The following stocks are the leading risers and fallers on AIM in London on Tuesday.
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AIM - WINNERS
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Pantheon Resources PLC, up 13% at 15.31p, 12-month range 10.10p-136.00p. The oil and gas company focused on onshore operations in the US receives independent expert report. It says the report provides an estimate of contingent resources recoverable from its 100% working interest Kodiak project, formerly known as Theta West. The company adds that the report confirms best estimate contingent resource estimates totalling 962 million barrels for Kodiak Field. Chief Executive Officer Jay Cheatham says: ‘This really is a big deal. A credible third-party estimate of nearly one billion barrels of recoverable liquids for a company the size of Pantheon is an incredible achievement, validating our geological model.’
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Faron Pharmaceuticals Ltd, up 11% at 299.80p, 12-month range 155.00p-395.00p. The clinical-stage biopharmaceutical company says that the US Food & Drug Administration has granted orphan drug designation to its wholly owned asset bexmarilimab, for the treatment of acute myeloid leukemia. Orphan drug designation gives intellectual property cover and data protection to investigational drugs, as well as potential tax credits on eventual US sales of an approved orphan drug. Bexmarilimab is an immunotherapy designed to overcome resistance to existing treatments for acute myeloid leukaemia, a type of cancer, and myelodysplastic syndromes. ‘Receiving Orphan Drug Designation from the FDA signifies our continued progress and commitment to develop bexmarilimab as a potential treatment for AML,’ says Chief Medical Officer Marie-Louise Fjallskog. Also reports no revenue in the first half of 2023, unchanged year-on-year. Pretax loss widens to €13.7 million from €13.1 million.
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AIM - LOSERS
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Pelatro PLC, down 73% at 0.80p, 12-month range 0.69p-24.50p. The marketing software provider decides to cancel shares from AIM market in London, citing costs, management time required, and regulatory burden of maintaining a listing. It will announce schedule for the cancellation, including date of general meeting for shareholders to vote on the plan, ‘in due course’. It will put in place a matched bargain facility to help shareholders buy and sell shares after the delisting. Nic Hellyer resigns as chief financial officer. Leaves board immediately but will remain with company to help with the share cancellation and financial reports. Pelatro says Bangalore-based finance function remains unaffected.
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