Andalas Energy & Power (ADL) – Operations Update

Andalas Energy and Power (AIM: ADL), the AIM traded Indonesian focused energy company, is pleased to provide an update on its activities in Indonesia including the completion of a feasibility study for its first 60 MW wellhead gas to power project in partnership with Pertamina, Indonesia’s national oil company in the Jambi province of Sumatra. Andalas’ strategy is to develop a portfolio of at least five wellhead independent power producer projects totalling 250-500MW of installed capacity fired with gas from proven fields.

Highlights:

  • Results of the feasibility study by PLN Enjinering (a division of state electricity company PLN) confirm the Project’s viability;
    • PLN Enjinering assumed construction could commence by Q4 2017 with a planned completion by end Q4 2018.
    • Additional generation capacity is required to satisfy power demand in the region;
    • Power produced by the Project can be efficiently connected to the PLN system and can be absorbed by the Sumatra power network without any operational problems
    • Power plant to be located in close proximity to the gas supply (‘Wellhead IPP’)
    • Gas supply is sufficient for 20-years of IPP operation
  • Favourable New Regulations released 2 February 2017 are designed to fast track development
    • Three new regulations issued by the Ministry of Energy and Minerals classify integrated gas to power projects, such as Andalas’ first Project, as critical to the Government’s 35,000MW programme
    • PLN have confirmed that independent power projects located at the wellhead (‘Wellhead IPP’) are priority projects and that Andalas’ 60MW Wellhead IPP project is expected to be the first to be evaluated by PLN under the new regulations
  • Ongoing work with Pertamina to build portfolio of gas to power projects
    • Following submission of the first project for approval, the initiation of four new projects is being targeted in 2017
    • Work to date highlights Jambi province as the preferred area of focus where a significant inventory of gas fields with Wellhead IPP potential has been identified by Andalas and Pertamina
    • Andalas and Pertamina will be conducting a 2-day strategy session in early March to review detailed studies of the potential gas fields for future projects
    • Each new project has the potential to deliver significant value to shareholders

Andalas CEO, David Whitby, said “The results of the feasibility study by PLN Enjinering for our first gas to power project alongside Pertamina confirm what we have long known: not only is the Project viable but it can also play a vital role in satisfying local demand for power.  Importantly, the Government recognises that Wellhead IPPs can play an important role in helping solve the country’s energy crisis. The recently announced new regulations have elevated Wellhead IPPs to a priority level within the Government’s 35,000MW programme.  The Government’s new regulation governing Wellhead IPPs is exactly aligned with Andalas’ gas to power strategy and I look forward to informing shareholders as we progress our first project through to approval.

“Andalas was established to focus on a niche but nonetheless important and scalable gas monetisation strategy to contribute to solving Indonesia’s power crisis at the local level.  In September 2016 we signed an agreement with Pertamina that gives us access to numerous potential gas fields, and the recent change in regulations from the Government, gives us confidence that we are working in a sector with enormous potential with a government that is continually renewing its support and emphasising the urgency with which it wishes to see projects on line.”

Feasibility Study

Andalas has now presented the feasibility study for the first Wellhead IPP project, which is to be located in the Jambi province of Sumatra.  The report was prepared by PLN Enjinering (a division of PLN), the highlights and conclusions of the feasibility study are as follows:

  • PLN Enjinering assumed construction could commence by Q4 2017 with a planned completion by end Q4 2018.
  • The report assessed the power demand in the region and concluded that the 60 MW generated will be in high demand, highlighting:
    • Power demand in the region requires additional generating capacity
    • Power demand will continue to exceed supply for the foreseeable future. Furthermore, electrical demand is projected to increase by some 12.5 % per annum in the Jambi Province.
    • Power produced by the project can be efficiently connected to the PLN system and the power generated can be absorbed by the network without any operational problems.
    • The power generated will be exported via a 150 kV transmission line to an identified sub-station.
    • The IPP would be located at the wellhead.

New Regulations

The Ministry of Energy and Minerals published on 2 February 2017, three new regulations intended to foster the efficient and timely development of new electricity generating capacity in the Republic of Indonesia.

Regulation 11 2017 Utilisation of Natural Gas for Power Plants is intended to improve the utilisation of natural gas in the mix of energy for the generation of electricity and to guarantee the supply of natural gas at reasonable and competitive prices for the electricity sector.  More particularly, the regulation provides that the procurement of wellhead power generation may be undertaken by direct appointment (i.e. without public tender).

Project 2 and beyond

Pertamina have been quick to identify that the cooperation agreement with Andalas is a real opportunity to materially increase production of gas from its asset base.  As a result, there continues to be genuine enthusiasm to work to expand the number of projects under the cooperation agreement, which in tandem with the recent regulations are expected to accelerate the expansion of Andalas’ strategy.

Andalas and Pertamina are now focused on identifying the location of gas supply for the next Wellhead IPP projects.  Andalas is targeting the initiation of a further four new projects during the course of 2017 as it seeks to build towards its target of 500MW.  Work to date highlights that the first target area should be the Jambi province area, within which Andalas and Pertamina have identified a significant inventory of gas fields with IPP potential.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR).  Upon the publication of this announcement via a Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

For further information, please contact:

David Whitby Andalas Energy and Power Plc Tel: +62 21 2783 2316
Sarah Wharry
Craig Francis
Cantor Fitzgerald Europe
(Nominated Adviser and Joint Broker)
Tel: +44 20 7894 7000
Jon Belliss Beaufort Securities Limited
(Joint Broker)
Tel: +44 20 7382 8415
Frank Buhagiar
Susie Geliher
St Brides Partners Limited Tel: +44 20 7236 1177

Weak Sterling Continues to Hit Primark

Associated British Foods ABF expects excellent progress in adjusted operating profit and earnings per share for the half year to the 4th March. Primark sales are expected to be11% ahead at constant currency rates and 21% ahead at actual exchange rates but on a like for like basis UK Primark sales will show growth of only 2%, positively pedestrian compared with past performances. Most of the groups extra profit will come in the current half and there are warnings that sterling’s weakness last year will produce greater margin decline in Primark in the second half of this year..

In grocery, revenue and operating profit are expected to be ahead of last year and sugar is expected to be well ahead.

Bunzl BNZL is increasing its dividend for the year by 11% after producing a set of strong results for the year to the end of December and continuing 24 years of unbroken dividend growth. Statutory operating profit and profit before tax each rose by 12% and basic earnings per share by 14%.

Hiscox HSX admits that its strong results for the year to the end of December have been flattered by foreign exchange movements, as well as by a strong investment returns. Profit before tax, with an increase of 64% grew to record levels and the final dividend is being increased by 15% to 27.5p. Gross written premiums for the year grew by 23.6%

Persimmon PSN continued to outperform in 2016 and is to repay shareholders a further 25p per share on the 31st March as a first interim dividend for 2016. That is in addition to the already agreed second interim dividend of 110p. per share which will be paid on the 3rd July. Underlying profit before tax for 2016 rose by 23% on revenue for the year which was up by 8%. Underlying basic earnings per share rose by 19%. The average selling price during the year was increased by what for housebuilders is the very modest amount of 3.8%. Forward sales at the year end showed an increase of 9%

Rotork plc ROR despite a “currency tailwind” of 10%, 2016 profit before tax still slumped by 20% and earnings per share by 19.9%. The trading environment did stabilise in the second half but any near term growth in the nergy market is expected to be modest, reflecting those sombre thoughts, the full year dividend is raised by 1%.

Dechra Pharm plc DPH All products produced sales growth in the half year to 31st December and growth in recently acquired businesses, exceeded expectations. Total group revenue was up by 34.7% at constant exchange rates or 55.9% and actual exchange rates. Underlying operating profit rose by 28.6% and EBITDA by 27.7%

Villas & Houses For Sale in Greece; http://www.hiddengreece.net

Quoted Micro 27 February 2017

NEX EXCHANGE

Capital for Colleagues (CFCP) says that one of its employee-owned investee business FJ Holdings has sold its businesses and been placed in administration. Capital for Colleagues had not been kept up to date with these moves. The loans to FJ and its subsidiary Ham Baker Adams plus the FJ share stake were valued at £1.3m at the end of November 2016, which included a £790,000 valuation for the share stake. That investment is equivalent to one-quarter of Capital for Colleagues’ NAV, suggesting a pro forma NAV of about 40.5p a share if the investment is completely written off. That is well below the current share price.

Ace Liberty & Stone (ALSP) says that the £3.55m sale of Hume House in Leeds announced in January 2016 has not been completed. Hume House was acquired for £1.67m in March 2014 and annual rental income is £188,000. Ace has raised £4.55m from the sale of Bridge House in Luton, which was acquired for £2.75m in November 2014, and been occupied by HM Revenue & Customs for more than three decades.

Middle East-focused investment vehicle Indigo Holdings (INGO) has made its first investment ten days after it joined NEX on 10 February. There was net cash of £818,000 at the time of flotation and €176,800 (£150,000) was spent on a 5% stake in Iranian car ride sharing app Carvanro. Indigo believes that the growing younger population in Iran will be receptive to the service. The app was launched in mid-2016 and registered users and completed rides are growing month-on-month.

Queros Capital Partners (QCP) has issued an additional £960,000 (£950,400 net) of 8% bonds 2025. That takes the bonds in issue to £2.625m. The cash will initially be used to provide bridging loans as Queros seeks to acquire social housing projects in the longer term. NQ Minerals (NQMI) has raised a further £82,000, having raised £128,750 at 0.8p a share last week. IMC Exploration (IMCP) has issued 2.5 million shares at 1p each to pay for professional fees and converted a Wilhan loan note into 3.2 million shares at 2p each. .

Peterhouse has replaced Grant Thornton as corporate adviser to Chinese medical products and services provider MiLOC Group (ML.P). Director Dennis Ow has satisfied a HK$500,000 loan by transferring 177,353 shares previously pledged as collateral, taking his stake to 0.44%.

Impact investing company Menhaden Capital (MHN) has decided to delist from the NEX Exchange Main Board in order to reduce costs but retain its premium listing on the London Stock Exchange.

AIM

Fishing tackle and products retailer Fishing Republic (FISH) is on course to increase pre-tax profit from £305,000 to £404,000 in 2016. Year-on-year revenues were 40% ahead, suggesting a figure of around £5.8m. A new store was opened in Mildenhall at the end of 2016 and another in Milton Keynes in January 2017. Two more, in Reading and Ipswich, are planned before the end of the fourth quarter. These stores will all be ready for the 2017 fishing season. Online sales have fallen but a greater proportion of them are direct through the company’s website which has improved gross margin. Last year’s share issue has diluted earnings per share but investing the cash in new stores will help to compensate for that. The 2016 figures will be published before the end of April.

Software robotics company Blue Prism (PRSM) says that its revenues were strong in the first quarter and it already expects full year revenues to be well ahead of expectations.

North Italy-based gas producer Saffron Energy (SRON) joined AIM on 24 January and ended the day at 7.38p. Saffron raised £2.5m at 5p a share. The cash will finance the development of three gas fields.

Gold recovery services and mining company Goldplat (GDP) increased its revenues in the first half even though gold sales were lower due to delays in selling gold from the Ghana plant, which did not get the required licence to sell the gold until the end of the period. The gold has been sold in the second half. First half revenues were still higher because of a 15% rise in the gold price achieved and currency movements. There was still £885,000 in the bank at the end of 2016. A full year pre-tax profit of £1.94m is forecast as the benefits from the investment in the Kilimapesa gold mine start to show through. Further capital investment will be required for the Kenyan mine and the gold recovery activities.

Conygar Investment Company (CIC) is selling its investment property portfolio to Regional Commercial Midco, which is owned by Regional REIT, for £129.8m – a few hundred thousand pounds ahead of its book valuation. Regional REIT will issue 26.3 million shares at 106.347p a share and assume bank debt and repayment of zero dividend preference shares. Shareholders will have to approve the transaction. Conygar will be able to focus on its development assets.

Vernalis (VER) made further progress in building sales of the Tuzistra cough treatment in the first few months of the cough season. In the six months to December 2016, revenues were one-third higher at £800,000 and the second half could be stronger. Growth in Tuzistra sales was not enough to offset declines elsewhere and total revenues fell from £6.1m to £5.6m. There could be two additional cough treatments on sale next year if the FDA approvals are achieved. Net cash was £74.2m at the end of 2016.

Security technology and services supplier Synectics (SNX) reported a 4% rise in revenues to £70.9m last year but higher margin gaming contracts meant that there was a sharp bounce back in profit. Net cash was £2.17m at the end of November 2016. This year’s underlying pre-tax profit is expected to grow from £2.6m to £3m, although this represents slower growth than originally expected.

Cairn is resigning as nominated adviser to CloudTag Inc (CTAG) on 10 April but the company has managed to raise £975,000 at 3.75p a share via Novum Securities at a cost of £58,500. Trading in the shares was subsequently suspended pending an announcement. CloudTag will need to find another nominated adviser to continue on AIM.

International benefits insurance provider GBGI Ltd (GBGI) joined AIM on 22 February when it was valued at £130.4m at 150p a share. The share price was unchanged at the end of the week. GBGI intends to pay a dividend equivalent to 60% of distributable profit.

Stellar Diamonds (STEL) is raising £324,500 from a placing at 5.5p a share and up to £250,000 from an open offer at the same price. Once the placing is completed the shares will return from suspension. The cash will help to pay creditors and be used to progress the Tonguma project in Sierra Leone. Further cash will be required.

Timber processing and renewable energy business Active Energy (AEG) is in discussions to acquire further timber assets in North America and Europe. AEG WoodFibre generated lower revenues in 2016 because of weak demand from MDF manufacturers in Turkey after the coup. A new softwood processing plant should be up and running in April. The CoalSwitch division will be the main focus of growth this year.

SigmaRoc (SRC) says that its maiden acquisition Ronez has been integrated more quickly than it expected. The new systems should be up and running by the end of April and the back office systems budget should be halved. January sales volumes were ahead of budget and the first quarter order book is strong for the Channel Islands-based construction materials supplier. SigmaRoc has secured a £2m revolving credit facility from Santander and a £18m term facility is being negotiated. These two facilities will last until 2021.

Northland has increased its profit forecasts for online gaming marketing business Veltyco Group (VLTY). The 2016 pre-tax profit estimate has been raised from €1.35m to €1.99m, which is in line with the recent trading statement. The 2017 profit forecast has been raised from €3.18m to €4.27m and for 2018 from €4.21m to €5.44m.

Savannah Resources (SAV) has raised £2.24m at 5.25p a share and it has letters of intent for a further £1.01m from the chairman and a major investor, Al Marjan, which will maintain its stake at 29.9%. Savannah has reduced its full year loss from £3.1m to £1.8m and there was £700,000 left in the bank at the end of 2016. This year Savannah expects to complete the scoping study for the Mutamba heavy mineral sands project in Mozambique, where it has signed a consortium agreement with Rio Tinto, and start mining copper in Oman. Savannah is also defining drill targets for Lithium in Finland.

Premier African Minerals (PREM) is on course to get production restarted at the RHA tungsten mine. Underground mining contract terms have been agreed with delivery of up to 16,000 tonnes of ore each month.

Edenville Energy (EDL) has raised £2m at 0.8p a share, with every two new shares eligible for a warrant exercisable at 1.08p a share over the next 18 months. The cash will be used to acquire capital equipment and finance other costs of developing the Rukwa coal project in Tanzania. Commercial mining should begin by the end of the first quarter of 2017. Edenville has relinquished its uranium prospecting licence to concentrate on Rukwa.

MAIN MARKET

Small company-focused investment company Athelney Trust (ATY) has increased its dividend by 8.8% to 8.6p a share, although NAV growth was more modest at 2.5%. Last year, Athelney did not do as well as AIM or the FTSE Fledgling index which each grew by around 15%. Athelney is more exposed to the commercial property market than AIM or the Fledgling index. Property shares were hit by the EU referendum and did not clawback their falls by the end of the year. Athelney takes a long-term view and it has still outperformed AIM since 2005. The focus remains companies that are steadily growing profitability and dividends. Realised capital gains were £294,000 in 2016, helped by takeovers of Premier Farnell, UK Mail and Wireless. A stake was acquired in Lavendon last year and that is being taken over. The NAV was 251.1p a share at the end of 2016. Having raised £407,000 at 233.2p a share last April, Athelney still had invested most of the cash and had £59,000 left in the bank – slightly higher than a year earlier. The NAV had slipped to 250.4p a share by the end of January.

Standard listed and TSX Venture Capital Market-quoted Zenith Energy (ZEN) is selling its operations in Argentina so that it can concentrate on its operations in Italy and Azerbaijan. Production was suspended in 2015 because a storage tank owned by the state oil company collapsed so oil could not be transported. The operations are being sold for a nominal sum because investment is required and the buyers are taking on environmental responsibilities.

Standard list shell Sealand Capital Galaxy Ltd (SCGL) is acquiring SecureCom Group for 10 million shares and £1m in cash. Sealand had £600,000 in cash at the end of June 2016 and it is raising a further £1.4m (1.27m net of expenses) at 20p a share. The November 2015 flotation price was 10p. SecureCom also brings cash with it and pro forma cash is £3.26m and there is subscription money owed to the company of £8.58m. The pro forma NAV is 3.87m because of the heavy losses incurred by SecureCom, which has spent large amounts on sales and marketing of its instant messaging and communications products n the Asia Pacific region.

Andrew Hore

Advanced Oncotherapy (AVO) – Update on financing and Harley Street building work update

Advanced Oncotherapy (AVO), the developer of next generation proton therapy systems for cancer treatment, announces that further to the financing agreement with Bracknor announced on 22 February 2017, the first tranche has been drawn down by the Company and the initial funds of £1.3 million received (less 5%, in accordance with terms for receipt of 95% of nominal value of each tranche). Bracknor is prohibited from short selling ahead of any conversion notice, being the notice given to the Company that Bracknor wishes to convert the loan notes into AVO shares.

The Company will make the requisite announcements in relation to the application for admission of the new Ordinary Shares deriving from the conversion of the loan notes and the issue of warrants and will also publish on its website (at http://www.advancedoncotherapy.com/Investors ) a table with the number of outstanding convertible loan notes from time to time, the number of outstanding warrants and the warrant exercise prices.

The Company also announces that following the successful grant of planning permission for the Harley Street site in October 2016, a tender process took place to appoint a principal contractor to undertake the building works for the site.

As a result of that tender process, Deconstruct (UK) Limited were appointed by Howard de Walden Estates as principal contractor to the project and were on site in January carrying out preliminary assessment and works.

Following the preparatory works, excavation is due to commence by the end of Q1 2017. A detailed roadmap of key milestones for the manufacture and commercialisation of Advanced Oncotherapy’s LIGHT system, including installation at the Harley Street site, will be provided at the investor presentations being held in London on Monday 6 March 2017 and in Zürich, Switzerland, on Tuesday 7 March 2017. Full details can be read in the RNS Reach announcement released on 16 February 2017 and available here: http://www.advancedoncotherapy.com/Investors/news

For further information, please contact:

Advanced Oncotherapy plc www.avoplc.com
Nicolas Serandour, Chief Executive Officer Tel: +44 20 3617 8728
Michael Sinclair, Executive Chairman
Stockdale Securities (Nomad & Joint Broker) Tel: +44 20 7601 6100
Antonio Bossi / David Coaten
Stifel Nicolaus Europe (Joint Broker) Tel: +44 20 7710 7600
Jonathan Senior / Ben Maddison
Walbrook PR (Financial PR & IR) Tel: +44 20 7933 8780 or avo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Anna Dunphy Mob: +44 7876 741 001

About Advanced Oncotherapy plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac for Image Guided Hadron Therapy (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

Rightmove Outstanding

Rightmove RMV describes its 2016 performance as outstanding and is raising its final dividend to 27p per share to give a total increase in the yearly dividends of 19%. Revenue and underlying operating profit both rose by 15%, whilst basic earnings per share were up by 18%. Strong traffic growth of 10% meant that visitors rose to 120m per month. The Board expects more success in 2017.

Intl Con Airline Group IAG That you will remember is the airline which used to have a short sensible name which everyone could remember but swopped it for one which is so long it has to make silly abbreviations to it. CEO Willie Walsh says it put in a good performance in a challenging year and the full year dividend is being increased by 17.5% from 20 to 23.5 cents per share. Passenger revenue fell by 2% and total revenue by 1.3% but operating profit managed a rise of 8.6%. Currency movements were unfavorable and produced an adverse impact of 460m. Euro. 2017 is expected to show a year on year improvement.

William Hill WMH faced a challenging year in 2016 but believes the corner has been turned with positive strength shown in all four divisions in the 7 weeks to 14th February with UK net gaming revenue up by 8% and UK sportsbook wagering by 10%. Profit before tax for the year to 27th December rose a smidgeon by 1% but earnings per share were down by 13%

IMI plc IMI Claims 2016 was a year of significant progress in difficult market conditions. Preliminary results for the year to 31st December show a rise of 6% in revenue, although on a like for like basis, it was down by 5%. Operating profit and profit before tax each rose by 1% and basic earnings per share was up by 2%. The final dividend is being raised by 1%, although there is a warning that the first half of 2017 is expected to see revenue fall by a similar amount to that experienced in the first half of 2016

Villas & Houses For Sale in Greece; http://www.hiddengreece.net

Brand CEO Alan Green discusses Feedback (FDBK), Advanced Oncotherapy (AVO) & Defenx (DFX) on VOX Markets podcast

Brand CEO Alan Green discusses Feedback (FDBK), Advanced Oncotherapy (AVO) & Defenx (DFX) with Justin Waite on the VOX Markets podcast. The interview is 35 minutes, 29 seconds in.

4 – Forthcoming TexRAD presentations at European Congress of Radiology (ECR) – Feedback (FDBK)

Presentation at forthcoming European Congress of Radiology (March 1-5 2017)

Provided by University of Brescia.

Presentation Details
Presentation Title: Correlation between locally advanced HPV positive oropharyngeal squamous cell carcinoma and quantitative MRI parameters
Author Block: M. Leali, E. Tononcelli, E. Lleshaj, A. Grammatica, M. Ravanelli, D. Farina, R. Maroldi;  Brescia/IT
(The presenting author is underlined.)
Disclosure Block:  M. Leali: None. E. Tononcelli: None. E. Lleshaj: None. A. Grammatica: None. M. Ravanelli: None. D. Farina: None. R. Maroldi: None.
Session Number: SS 308
Topic: Head and Neck
Session Title: Head and neck cancer: value of multiparametric and advanced imaging techniques
Session Date/Time: Wednesday Mar 1 2017, 14:00 – 15:30
Room: 09/L 8

Below is a view of your accepted abstract:
Purpose: to evaluate the association between quantitative MR parameters and HPV status in advanced oropharyngeal squamous cell carcinoma (OPSCC).
Methods and Materials: 24 patients with locally advanced OPSCC underwent pre-treatment MR. Histogram analysis was performed on TSE-T2, DWI and post-gadolinuim 3D-VIBE sequences before and after application of a Laplacian of Gaussian spatial scale filter (ssf) at the primary tumor site. Search of HPV DNA on biopsies was performed to evaluate HPV status. Mann-Whitney test was used to assess differences in quantitative MR parameters between HPV+ and HPV- groups.
Results: 10 patients were HPV-positive (41,7%). Mean ADC was significantly lower in HPV+ compared to HPV- patients (0.83 vs 1.04 x 10-3mm2/s respectively, p=0.015). Skewness measured on 3D-VIBE with 1mm-ssf was significantly higher in HPV+ compared to HPV- patients (p=0.03).
Conclusion: quantitative MR parameters, especially mean ADC, may reflect microstructural differences between HPV+ and HPV- OPSCC.

Link to ECR presentation page here

 

3 – Forthcoming TexRAD presentations at European Congress of Radiology (ECR) – Feedback (FDBK)

Presentation at forthcoming European Congress of Radiology (March 1-5 2017)

Provided by University of Brescia.

Presentation Details
Presentation Title: CT texture analysis as a predictor of response to therapy and prognosis in patients with metastatic renal cell carcinoma treated with first-line tyrosine kinase inhibitors
Author Block: G. Bonera, G. Agazzi, M. Ravanelli, D. Farina, V. Ferrari, A. Berruti, R. Maroldi;  Brescia/IT
(The presenting author is underlined.)
Disclosure Block:  G. Bonera: None. G. Agazzi: None. M. Ravanelli: None. D. Farina: None. V. Ferrari: None. A. Berruti: None. R. Maroldi: None.
Session Number: SS 216
Topic: Oncologic Imaging
Session Title: Imaging and predicting treatment response and outcome in oncology
Session Date/Time: Wednesday Mar 1 2017, 10:30 – 12:00
Room: 19/M 3

Below is a view of your accepted abstract:
Purpose: To investigate if texture analysis (TA) on pretreatment contrast-enhanced CT (CECT) images can predict response to tyrosine kinase inhibitors (TKI) and prognosis in patients with metastatic renal cell carcinoma (mRCC).
Methods and Materials: 65 pretreatment CECT studies of mRCC patients treated with first-line TKI were retrospectively reviewed. Objective response was assessed every 3 months according to RECIST 1.1 and modified Choi (mChoi) criteria. TA was performed on a 5-mm-thick central slice for each target lesion using a commercially available software (TexRAD Ltd, UK). Primary texture features and a novel HeteroDensity Index (HDI), accounting for size-standardised heterogeneity and mean pixel density, were quantified using different spatial-scale filters (ssf). Per-patient texture features were correlated with objective response, progression-free and overall survival (PFS, OS) using logistic regression and survival analysis, statistical significance was corrected to control false discovery rate.
Results: Primary texture features were not able to discriminate responders and non-responders. HDI obtained with a 3-mm ssf (ssf3) was positively correlated with objective response (odds ratio 0.14 for RECIST and 0.2 for mChoi criteria, p 0.018 and 0.026, respectively). Low ssf3 HDI was associated with worse PFS (hazard ratio 4.14, p 0.0001) and OS (hazard ratio 3.36, p 0.0008).
Conclusion: TA on pretreatment CECT helps to predict objective response and prognosis in mRCC patients treated with first-line TKI.
.

Link to ECR presentation page here

 

Metro Bank – Providing A Service, Does Pay

Metro Bank MTRO Cheeky little Metro Bank is giving the big bad banks a lesson in growth and has now moved into profit for each quarter of the second half. Profit before tax in quarter 3 was a tiny £0.6m, increasing to £1.5m in quarter 4. Losses for the full year shrank from £46.4m in 2015 to  £11.7m. Asset growth came in at 64%, lending and deposit growth were both at record levels with rises  56% and 66% respectively, whilst revenue was up by 62%. Somebody must love its policy of actually trying to provide a service to its customers.

Barratt Developments BDEV Despite a fall of 5.8% in completions and revenue down by 3.2% in the six months to 31st December, Barratt claims it was a strong half year with profit before tax up by 8.8% and shareholders rewarded with a rise of 21.7% in the interim dividend. Total forward sales orders now stand at record levels after a rise of 17%. The one statistic which is omitted for some strange reason, is the increase in the average selling price. I wonder why.

Lloyds Banking Group LLOY is increasing its final ordinary dividend by 13% and maintaining last year’s special dividend of 0.5p meaning an overall rise for the year of 11%. Statutory 2016 profit before tax rose by 158% to £4.2b and earnings per share by 263%, whilst operating costs were reduced by 3%.

Gooch & Housego GHH good trading conditions during the first four months of the current financial year enabled GHH to see its order book up by 64.9% as at 31st January compared to last year, although on a like for like basis, excluding foreign exchange movements and acquisitions, the figure comes in at a more modest 19.4%. So far trading for the full year is expected to be in line but there does seem to be a hint of optimism in today’s trading update as a result of continuing good market conditions.

Hotel Chocolat HOTC produced strong growth in both sales and profitability in the 6 months to 25th December. Profit before tax rose by 28% on reported revenue up by 14% and the net cash position was transformed with a positive balance of £16.1m compared to debt of £1m at the end of the previous year.

Blue Prism Group PRSM now expects full year revenue will be materially ahead of current market expectations following the positive trading momentum evidenced at the end of last year, continuing into the current year.

Villas & Houses For Sale in Greece; http://www.hiddengreece.net

Advanced Oncotherapy (AVO) – Financing agreement

Advanced Oncotherapy plc (AIM: AVO), the developer of next generation proton therapy systems for cancer treatment, announces it has secured a flexible and staged £26 million financing agreement with Bracknor Investment Group, a Dubai-based investment firm.

The Agreement gives the Company the ability to issue a minimum of £13 million in convertible loan notes (Minimum Requirement), in tranches of £1.3 million each, up to a maximum, at the Company’s sole discretion, of £26 million over the next 24 months.

The ability to control the timing of each issuance beyond the Minimum Requirement, the opportunity to reimburse the tranches partly in cash (up to 50%) and its stepped nature, give the Company great confidence in its relationship with Bracknor and its willingness to support significant value creation, through continued development and commercialisation of the LIGHT system. The Company will continue to review any future fundraising options on merit, while being able to rely on this Agreement to meet all financing demands in the short to medium term.

Use of proceeds

Proceeds from the Agreement will be allocated to the Company’s projects, including the cost of installing the first LIGHT system at Harley Street, the funding of the Company’s pipeline and for general working capital purposes.

Terms of the Agreement

o  Minimum two year term;

  • Unsecured convertible notes;
  • Minimum of 10 tranches of £1.3 million of convertible loan notes each, with the option – at the Company’s sole discretion – to draw down up to 10 additional tranches within two years;
  • Each tranche must be converted into new or existing shares of the Company within twelve months of issuance;

o  The Conversion Price will be equal to the lowest daily VWAP (Volume Weighted Average Price) during the fifteen trading days preceding issuance by Bracknor of a notice to convert (Conversion Notice);

  • Drawdown of notes can be requested, by the Company, subject to (a) all previously issued convertible loan notes being converted at the Conversion Price (see above), or (b) a period of twenty business days having elapsed since the last issuance;
  • Upon issuance of a tranche, Bracknor shall receive warrants to purchase shares with an aggregate value equivalent to 20% of the nominal value of each tranche. These warrants will be exercisable for up to four years from issue;

o  For the first tranche, the exercise price will be 130% of the lowest of either (a) the lowest daily VWAP during the ten trading days preceding the signing of the Agreement or (b) the lowest daily VWAP of the 10 trading days preceding the request to issue the first tranche;

o  The exercise price of the subsequent warrants (i.e. bar the first tranche), will be 130% of the lowest daily VWAP during the five trading days immediately preceding the request to issue a new tranche;

  • Bracknor, with any concert parties, is prevented from acquiring more than 29.9% of the Company’s shares.

Options at Company’s sole discretion

  • While the Company commits to the Minimum Requirement, the Company has the right to refuse up to two calls during the term;
  • Subject to compliance with the Minimum Requirement, the Company shall control the timing and total number of tranches issued;
  • The Company has a further option to raise up to an additional £26 million, on the same terms, for a potential total commitment of £52 million, provided issuance of the initial £26 million has occurred within the first two years.  As outlined below, the Company is also considering other sources of funding;
  • The Company has the ability to redeem tranches for cash, upon receipt of a Conversion Notice, for up to 50% of the total amount, to limit possible dilution.

Fees

  • The Company shall receive 95% of the nominal value of each tranche;
  • A commitment fee of 3% of the nominal value of the total initial commitment, payable in convertible loan notes. £40,000 of this fee is payable immediately; the remaining £740,000 falls due upon passing of the resolutions to be put to the General Meeting of the Company, referred to below;
  • A conversion fee equal to 3% of the nominal value of the notes converted, payable in cash or shares at the Company’s discretion;
  • A maximum of £40,000, excluding VAT, for legal and due diligence fees incurred by Bracknor, payable in cash and/or convertible loan notes.

First Tranche draw down and General Meeting

The first tranche will be drawn down with immediate effect and is not subject to Shareholder approval; however drawdown of further tranches will be subject to Shareholder approval at a General Meeting of the Company where the Directors will seek the requisite authorities to allot the new shares deriving from the conversion of the loan notes and exercise of related warrants. The Company has existing shareholder approval to issue up to 2,633,954 shares. The Company will, in due course, send to Shareholders a circular convening the General Meeting, which will also contain the resolutions to be voted on. The circular will be made available on the Company’s website once posted.

Based on a warrant exercise price of 85p and conversion price of 65p, the Company would have to issue a total of up to 48.6 million new shares to honour the Agreement, assuming all conversion fees are paid in cash, and assuming the issuance of a maximum of 20 tranches.

Non-dilutive financing

Further to the update from Advanced Oncotherapy on 23 January 2017 on a non-dilutive financing plan, the Company can confirm that this option remains in consideration, as does the Metric Capital financing. The Company will update shareholders on further developments at the appropriate time.

Investor presentations

As outlined in the announcement on 16 February 2017, the Company will be hosting investor and analyst presentations in London on Monday 6 March 2017 and in Zürich, Switzerland on Tuesday 7 March 2017 covering the Agreement, the development, commercialisation and production of the LIGHT system and the key benefits and advantages of proton therapy and of LIGHT.

To register and attend either presentation, or to receive further information on Advanced Oncotherapy, please contact Walbrook PR on 020 7933 8780 or email avo@walbrookpr.com.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: I am delighted that we have been able to finalise a flexible funding partnership with Bracknor that helps us fund the development of our first LIGHT system to completion, supports our first installation in Harley Street, as well as underpinning our plans to move into volume manufacturing and full commercialisation. The flexibility to draw down further funds provides the Company with the security needed to pursue our plans to deliver shareholder value through the commercialisation of our unique proton therapy technology.”

Pierre Vannineuse, CEO & Founding Partner of Bracknor Investment, commented: “AVO is a perfect match in our strategy to provide solid funding partnerships with investment grade healthcare companies across the world, allowing companies to focus on what matters most: the commercial and scientific development of their own technologies.

The conditions and covenant we have given to Advanced Oncotherapy are a clear indication of our belief in the future of the enterprise. However, the potential for success is most notably demonstrated by the world-leading partners who have teamed with them, such as Thales, CERN – where the technology originated – and Howard de Walden Estates (Harley Street), home to healthcare providers of world-class renown, not to mention the world-leading opinion leaders and managers who came together to build this company.

“Not only do we see this as an opportunity to support a Company at the forefront of a revolutionary field of proton beam therapy for cancer with a solution that answers all current impediments, but also as the opportunity to leverage our own contacts in the Middle East to ensure the commercial success of the LIGHT system in this region too.”

For further information, please contact:

Advanced Oncotherapy plc www.avoplc.com
Nicolas Serandour, Chief Executive Officer Tel: +44 20 3617 8728
Michael Sinclair, Executive Chairman
Stockdale Securities (Nomad & Joint Broker) Tel: +44 20 7601 6100
Antonio Bossi / David Coaten
Stifel Nicolaus Europe (Joint Broker) Tel: +44 20 7710 7600
Jonathan Senior / Ben Maddison
Walbrook PR (Financial PR & IR) Tel: +44 20 7933 8780 or avo@walbrookpr.com
Paul McManus Mob: +44 7980 541 893
Anna Dunphy Mob: +44 7876 741 001

About Advanced Oncotherapy plc www.avoplc.com

Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy’s team “ADAM”, based in Geneva, focuses on the development of a proprietary proton accelerator called Linac for Image Guided Hadron Therapy (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

About Bracknor www.bracknor.com

Bracknor is a Dubai-based investment firm with a track record of investing in early stage and mid-sized companies located, primarily, in Europe. Since its creation in mid-2015 Bracknor has financed over 16 companies, for the most part in the healthcare sector, providing them with the paramount capital and technical support needed.

 

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