Renalytix shares rise 20% to 60p as it begins to receive Medicare funding for kidney treatment
Renalytix said yesterday that following recent Medicaid insurance coverage contracts, US Medicare administrative contractor National Government Services (NGS) has initiated payment of claims for KidneyIntelX testing for patients with Medicare coverage that have met certain criteria.
KidneyIntelX is a test that yields a custom risk score, enabling prediction of which adult patients with T2D and early CKD (stages 1-3) are at low, intermediate, or high risk for rapid progressive decline in kidney function.
Renalytix will receive US$950 per reportable result. Medicare patient samples are being processed in the company's New York laboratory.
Shares are up 25% since the announcement yesterday.
Luceco shares rebound another 13.95% to 87.4p after last week's profit warning
Luceco said last week that it traded in line with expectations in Q3, with revenue down 11% year-on-year and up 14% compared to pre-Covid Q3 2019.
However, Luceco said its order book suggested its customers would destock faster in Q4 than originally expected. As a result, Luceco expects an adjusted operating profit for 2022 in the range of £20-22m, below previous estimates.
Luceco estimates its customers will reduce their inventory levels for 2022 by c. £20m, compared to a previous estimate of c. £14m. At current activity levels, this would leave a remaining reduction of up to c. £5m for 2023 compared to a previous estimate of £5-10m.
On the bright side, Luceco's estimated total impact of cost inflation emerging from the pandemic was reduced materially as key cost drivers such as sea container and currency rates have moved rapidly in its favour, the company said. At current prices, this would lead to a reduction in its annual cost base between 2022 and 2024.
Shares hit a 12-month low of 67.10p on the news last week, but have steadily rebounded since then. Shares are now up 32% since last week's 12-month bottom and up 18% compared to the pre-announcement price.
DeepMatter shares jump 53.33% to 0.12p on increased revenue forecast and new deal with Merck
DeepMatter announced that after 9 months of the FY, and having signed a licensing agreement with Germany's Merck, it now expects revenue for the current FY to be no less than £1.5m, an increase of over 50% year-on-year.
DeepMatter said it secured three strategically important multi-year collaborations during the current FY and continues to see a strengthening of its sales pipeline following a strong H1. DeepMatter said the Merck collaboration has the potential to become one of its largest to date.
DeepMatter said the collaborations bring future revenue visibility and opportunities to grow revenue opportunity from new and existing customers, including technology access fees, collaboration fees, and royalties.
The licensing agreement with Merck will see DeepMatter licence to the Life Science division of the former certain proprietary data for machine learning-based applications. The terms of the agreement were not disclosed.
Mark Warne, CEO of DeepMatter, commented:
"After a solid H1, we are now on course to increase our year on year revenues by some 50% and importantly are seeing increasing customer interest and the potential for recurring royalty revenues. These revenues which are recognised over the life of contracts, providing us with growing visibility."
Ncondezi Energy shares rise another 21.28% to 1.43p on continued excitement over buyer search for Mozambique project
Ncondezi Energy said on Friday it was in the process of identifying a buyer or JV partner to fund and mine coal resources at its 300 MW power and mine project in Tete, Mozambique.
Ncondezi said it would refocus its operations on delivering its 300MW solar PV project and reposition itself as a green and sustainable energy developer.
Hanno Pengilly, CEO, explained:
"Following an internal review of the Company's operations, the Board has resolved to launch a process to identify a suitable organisation who can take the lead on further developing, financing and mining the Company's coal resources whilst the Company focuses on developing its Solar Project and renewable energy strategy. This decision follows the ongoing delays in progressing the coal power Project, strong export thermal coal prices and positive progress with the Company's 300MW solar PV power project."
Shares are up 36% since the announcement on 21 October.