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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Physiomics PLC, up 30% at 2.04 pence, 12-month range 0.9p-6.6p. The mathematical modelling company that supports oncology drug development names Peter Sargent as its new chief operating officer. Sargent was previously in a senior management role at Nasdaq-listed Syneos Health Inc, a global consultancy business. Prior to that, he also served as head of Business Development at the UK’s National Institute for Health & Care Research. Physiomics says hire is part of its strategy to revert to a ‘more traditional’ board structure, where the roles of executive chair and chief executive officer are separated. As COO, Sargent will help to formulate the firm’s business strategy and drive its execution. Will initially focus on key priorities such as expanding and diversifying client base, expanding consulting business into pharmaceutical biostatistics, and exploring opportunities for its personalised oncology software offering. ‘I am delighted that Physiomics has been able to attract a candidate of the calibre of Dr Peter Sargent, who joins us with significant experience of building service businesses in the biopharmaceutical sector,’ says Executive Chair & CEO Jim Millen.
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Ergomed PLC, up 27% at 1,336.04p, 12-month range 895p-1,380p. The pharmaceutical services company agrees to a recommended cash takeover offer from funds advised by UK private equity firm Permira Advisers. The offer of 1,350p per share is a 28% premium to Friday’s closing price of 1,052p, and values the firm at £703.1 million. Ergomed’s directors deem the offer to be ‘fair and reasonable’, having been advised by Jefferies and Numis. They unanimously recommend that shareholders vote in favour of the offer at forthcoming court and general meetings. If all conditions pass, Ergomed expects the takeover to become effective in the first quarter of 2024.
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AIM - LOSERS
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Advanced Medical Solutions Group PLC, down 25% at 188.30p, 12-month range 165.6p-304.5p. The surgical dressings company lowers its full-year outlook due to uncertainty over royalty income from its patent licensing agreement with Organogensis Inc. Says Organogenesis has noted that changes to US reimbursement coverage for the treatment of diabetic foot ulcers and venous leg ulcers have created uncertainty regarding the revenue outlook for some of its key products, including those utilising AMS patents. ‘Given that Organogenesis has withdrawn its own guidance and that we have no control of, and minimal insight into its sales, we are unable to quantify the financial impact on AMS at this stage,’ the company says. AMS removes this royalty in its entirety from the fourth quarter guidance onwards, expecting a £2 million hit to adjusted pretax profit for 2023 from lower royalty revenue. Also warns that talks with its US partners have taken ‘longer than first anticipated and associated destocking has been greater’. Expects annual revenue of £124 million to £127 million and adjusted pretax profit of approximately £25 million to £27 million in 2023. In 2022, the company reportd revenue of £124.3 million and adjusted pretax profit of £28.5 million.
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