A round up of today’s AIM listed movers
Diurnal Group (DNL) rose over 230% to a high of 71p following the announcement it has been granted a second US patent for Chronocort, a drug in a key US market where it has already received two Orphan Drug Designations. The patent is for a method of treatment for adrenal dysfunction, delivering hydrocortisone in accordance with a circadian rhythm. The patent provides in-market protection until 2033, with potential for seven years of market exclusivity on approval from the FDA. The US market for the diseases the patent covers is estimated to be approximately $1 billion.
Midatech Pharma (MTPH) rose 25% to 7.375p following the announcement of a funding from the Basque Regional Government for 1.5 million Euros for the company manufacturing facility in Bilbao Spain. It is to continue and accelerate the progress of MTD201 towards approval submission to the FDA and for the development of its Q-Sphere platform. The sustained release technology has the potential to drastically improve the manufacturing process and clinical characteristics of existing drugs.
Obtala (OBT) is up over 16% following the news it had completed a set of deals to narrow its focus to timber trading and production and reorganise its corporate structure. It disposed it’s agricultural business for $2.5m, and received a vote of confidence from intuitional investment players after securing an investment from 1798 Volantis Fund, managed by Lombard Odier Asset Management, as well as granting share options and a loan facility.
GAN is up 13% to 60p following the announcement it secured a long-term deal with FanDuel Group to be it’s platform for the deployment of Internet casino and account services for internet sports betting. The gaming B2B software supplier also entered into an agreement to have FDG license GAN’s US patent. The patented technology is proven to greatly enhance online engagement by US casino patrons and increase lifetime value realized online.
i3 Energy (I3E) is up 14% to 59.5p following news that the oil & gas company had signed a letter of intent with Dolphin Drilling for a multi-well drilling campaign this summer across the Liberator field and Serenity prospect. i3 also received indicative terms from Repson Sinopec UK for Liberator's use of their leased Bleo Holm FPSO, allowing i3 access to infrastructure without immense capital expenditure.
Imaginatik (IMTK) is down 37% following the announcement that it entered into a conditional agreement to sell the business and assets of the company. It will sell its name, associated domains and trademarks and trading assets for $1.7 million payable on completion and up to a further $800,000 depending on certain conditions. CEO Angus Forrest said “"Whilst considerable progress has been made in improving the business, there is still more to do to ensure the business has a successful independent future. The Board believes the offer received from Planbox Inc recognises the progress made and it is in the interests of all Imaginatik shareholders to approve the sale of the business."