The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:
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RTW Biotech Opportunities Ltd - New York-based investment firm focused on the life sciences sector - Notes announcement by Kyverna Therapeutics regarding its pricing of a $319 million initial public offering, upsized $137 million above its initial estimate last week. Kyverna is a clinical-stage cell therapy biopharma company, in which RTW initially invested through a Series B funding round in early 2022. On the first day of trading, Kyverna’s share price traded up by 36% to close at $30.00 per share.
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Symphony Environmental Technologies PLC - Hertfordshire-based firm developing technology to make plastic biodegradable - Says that the General Court of the European Union found that the defendants didn’t exceed ‘the limits of their discretion’, so Symphony is not entitled to compensation. However, Symphony explains that the judgement was not an assessment of the effectiveness of the d2w technologies. Adds that the court didn’t include further studies that have supported the technology, as well as the distinction between oxo-biodegradable and oxo-degradable plastics. Says that d2w technology has not been widely used in the EU for several years, and the lengthy legal process and judgment has ‘very little effect’ on existing business.
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Evgen Pharma PLC - clinical stage drug development company developing sulforaphane-based medicines - Notes dispute with Stalicla SA, its partner in autism spectrum disorder and other neurodevelopmental disorders. Explains that in October 2022, Evgen licensed the rights for its lead asset, SFX-01, to Stalicla for up to $160.5 million in milestone payments. An initial $500,000 was paid upfront with the next anticipated payment of $500,000 due on completion of the Evgen-sponsored human volunteer Phase 1 study. Evgen, having completed a Phase 1b study, believes the next payment is now due, and says it has formally implemented the dispute resolution process. It had not anticipated any milestone payments from Stalicla in its financial forecasting, and its cash runway remains unchanged.
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Substrate Artificial Inteligence SA - Madrid-based incubator of companies providing artificial intelligence products and services in fintech, agritech, energy, human resources, and health sectors - Signs investment deal with Indico Investments and Management SL, for a maximum of €2.0 million. The investment commitment, which expires on February 7, relates to the company’s Class A shares. It will be carried out in tranches of €500,000, with a discount of 10%.
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DCI Advisors Ltd - British Virgin Islands-based real estate investment company - Says it has entered another loan agreement for €350,000 with a shareholder to provide additional working capital. The shareholder providing this loan previously entered into a loan agreement with DCI Advisors for €350,000 last October. To date, DCI has received seven loans of €350,000 each and two loans from funds managed by a single shareholder amounting to $330,000 in aggregate.
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Apax Global Alpha Ltd - Guernsey-based investor in technology, services, healthcare, internet and consumer - Confirms that the offer of 120 pence in cash per Kin and Carta PLC share is final and will not be increased. In December, Apax said that a ’no increase statement’ relating to its own offer price was no longer in effect and had been set aside, after Kin & Carta accepted an offer of 130p per share from Valtech, a company controlled by funds advised by London-based BC Partners LLP.
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Sutton Harbour Group PLC - Plymouth, England-based waterfront regeneration specialist - Notes press statement made by Plymouth City Council on Thursday, and confirms that it has received a letter from the Council alleging a breach of the Plymouth City Airport lease. Says that it is considering, in conjunction with its advisers, the contents of the letter, and will provide an update in due course.
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