SMALL CAP MOVERS: Franco Manca owner The Fulham Shore raises £2m - healthyfrog

SMALL CAP MOVERS: Franco Manca owner The Fulham Shore raises £2m

Redx Pharma joined the recent spate of junior biotech success stories with an 80 per cent jump to 45p on the back of a licencing deal with AstraZeneca.

The FTSE 100 giant will pay $17million to develop Redx’s RXC006 for idiopathic pulmonary fibrosis, where progressive scarring of the lungs is usually fatal.

If it makes it to market, Redx will receive up to a further $360million in milestones plus royalties.

That’s quite an achievement for a junior player that, until Monday, was valued at £48million and is now worth just shy of £88million – up over 200 per cent since lockdown started.

Shares in The Fulham Shore, the owner of Franco Manca and The Real Greek restaurants, rose after seeing sales rise week-on-week since reopening and raising £2m from investors

The change of fortunes is all the more remarkable given its brief spell in administration three years ago and some struggles in raising funds.

Experts say COVID-19 patients can develop lung fibrosis, so perhaps the pandemic has accelerated the market’s interest in this condition.

Many sector-mates have seen their value rocket on the back of projects related to the pandemic: Genedrive, Avacta and Omega Diagnostics have soared 860 per cent, 760 per cent and 580 per cent respectively with their tests. Tiziana Life Sciences grew four-fold after developing a treatment candidate.

Genedrive advanced a further 16 per cent to 87p this week after teaming up with US life sciences firm Beckman Coulter to fully automate the entire laboratory testing process for COVID-19 samples.

It was a rollercoaster week for reach4entertainment enterprises, which crashed by over 50 per cent on Tuesday on plans to delist from AIM to cut spending, following a hard hit to trading while theatres and concert venues remain closed.

But the advertiser swiftly recovered 145 per cent by Friday after chief executive Marc Boyan upped his stake to 16.06 per cent, while Sigmund Freud’s great-grandson, Matthew, also seemingly increased his holding to 14.95 per cent. Herald Investment, instead, offloaded its 14.42 per cent stake. The stock ended the week 43 per cent higher at 0.3p.

Turning to the wider market, the AIM All-Share was up a solid 4.5 per cent to 924, outperforming the 2 per cent ascend to 6,018 of the FTSE 100.

It seems anomalous Feedback doesn’t already have a massive fan club. While shares rocketed last week after its imaging-based communication platform, Bleepa, was awarded a place on the NHSx National Clinical Communication Tool framework, they have since tracked back to 1.2p. 

Buying interest may have been stifled by a big seller, who is now out of the market, according to the ‘bandits’ on the bulletin boards. If this is the case, then watch this space.

Among the risers, chemicals producer Scapa soared 41 per cent to 120p after revealing profits are currently 10 per cent ahead of expectations, thanks to a swift reaction to coronavirus disruption.

Cleantech tiddler Verditek shot up 34 per cent to 15p after receiving a follow-on order worth $2.2million from Pakistan’s SAF Group for six containerised ultra-lightweight solar panels.

Elsewhere, virtual reality entertainment specialist Immotion climbed 24 per cent to 3p after launching a range of ultra-violet anti-bacterial cleaning cabinets, initially designed for its own headsets but later expanded to third parties following several commercial enquiries. It also opened its flagship ‘Ocean Explorer’ immersive centre at Mandalay Bay Resort and Casino in Las Vegas.

Redx Pharma joined the recent spate of junior biotech success stories with an 80 per cent jump to 45p on the back of a licencing deal with AstraZeneca

Redx Pharma joined the recent spate of junior biotech success stories with an 80 per cent jump to 45p on the back of a licencing deal with AstraZeneca

Franco Manca and The Real Greek restaurants owner The Fulham Shore was up 21 per cent to 7p after serving up good news on sites reopening, with sales rising week-on-week. It also raised £2million by placing shares at a 2 per cent premium.

Fellow bar and restaurant operator Loungers surged 13 per cent to 127p after expressing confidence in its recovery with sales from July 4 to August 2 down only 1.7 per cent.

Among the fallers, SIMEC Atlantis Energy dropped 28 per cent to 13p after placing shares at a 34% discount to raise £6.5million. The renewables firm also started a partnership with N+P Group to pursue alternative fuel projects.

Likewise, AfriTin Mining slipped 18 per cent to 2p after raising £3million by placing shares at a 25 per cent discount, although it flagged that tin production at the Uis mine in Namibia rose to 35 tonnes, up 79 per cent month-on-month.

Data intelligence company Mobile Streams lost 16 per cent to 0.2p after admitting a sharp decline in half-year revenues was expected due to lack of investment in previous years.

Meanwhile, law and professional services firm The Ince Group shed 14 per cent to 24p after posting revenue down 10 per cent in the quarter to June.

Finally, social media video group Brave Bison retreated by 11 per cent to 1p after interim revenues nearly halved to £5.5million after advertisers reduced spending amid the pandemic, not helped by Facebook generating lower revenues due to a change in policy. 

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