RNS Hotlist: Beowulf, DeepVerge, Firering, Hydrogen Utopia, Nanosynth, Omega, Sareum, Tekcapital

DeepVerge (DVRG) announced that its new consumer offering, Skin Trust Club, powered by Labskin, has generated more than £1m in sales and signed 20 new sales and marketing agreements with new era skin care companies so far this year, opening up multiple routes to potential new revenues and market audiences across the UK and US. The company said it is delivering a personalised beauty service experience to the consumer on a platform that enhances the revenue streams of Labskin, Skin Trust Club and its skincare clients.

Valereum (VLRM), the Gibraltar-based technology group, announced its financial results for the year ended 31st December 2021. The company said the two major developments during the year were the taking of an option over 80% of the Gibraltar Stock Exchange and secondly the development of our Non-Fungible Token strategy. It said that a core focus of Valereum remains bridging the nascent crypto world with the developed legacy asset markets. To that end, it is working to make markets more accessible and efficient for all users.

Hydrogen Utopia International (HUI), the waste plastics to hydrogen technology group, said that in the light of global supply chain disruptions and extended component lead times attributable to a mixture of Covid and geopolitical factors, it has extended the term of the 40,000,000 Warrants issued to investors as part of the Company's IPO until 6th January 2026. HUI also added that its accounts should have said that depreciation of the chamber is expected to commence from the beginning of the 2025 financial period, the chemical conversion chamber being expected to become operational during 2024, in the absence of any further unexpected delays.

Beowulf (BEM) announced that it has agreed loan financing from a Nordic Institutional Investor of SEK 22 million (approximately £1.76 million) before expenses. The funding will be used to advance the company's projects and achieve key milestones, with the focus being on Kallak. With the award of the Kallak North Exploitation Concession and the appointment of Ulla Sandborgh as CEO of Jokkmokk Iron, the company said that this financing builds momentum.

Firering (FRG), an exploration company focusing on critical minerals, has increased its stake in its flagship Atex Lithium Tantalum Project in Côte d'Ivoire from 51% to 77%. The company said it is making rapid progress at Atex with the commencement of its 3,000m diamond drilling programme with eleven drill targets identified to intercept the potentially lithium-bearing pegmatite veins - marking a “huge step forward” in its exploration work.  

Sareum Holdings (SAR), the specialist drug development company, noted that GSK has completed its acquisition of Sierra Oncology, Inc, the licence holder for SRA737 (a novel Chk1 inhibitor), for $1.9 billion in cash. The acquisition was approved by Sierra's shareholders on 29 June 2022. Under an amended $299m licensing deal on SRA737 between Sierra and CRT Pioneer Fund LP, Sareum is eligible to receive a 27.5% share of any future milestone payments as well as royalties on any future sales. The dosing of the first patient with SRA737 in any new clinical trial would result in a $2.0m payment from Sierra (now GSK), with 27.5% of this due to Sareum.

Nanosynth (NNN), the AIM quoted company specialising in nanoparticle, announced a strategic update further to its notification of 1 June 2022. The company said the business is now ten months into its turnaround strategy following the appointment of Mark Duffin as CEO in September 2021, and whilst the Company understands and appreciates shareholders' “frustration” at the speed of progress and irregular newsflow, the group would like to emphasise that “good momentum” is being gained and updates are being provided to shareholders when appropriate to do so.

Omega (ODX), the specialist medical diagnostics company, said that after receiving a number of indicative offers, the company has now selected a preferred bidder to acquire its CD4 business. On 2 July 2022, Omega and the preferred bidder signed Heads of Terms in relation to the sale of the Company’s CD4 business, which manufactures and supplies VISITECT® CD4 and VISITECT® CD4 Advanced Disease tests. The preferred bidder has now been granted four weeks in which to complete the remainder of their due diligence, and the transaction is expected to complete shortly thereafter, including a significant up-front cash payment and a future royalty stream linked to VISITECT® CD4 test sales.

Tekcapital (TEK), the UK intellectual property investment group, said that MicroSalt, Inc., the U.S. operating subsidiary of Salarius, Ltd. has provided an update of its commercial activities. Tekcapital said that based on the rapid progress of MicroSalt and the global opportunity to convert their patented, first-mover advantage into a potentially significant position in the low-sodium salt market, it is considering a listing of MicroSalt on the London market in 2023.