Connect with us

Business

SMALL CAP MOVERS: Faron Pharma rockets as its rakes in money to bankroll new cancer drug

Published

on

Cancer drug developer Faron Pharma has been on a tear, with the share price up 350 per cent in the year to date.

The momentum continued this week as the stock rose 60 per cent to 240p on news of a £7.5million cash injection that will help the group finance a clinical trial of its new drug Clevegen.

Clevegen has been designed to recognise cancer and break the cell’s protective shell. 

On the up: Cancer drug developer Faron Pharma has been on a tear, with the share price up 350 per cent in the year to date

On the up: Cancer drug developer Faron Pharma has been on a tear, with the share price up 350 per cent in the year to date

On the up: Cancer drug developer Faron Pharma has been on a tear, with the share price up 350 per cent in the year to date

Ultimately, if it is successful, this new breed of treatment could be used in combination with PD-1 inhibitors, another treatment method, to tackle the killer disease.

Faron’s boss, CEO Markku Jalkanen, said the trial will allow the firm to ‘clarify [the] full potential’ of Clevegen, with a view of sharing that data with the US Food and Drug Administration, which approves drugs for the American market.

The AIM All-Share was up 0.4 per cent at 894 in the week, while the FTSE 100 rose 1.1 per cent to 7,380.

Turning to the mining sector, Amur Minerals received a welcome boost in the form of new funding this week after a £1.2million investment from an unnamed asset manager sent the shares up 62 per cent to 3p.

Investors also took a shine to KEFI Minerals, which surged 52 per cent to 1.2p after it resolved several administrative roadblocks with the Ethiopian government regarding its Tulu Kapi gold project.

State administrative arrangements had held up the closing of project financing past the originally set date of 31 October, but the gold explorer and developer said the project can now proceed.

Video game group Frontier Developments levelled up as the launch of its highly anticipated new game, Planet Zoo, sent the shares 13 per cent higher to 1,234p.

Hotly anticipated: Video game group Frontier Developments levelled up as the launch of its highly anticipated new game, Planet Zoo, sent the shares 13 per cent higher to 1,234p

Hotly anticipated: Video game group Frontier Developments levelled up as the launch of its highly anticipated new game, Planet Zoo, sent the shares 13 per cent higher to 1,234p

Hotly anticipated: Video game group Frontier Developments levelled up as the launch of its highly anticipated new game, Planet Zoo, sent the shares 13 per cent higher to 1,234p

Planet Zoo’s launch, which saw it hit the number-one bestseller spot on gaming platform Steam, coincided with an announcement that Frontier’s new publishing arm, which has already signed two partnerships with third party development partners to work on new games, is discussing more deals.

Aukett Swanke found itself on the rise, leaping 52 per cent to 2.3p, as the architecture firm said it expected to make a profit for its current year.

The announcement represents somewhat of a turnaround for the group, which saw its share price dive back in January when it posted a loss of £2.54million for the year to 30 September.

AFC Energy ascended 29 per cent to 6.3p as it unveiled four new brands as its inaugural product line of hydrogen power technologies.

The new products include HydroX-Cell(L) and HydroX-Cell(S), zero-emission fuel cells that use hydrogen to generate power.

Gambling software firm GAN also saw its numbers come up as it forecast that revenues for 2019 will more than double year-on-year. The news sent the shares spinning 32 per cent higher to 162p.

Among the fallers, news of the UK government’s ban on fracking last weekend sent shares in IGas down 15 per cent to 31p.

The company is an investor in the Gainsborough Trough, a fracking project in the East Midlands whose future is now in doubt following the government’s decision.

Another investor in Gainsborough, Egdon Resources was also on the slide, plunging 37 per cent to 2.8p in the wake of the ban.

Kitchen cleaning services firm Filta was tarnished after a cut to its earnings forecasts for the full year sent the stock down 21 per cent to 150p over the week.

LightwaveRF saw its share price dim considerably, falling 32 per cent to 4.2p after it warned that its fourth-quarter revenues will be significantly below market expectations while losses were predicted to be higher than forecast.

Investors in cybersecurity firm Defenx were also sent scrambling for the exit as the software group unveiled its plans to delist from AIM, causing the share price to crash 80 per cent to 0.6p.

Business

Formula 1 teams raked in £13.6m from the taxman last year

Published

on

By

Formula 1’s British-based teams received more money from the taxman than they paid last year.

HM Revenue & Customs gave them a net sum of £13.6million, taking the total for the past decade to £120million.

Seven of the ten F1 teams have factories in the UK and they received money from HMRC after their tax bills were offset by losses. The teams are also eligible for refunds of up to 12 per cent of their research spending.

Seven of the ten F1 teams have factories in the UK and they received money from HMRC after their tax bills were offset by losses

Seven of the ten F1 teams have factories in the UK and they received money from HMRC after their tax bills were offset by losses

Seven of the ten F1 teams have factories in the UK and they received money from HMRC after their tax bills were offset by losses

Last year, the teams made a total net loss of £60million. Losses can be carried over to future years to reduce future tax bills. This helped Williams pay no corporation tax last year despite a £4.1million pre-tax profit.

McLaren has £112million of UK tax losses to carry forward from past years and Mercedes has £71million. The £17.5million tax credit given to Mercedes in 2014 was the largest of the past ten years.

 

 

Continue Reading

Business

New chapter: Bookseller World of Books set to be sold for around £100million

Published

on

By

A growing second-hand books business is set to be put up for sale by its private equity owner.

The Mail on Sunday understands Bridges Fund Management is gearing up to sell World of Books.

One private equity source suggested the firm could be valued at more than £100million.

World of Books works with charity shops and recyclers to reuse books otherwise destined for landfill. It sells them via its own website and platforms including Amazon and eBay

World of Books works with charity shops and recyclers to reuse books otherwise destined for landfill. It sells them via its own website and platforms including Amazon and eBay

World of Books works with charity shops and recyclers to reuse books otherwise destined for landfill. It sells them via its own website and platforms including Amazon and eBay

Bridges, which invests in companies that aim to tackle social and environmental issues, bought a majority stake in World of Books in 2016 for £13million.

World of Books works with charity shops and recyclers to reuse books otherwise destined for landfill. It sells them via its own website and platforms including Amazon and eBay.

World of Books’ latest accounts, for the year to February 2019, reported revenue growth of six per cent to £40million and profits of £764,396. The firm paid out a dividend of £2.25million.

Bridges also has a stake in Fusion Housing, which aims to reduce youth homelessness.

 

Continue Reading

Business

Former Trump adviser warns UK government against imminent Chinese takeover of British Steel 

Published

on

By

A former senior adviser to US President Donald Trump is warning the UK Government against allowing a Chinese industrial giant to take control of British Steel.

Retired Air Force Brigadier General Robert Spalding, a former US defence attache to China, has suggested Washington will be closely monitoring the proposed deal and the extent to which the UK may be coming under the ‘sphere of influence’ of Beijing.

The Government last week agreed a deal in principle to sell British Steel to Chinese industrial conglomerate Jingye for about £50million. The transaction is expected to be completed in the New Year.

British Steel collapsed into administration in May, but last week the Government agreed a deal in principle to sell the firm to Chinese industrial conglomerate Jingye for about £50 million

British Steel collapsed into administration in May, but last week the Government agreed a deal in principle to sell the firm to Chinese industrial conglomerate Jingye for about £50 million

British Steel collapsed into administration in May, but last week the Government agreed a deal in principle to sell the firm to Chinese industrial conglomerate Jingye for about £50 million

British Steel collapsed into administration in May and the Government has been keeping it operational – at a cost of more than £1million a day, according to industry sources – while the Insolvency Service attempts to secure a rescue deal to save 4,000 jobs.

The Mail on Sunday revealed two weeks ago that Jingye was in pole position to buy the company ahead of British industrial group Liberty and the Turkish military pension fund Ataer, which had previously come close to securing a deal. The news sparked national security concerns in the UK.

Last night, Spalding – who recently published a book entitled Stealth War: How China Took Over While America’s Elite Slept – expressed severe reservations about the deal, which he fears could result in the Chinese regime attempting to influence UK politics.

Jingye, led by low-key businessman Li Ganpo, is not owned by the State, but Spalding and other critics of Beijing believe that no Chinese firm is independent of the nation’s government. Spalding fears China could use the British Steel takeover to seize British technology and steel capabilities. ‘You have to worry about that,’ he told The Mail on Sunday.

The British Steel works in Scunthorpe. Despite British Steel being saved, a former US defence attache said that the sale could be part of China's plan to extend its 'sphere of influence'

The British Steel works in Scunthorpe. Despite British Steel being saved, a former US defence attache said that the sale could be part of China's plan to extend its 'sphere of influence'

The British Steel works in Scunthorpe. Despite British Steel being saved, a former US defence attache said that the sale could be part of China’s plan to extend its ‘sphere of influence’

‘Of course, [the takeover] looks very attractive in the UK because it provides jobs.

‘But quite frankly it gives them influence over the political system within the UK because now you have a bunch of constituents that are essentially [Jingye’s] employees.’ Spalding also warned that his former colleagues within the US Department of Defense would almost certainly be closely monitoring the situation. I would imagine the Department of Defense is aware of it because they’re tracking stuff like this now,’ he said.

‘They would be thinking exactly the way I’m thinking. What are the implications for US and British national security, and the security of the alliance? And how does this further slide the UK into the Chinese sphere of influence?’

He added: ‘If the business environment for making steel in Britain is so poor that a company can’t exist in its current format and no one’s willing to invest, I have to question for what reason does it make sense that the Chinese are coming in to do it? What are they trying to do here?’

He said the conclusion had to be that the investment was not being made for market-based reasons.

‘They’re making it for strategic reasons,’ he said. ‘And what are the strategic reasons that the Chinese Communist Party has for taking over British Steel?

‘There could be many. Owning the supply chain for steel. Getting out from under the tariffs that are being imposed on China.’

A source close to the deal dismissed Spalding’s concerns, pointing out that the Government sees Jingye as a credible candidate to buy British Steel.

You’re in China’s hands, says China in Your Hand singer

China in Your Hangzou: Carol Decker's band T'Pau topped the charts over five weeks in 1987 with the song China In Your Hand

China in Your Hangzou: Carol Decker's band T'Pau topped the charts over five weeks in 1987 with the song China In Your Hand

China in Your Hangzou: Carol Decker’s band T’Pau topped the charts over five weeks in 1987 with the song China In Your Hand

She topped the charts over five weeks in the winter of 1987 with a song called China In Your Hand.

Some 32 years on, and Carol Decker, the lead singer of pop group T’Pau, has reignited her interest in China – albeit the country this time rather than the ceramic material.

Decker, 62, has waded into the row over the takeover of British Steel by Chinese industrial conglomerate Jingye – suggesting the deal is ironic because the Asian nation has played a part in the troubles of UK industry.

After the Government announced its deal with Jingye last week, Decker took to Twitter to question the wisdom of the deal.

Echoing the sentiment of Labour peer Andrew Adonis, who also criticised the Jingye deal last week, Decker suggested  that the UK steel industry has been badly affected by cheap rival products from China.

When contacted by The Mail on Sunday, Decker added: ‘The reason I commented is that we are always told that cheap Chinese steel has flooded the international market and impacted severely on indigenous steel trade in many countries. So to have a Chinese steel giant save Scunthorpe seemed a bizarre irony.’ 

 

Continue Reading

Trending

Copyright © 2019 DiazHub.