MGC Pharmaceuticals’ shares took off after its Covid-19 treatment was granted over the counter (OTC) status in the US.
ArtemiC will be available from April this year throughout Pharmacy Based Management’s networks. The news propelled the shares 20 per cent higher to 0.54p.
AMC Pharma, acting as MGC US distribution partner, swiftly bagged itself $2million worth of ArtemiC once OTC status was granted, which will be delivered in two instalments in the second half of this year.
Audioboom said it will continue to produce, distribute, and monetise Formula 1’s two official podcasts, which have 80m in downloads between them since 2018, for the next two years
The AIM and ASX-listed group added that AMC is looking to broaden the locations the drug will be available, negotiating with US pharma networks as well as independent pharmacies.
Two of biggest fundraisers for growth companies, Cenkos and finnCap, announced this week they are to merge in an all-share £42million transaction.
Once the deal is complete, the combined company will have 210 clients and 230 staff and will be led by joint chief executives John Farrugia and Julian Morse.
The recommended offer follows a failed takeover play for finnCap by Bob Diamond’s Panmure Gordon, although that deal fell to the wayside in November.
The two AIM listed fundraisers have felt the effects of war in Ukraine, combined with the cost-of-living crisis and increases in base rates, all of which have culminated to a dearth of IPOs in the growth market over the last 12 months.
Shares in finnCap are down 57 per cent in the last year to 12.2p, while Cenkos has had 46 per cent wiped of its value over the same time to 40.4p, although the stock of both the companies is up roughly 2 per cent on the back of the recommended offer.
Turning to the wider market, AIM All-Share index enjoyed a relatively stable week amid the global banking turmoil as it rose 0.25 per cent to 803.84 points. Still, it was unable to emulate the performance of the blue-chips index with the FTSE 100 up 1 per cent to 7,412.
Sticking with the pharmaceutical space, Fusion Antibodies climbed 8 per cent to 32p after filing a cancer-linked patent.
The contract research organisation, which provided discovery and other services for therapeutic antibodies, said pre-clinical data indicated the antibodies could potentially inhibit pro-tumourigenic activity.
However, it wasn’t such good news for Renalytix after the FDA delayed the review of its KidneyIntelX De Novo marketing authorisation application.
Shares slumped 13 per cent to 82p in the week.
Elsewhere on AIM, Audioboom’s shares raced ahead, gaining 11 per cent to 430p, after announcing the extension of its deal with Formula 1.
The company will continue to produce, distribute, and monetise the motorsport’s two official podcasts, which have 80million in downloads between them since 2018, for the next two years.
Posh mixers manufacturer Fevertree was able to shrug off a planned increase in prices as shares popped higher, fizzing 15 per cent to 1,200p. Looking ahead, the company maintained its sales guidance range of £390-£405million, expressing confidence in achieving 13 per cent to 18 per cent year-on-year growth.
SRT Marine Systems, the global provider of maritime awareness systems and technologies rallied after completing a milestone systems contract.
The group signed a formal letter of intent for a new Coast Guard Project worth £145million for the delivery of turn-key maritime surveillance system.
Among some of AIM’s damp squib’s, Tribal Group’s ongoing dispute with Nanyang Technology University continues to weigh on it shares, which shed 17 per cent this week to 36.2p.
The education support services group said it has rejected the Singapore university’s attempt to terminate its contract and is considering options regarding next steps.
Anpario, the manufacturer of natural sustainable feed additives for animal health, continues to be stampeded by current market conditions.
Shares nosedived 30 per cent, changing hands at 218p, after it reported a 1 per cent fall in revenue and a 25 per cent fall in adjusted underlying earnings in 2022 compared to 2023, while the current year also got off to a weak start.
Mounting losses at Longboat Energy saw shares fall 16 per cent to 8.7p, with the exploration and production firm adding it may need to turn to the market to raise funds after a ‘careful enquiry’.
Losses for 2022 reached £15.5million, growing roughly 230 per cent from the year before.