ECR Minerals higher after buying site at Creswick prospect

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ECR Minerals PLC (AIM:ECR, FRA:IZGH) advanced 12% to 1.875p before close after buying a site for a base for a mine at its Creswick prospect in Victoria for A$500,000 in cash.


The property, 35 Brewing Lane, Springmount, also contains 16 acres of land within the licence area


Craig Brown, ECR’s chief executive, commented: “We intend that the property will provide the company with an operational base and, in future, can be developed as a site for the decline access to existing, and potential, vein mineralisation.”


“Earlier this year, we reported strong results from the [ongoing/current] drilling programme at the Creswick license which has continued to delineate gold mineralisation along strike, with all assayed holes returning gold.”


2.20pm: Evgen Pharma climbs after candidate granted orphan drug designation


Evgen Pharma PLC (AIM:EVG, FRA:8EV) climbed 24% to 7.94p in the early afternoon after its SFX-01 drug has been granted an orphan drug designation by the US Food and Drug Administration for the treatment of malignant glioma.


“We are delighted that our team and advisors have successfully gained Orphan Drug designation for SFX-01 in the US in a very short period of time,” said chief executive Dr Huw Jones.


“This is part of a wider strategy to access the US market and positions us well for further investigations of our lead asset in this devastating brain cancer as we continue to optimize SFX-01 for clinical trials and eventually partnering.”


1.10pm: Lekoil tumbles after securing GBP200,000 facility


Lekoil Limited tumbled 33% to 1.025p in the afternoon after entering a convertible facility agreement with Hadron Master Fund, TDR Enterprises Ltd (a company controlled by non-executive director Tom Richardson) and a non-related third party.


The oil and gas exploration and production company, which focuses on Nigeria and West Africa, will be able to access up to GBP200,000 for working capital purposes.


Half will be available immediately and another half from October onwards, for a total term of six month.


11.50am: Tiziana Life Sciences surges on exclusive licensing agreement with Precision BioSciences


Tiziana Life Sciences PLC (LSE:TILS, NASDAQ:TLSA, FRA:RTRA, OTC:TIZAF) surged 19% to 73p after signing an exclusive licensing agreement with Precision BioSciences (NASDAQ:DTIL).


The pair will explore the use of Tiziana’s foralumab monoclonal antibody (mAb) to enhance the next generation of CAR-T therapies. CAR-T, or chimeric antigen receptors cell therapy, is at the vanguard of treating blood-borne cancers but, while a number of these new therapies have been clinically successful, relapse rates remain high, limiting widespread use.


Precision is taking a new approach to development with its allogeneic CAR-Ts and gene correction therapies using its ARCUS genome editing platform to overcome some of the challenges and broaden usage to solid tumours.


The US firm is hoping to use foralumab, Tiziana’s clinical-stage fully-human mAb, as a lymphodepletion or ‘tolerising’ agent to improve the long-term success of CAR-T in cancer treatment.


10.40am: EnQuest slips on downbeat outlook statement


EnQuest PLC slipped 9% to 23p after admitting that 2021 average net Group production is expected to be at the lower end of the guidance range of 46,000-52,000 barrels of oil equivalent per day.


In the six months to 30 June, production averaged 46,187 barrels of oil equivalent per day, down from 66,055 a year ago, though revenue rose to US$518mln thanks to higher oil prices.


“Performance at Kraken has been good with the FPSO performing well, while production at PM8/Seligi has been better than expected as a result of the acceleration of initial restoration activities following the riser detachment. Production at Magnus has been impacted by topside related well performance but our production enhancement programme has partially recovered the well potential and we expect further recovery over the remainder of the year,” said chief executive Amjad Bseisu.


In the FTSE 100, Unilever PLC (LSE:ULVR) was down 2% to 3,944p after JP Morgan downgraded the stock to ‘underweight’ from ‘neutral’ and cut the target price to EUR44 from EUR49.


Analysts remain cautious on the European ‘staples’ sector as cost inflation and demand risks should hit next year’s results.


“In the face of earnings downside, risk of higher bond yields and valuation at all-time high, we believe the sector should continue to underperform.. The market has not yet fully appraise the risks into next year” the bank said.


9.20am: Mobile Streams top riser after LiveScore service beats expectations


Mobile Streams PLC (AIM:MOS) was the top riser on Thursday morning, jumping 19% to 0.28p on an update on its LiveScore service in Mexico, which was launched at the end of July.


The project exceeded its August subscriber target by 250% with over 3,500 subscribers now signed up. It’s expected to generate at least US$1.5mln over 3 years in additional revenue for the mobile content and data intelligence company.


Users of the service are charged US$1 each week via their phone bill and then revenue is passed directly to MOS on 30-day terms from its Mexican telco partner Telcel. The service will be rolled out to other markets in the coming months.


Elsewhere, InnovaDerma PLC (LSE:IDP, FRA:7W6) rose 6% to 34.5p as its two core brands, Skinny Tan and Charles + Lee, are now being sold directly to consumers via Amazon in the UK and the US.


They were historically available only through third parties.


InnovaDerma has also signed with talent agency Neon Management, which handles many of the UK’s top reality stars and influencers, to introduce its products to a new and younger demographic.


InnovaDerma said as part of a portfolio review it decided to sell or spin out the Prolong brand within three to five years and is in talks with a possible joint venture partner. Grow Lase is being discontinued following the review.

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