The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Lyndon69 LOL do you think i dont know that ?
If you fill you ISA early on in the tax year would you take the risk and then get hit with CGT
Quite a few friends have moved to FTSE, FTSE250 and spread betting indices since changes
British biotech start-up backed by Snoop Dogg has unveiled plans to ditch the “turbulent” London stock market, dealing a fresh blow to the beleaguered exchange.
Oxford Cannabinoid Technologies said it was delisting from London following a “continuous, irrational and regressive pressure” on its share price. The company claimed it would be much better valued as a private company and would also not have to bear the “substantial cost” of maintaining a public listing.
Clarissa Sowemimo-Coker, chief executive of Oxford Cannabinoid Technologies, said: “It has been a turbulent time on the capital markets pretty much since we listed. The last 12 to 24 months have been especially challenging for small caps and particularly in the biopharma space. Companies have lost 80pc or 90pc of their value and once you’re down there, it’s very difficult to make any inroads to start climbing back up again.”
She said this was having knock-on effects when it came to bringing new treatments to market: “Things do take longer when you’re trying to stretch for capital. You inevitably slow down drug development.”
Ms Sowmimo added: “We anticipate that as an unlisted company, a far larger pool of capital may be available to us, and therefore it is right for us to make this change.”
The British biotech, which landed a $10m (£8m) cash injection from Snoop Dogg five years ago, joined the London Stock Exchange in 2021. Since then, it has lost 97pc of its value. The company said it expected to go public again “in due course” but that it was more likely that this would be in the US.
Ms Sowmimo-Coker said: “We’re intending to go away for a few years and we’d hope that the London markets will have undergone a rejuvenation by then. But also Nasdaq is an opportunity and lots of others are going there.”
Ms Sowminmo-Coker said there was a “fair bit of red tape” in the market and also called for more to be done on bolstering institutional investment into companies following years of dwindling support.
The announcement will add to growing concerns over the future of the London market, which has been battling a wave of company exits in recent months. Biotechnology companies, in particular, have been vocal in their criticism of London’s public markets, which bosses have claimed is preventing early-stage research businesses from being able to spend on new treatments.
Last month, Redx Pharma said it was quitting the Alternative Investment Market (AIM), claiming its low valuation was “not conducive” to raising cash to spend on more treatments.
C4X Discovery also unveiled plans to leave AIM earlier this year, saying the recent downturn in the financial markets “adversely impacted our share price, and with it, our future ability to raise funds in the public markets”.
It prompted a warning from Sir John Bell, one of Britain’s top life sciences leaders, that more drug makers could follow. He branded the City
@napthman1 are you calling the bottom ?
Bishop got out and could of got back in lower he waited imo was a fair idea
"When heritage comes through it will rocket"
"Mining licence it will rocket "
Are we still not waiting for new CEO ?
Something stinks here imo hope i am wrong but this never moves like the rampers expect
Only way majority of us will even get our money back is if they actually hit some decent Gold. After 4 years of hype and deliberate misleading photos i would not believe a word out of the CEOS mouth until he produces the essays to back it up.
To many people have been pumped over the last 4 years its hard to believe it was 18p
Dont hold your breath yet Oneday has a habit of popping on here pointing out big buys. Everyone jumps on board following day or day after it drops back. Sure its just a coincidence .But this is the biggest pump and dump on AIM,DYOR
Would love to be wrong but after 4 years only thing that will move this is some real gold not hype
"The CEO issue is not the same as the JV"
Oh i disagree any half decent CEO would not of done that deal, its a joke and judging by the SP so does the market .You seriously have to worry about the clowns running this outfit at the mo
Cjmorley Well i would not of gone into a JV with a company smaller than us with no funds ?
Surely that is common sense ? Look on bright side if we do get a decent JV wiyh a big company and the share price does go up one year ,this outfit will be able to sell Alien shares to fund exploration ?
Excuses excuses and share price just drifts