The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:
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Touchstar PLC - Glasgow, Scotland-based supplier of mobile data computing solutions and managed services to a variety of industrial sectors - Court in Scotland approves its capital reduction by £1.1 million. Says this ‘positive development’ will give it the ability to consider returning value to shareholders, either by payment of a dividend or through share buybacks.
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Narf Industries PLC - US-focused cybersecurity provider - Says trading remains in line with its expectations, but there will be a delay in the publication of its 2022 results. It is currently working to address its auditor’s, PKF Littlejohn LLP, recent request for additional evidence regarding invoices and the timing of revenue recognition that involve ‘very sensitive and confidential’ US government contracts and their associated milestones, which has resulted in the delay in completing the audit. As a result, the company expects that it will request in due course for the listing of its shares to be temporarily suspended from May 2. Chief Executive Steve Bassi says: ‘These contracts go back many years and payment has always been secured against milestones achieved and invoices then raised. The matter at hand relates to the confirmation to be provided by the USG for the period in which revenue from these contracts should be recognised. In addition, Narf named John Thompson as its interim chief financial officer. ’He’s an immediate resource our team can rely on during this transition period as we work to build our executive team over the coming months,‘ Bassi says. He has served as CFO for a number of ’US-based multinationals‘, most recently at software company i2.
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Arecor Therapeutics PLC - West Sussex, England-based commercial biotechnology company - US Patent & Trademark Office grants a patent, US11608357, protecting a novel formulation platform that enables the development of enhanced monoclonal antibodies. Chief Scientific Officer Jan Jezek says: ’This US patent is a very important addition to our IP portfolio, protecting a formulation design space that enables monoclonal antibodies with superior stability.‘
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Wynnstay Properties PLC - London-based property investment and development company - Buys Riverdale Industrial Estate, Kent for cash consideration of £2.4 million. Says the property is freehold and comprises five industrial units arranged as two terraces with a central service yard. The estate is fully let to four tenants with a range of lease expiry dates and the current passing rent totals £140,350 per annum. The acquisition in expected to be completed approximately two weeks after exchange of contracts. Chair Philip Collins says: ’The acquisition of this well-let estate is a good strategic fit with Wynnstay’s existing portfolio in the South-east, including our Quarry Wood Industrial Estate at Aylesford.‘
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RTW Venture Fund Ltd - investment company focused on the life sciences sector - Notes announcement by new portfolio company, Abdera Therapeutics Inc, of its completion of a $142 million series A and series B financing rounds. RTW confirms that it participated in the series B financing round together with other investors. ’Abdera is a privately held pre-clinical stage biopharmaceutical company leveraging antibody engineering to design and develop new precision radiopharmaceuticals for cancer,‘ RTW says.
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Physiomics PLC - London-based oncology consultancy, which uses mathematical models to support the development of cancer treatment regimens and personalised medicine solutions - Signs collaborative services agreement with ValiRx’s wholly owned subsidiary Inaphaea BioLabs Ltd. Under the agreement, it says, service users of Inaphaea will be able to benefit from Physiomics capabilities in a single service contract with Inaphaea. ’The agreement recognises the synergy between Inaphaea’s growing capabilities as a translational contract research organisation providing in-vitro laboratory-based services and Physiomics’ in-silico capabilities for advanced statistical analyses, machine learning techniques, data handling and visualisation, as well as biological modelling,‘ Physiomics adds.
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Live Co Group PLC - Surrey, England-based live events, entertainment and sports events company - Notes concert in Madrid will take place on July 22 at the 52,000 seat Civitas Metropolitano stadium. Says tickets will go on sale Thursday. Announced that the show will consist of seven well-known K-pop acts, three of which have been announced as Enhyphen, Ateez and Ive. A further four acts will be announced next month.
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