buy" recommendation for CML Microsystems (CML) with an increased target price of 22.9p, from 19.8p. The semiconductor manufacturer reported sales growth of 6% for the year ended March 2012, to 23.41 million pounds, roughly in-line with the broker's forecast of 23.92 million pounds. Daniel Stewart believes that the firm's core Hyperstone solid state memory product will be a key component of its clients' long term development plans, providing high revenue visibility. On the broker's projections, the shares trade on a prospective multiple of 12.1 times for 2013, falling to 9.9 times in 2014. CML shares were unchanged at 271.5p.

Valuation: Value creation to become increasingly apparent We have taken a conservative basis for our sum-of-the parts valuation of Stobart to obtain a fair value of 160p/share, recognising the current economic uncertainty. However, we feel that as delivery of asset realisation from the estates portfolio is achieved, coupled with the achievement of targets in Air and Biomass over the coming years, the embedded value will begin to be recognised. If we re-run our valuation based on FY13 forecasts and peer multiples, we achieve a fair value in excess of 190p/share

http://www.edisoninvestmentresearch.co.uk/researchreports/Stobart210612Review.pdf

http://www.edisoninvestmentresearch.co.uk/researchreports/Gooch210612qv.pdf

Said Darwazah, the Chief Executive Officer of Hikma Pharmaceuticals, the FTSE 250 multinational pharmaceutical group, has pocketed over one million pounds through the sale of company shares last week. Darwazah sold 195,447 shares at 649p each on June 15th for a total of £1,268,451, the company revealed in a statement on Thursday. This was equal to 0.99% of the issued share capital of Hikma. Following the transaction, he still owns over two million shares in the firm, equal to a 1.08% stake.

Financials We have taken the opportunity to update our forecasts upon the latest news. As discovery work ramps up and new projects are added to the clinical pipeline (we are anticipating at least one to be added in 2013), we are forecasting R&D costs of around £5 million and G&A of £1.2 million for financial years 2013. In the following year, we expect to see R&D and G&A remain, more-or-less, the same. In the long-term, however, we expect partners to bear the costs of later-stage trials (Phase IIb and Phase III) and provide collaboration funding. We also expect to see further R&D tax credits . Accordingly, after considering the modest amount of interest that will be received from its large cash stockpile, we are forecasting a respective pre-tax loss of £6.1 million and £6.3 million for FY13 and FY14. Good share price performance We are pleased with the share price performance since the start of calendar year 2012. Despite the markets (FTSE All-Share index) pretty much remaining flat since the start of calendar year 2012, e-Therapeutics share price is up more than 33%, and we feel that company has the potential to reap even greater returns for investors. Valuation We have tweaked our model slightly in light of the forecast update. So, after discounting to account for the fact that none of the company's compounds have progressed to and through Phase II of the clinical process, we have now derived a Net Present Value of $195 million (£121 million) or a target price of 87p per share. The NPV model does not accrue any value for the unique and fully patent protected drug candidate discovery platform – which should become increasingly valuable as the portfolio expands and more candidates become partnered. Consequently, with the shares currently trading at 34.875p, our stance remains buy.

21st June 2012 Analyst: Emanuil Manos Halicioglu Email: Emanuil.halicioglu@gecr.co.uk Tel: 020 7562 3368 e-Therapeutics – Commencement of ETS2101 clinical trial e-Therapeutics has announced the commencement of the first clinical trial evaluating its compound ETS2101, a drug discovered using the company's network pharmacology platform, as a treatment for cancer. The AIM-listed biotechnology company also reiterated that it will soon start a second, larger trial in the United Kingdom, which will evaluate the drug in patients with a wide variety of tumours. Cancer drug ETS2101 progressing well Providing an update on cancer drug ETS2101, e-Therapeutics said that the first trial will enrol up to 24 patients with both primary (glioma) and secondary brain cancer, and will be led by the highly-experienced Professor Santosh Kesari, the director of neuro-oncology at the UC San Diego Moores Cancer Centre in the United States. The main objective of the trial is to evaluate safety and to determine an appropriate dose for phase II development; the trial will also look for preliminary evidence of anti-cancer activity. With encouraging results from the drug being shown in the laboratory, we are pleased with the progress that has been made so far and look forward to seeing the results from the clinic. We expect to see first findings by late 2012 and final results during 2013.

Blazes - yes I think ISYS investors may take a little heart from the fact the SP didnt retrace all the way - in fact its on a little 'climb' just now

Acquisition update The Board of Dods notes the announcement by the Office of Fair Trading released today and is disappointed that the acquisition of the business of the DeHavilland Political Intelligence division of Emap Limited has been referred to the Competition Commission by the Office of Fair Trading. The Board is considering the OFT's decision in detail and a further announcement will be made in due course. However, as announced on 11 June 2012, the Company intends, subject to appropriate authorities, to place up to 123,049,056 new Ordinary Shares at 5.5p each to finance other growth initiatives and acquisitions. Further details of this placing will be announced in due course. Unless the context otherwise requires, terms defined in the announcement of 12 January 2012 shall have the same meaning in this announcement.

http://www.investegate.co.uk/Article.aspx?id=201206211532219059F

http://www.edisoninvestmentresearch.co.uk/researchreports/HVPE210612outlook.pdf

Jefferies has maintained an 'underperform' rating and 680p target price for advertising and media giant WPP following Wednesday's acquisition of AKQA, saying that questions still remain over the extent of the company's digital organic growth. In the first quarter, WPP's digital organic growth rate was around 8%, whilst peers were grown by 15% in this region. "In our view, the transaction is likely aimed at addressing underperformance in digital organic growth."

pablo - GL to you too - we all need some of that just now

Investec has labelled consumer goods giant Unilever a 'warm hold', saying that while upside to the share price is limited, the company is better-placed than struggling peers Proctor and Gamble and Danone. "While P&G and Danone’s profit warnings serve to remind that this is not a time for complacency, we counsel against too much read-across," the broker said. "We upgrade our numbers to reflect the improved commodity outlook but struggle to rationalise a price target of more than 2,160p [up from 2,100p previously] for the plc. That makes Unilever a warm 'hold' for us."

Ladies and gentlemen, We would first like to thank the shareholders of Iberia and British Airways for the trust they have placed in IAG. In January 2011 we completed the merger of both companies to create the third largest airline group in Europe and the sixth largest in the world by revenue. IAG was listed on the London, Madrid, Barcelona, Bilbao and Valencia stock exchanges. It is with great pride that we can say today that this first year has been navigated successfully despite the tough economic situation facing us. As the chief executive, Willie Walsh, will explain in greater detail, IAG recorded an operating profit of 485 million euros in 2011, doubling the previous year's result. The evidence shows that there were solid strategic foundations and a clear financial justification for the merger, the culmination of 12 years of shared history between Iberia and British Airways. The airlines now generate combined revenues of 16.3 billion euros, operate a fleet of 349 aircraft, fly to more than 200 destinations, and, last year, transported 52 million passengers. The merger means we have a greater size and presence in international markets and it will generate synergies in excess of 500 million euros annually from 2015. It has also allowed us to take on a leading role in the process of consolidation and transformation that the global airline business is undergoing.....................

http://www.investegate.co.uk/Article.aspx?id=201206211107598580F