Midatech Pharma (MTPH) shares jump 29.27% to 13.25p amid US FDA Fast Track grant
The R&D biotechnology firm has received grant ‘Fast Track’ designation from the US FDA for its development programme of MTX110 for the treatment of recurrent glioblastoma (“rGBM”).
‘Fast Track’ is a process designed to facilitate the development and expedite the review of treatments for serious conditions and that could potentially address unmet medical needs.
Commenting, Dmitry Zamoryakhin, CSO of Midatech, said: “rGBM is a devastating cancer marked by short survival rate and universal recurrence. Receiving Fast Track designation for MTX110 is an important milestone for the development of the drug as it demonstrates the need for novel and effective treatment options for this currently universally fatal disease.”
Zamoryakhin said MTX110, Midatech’s water-soluble formulation of Panobinostat, will soon start recruitment into a Company-sponsored Phase I study in patients with recurrent GBM.
Alien Metals (UFO) shares rise 19.23% to 0.775p as remains ‘on track’ to mine Hancock
The minerals exploration and development company says the development aspects of the Hancock Iron Ore Project to be shovel ready for early 2023 are “progressing very well.”
As a result, Bill Brodie Good, CEO & Technical Director, says the company is on track to have all the permitting in place, and that it will soon be in a position to commence mining next year.
Due to the ratio of fines to lumps and low impurities of the DSO material at the Hancock Iron Ore Project, the company said it is currently in advanced discussions with several potential offtake partners. It said these discussions have led to the delivery of marketing samples.
The Company, which is currently undertaking preliminary discussions with a number of potential funding partners, says it has been presented with a range of funding options in regard to both equity and debt, to ensure optimum financing structure and minimal dilution.
Harland & Wolff (HARL) jumps 13.24% to 14.75p as it wins contract and acquires vessel
Harland & Wolff announced this morning that it has won an initial contract worth around £8.5 million with Riverside Resource Recovery for the fabrication of eleven barges which will be used to transport London’s recyclable and non-recyclable waste on the River Thames.
The programme schedule will allow for four barges to be built in tandem, with the entire build programme ending around 2Q23. The fabrication process will take place at the Harland & Wolff site in Belfast with an aim to cut the first steel within approximately eight weeks’ time.
In a separate announcement, Harland said it has acquired the former HMS Atherstone from the MOD, a mine hunting class vessel that is no longer in service, with a view to refurbishing it for non-military uses, discussions for which have already commenced with interested parties.
Harland said it believes the acquisition will “significantly de-risk” the M55 regeneration programme given that the two vessels share a number of spare parts and components.
Should the company be awarded the regeneration programme for the M55, such spare parts and components on the HMS Atherstone will be used in M55’s regeneration programme.
Tern (TERN) shares fall 17.74% to 13p amid £14.9 million share offer for Pires
Shares in Tern fell as low as 12.5p today after the company announced a recommended £14.9 million all share offer for the AIM-listed investment company, Pires Investments.
Based on Tuesday’s closing price of 15.5p per Tern share, the acquisition values each Pires share at 8.0p, a 54% premium to its closing share price of 5.2p. The value of the enlarged company would be about £69.5m while Pires shareholders will own about 21.5% of Tern.
Tern said it believes the acquisition would establish a company “of greater scale and potential interest to institutional investors”; provide investors with increased diversity of exposure to specialist technology businesses at different stages of development; as well as reduce costs.