SMALL CAP MOVERS: Faron Pharma shares rocket as it rakes in money to bankroll new cancer drug
Cancer drug developer Faron Pharma has been on a tear, with the share price up 350 per cent in the year to date.
The momentum continued this week as the stock rose 60 per cent to 240p on news of a £7.5million cash injection that will help the group finance a clinical trial of its new drug Clevegen.
Clevegen has been designed to recognise cancer and break the cell’s protective shell.
On the up: Cancer drug developer Faron Pharma has been on a tear, with the share price up 350 per cent in the year to date
Ultimately, if it is successful, this new breed of treatment could be used in combination with PD-1 inhibitors, another treatment method, to tackle the killer disease.
Faron’s boss, CEO Markku Jalkanen, said the trial will allow the firm to ‘clarify [the] full potential’ of Clevegen, with a view of sharing that data with the US Food and Drug Administration, which approves drugs for the American market.
The AIM All-Share was up 0.4 per cent at 894 in the week, while the FTSE 100 rose 1.1 per cent to 7,380.
Turning to the mining sector, Amur Minerals received a welcome boost in the form of new funding this week after a £1.2million investment from an unnamed asset manager sent the shares up 62 per cent to 3p.
Investors also took a shine to KEFI Minerals, which surged 52 per cent to 1.2p after it resolved several administrative roadblocks with the Ethiopian government regarding its Tulu Kapi gold project.
State administrative arrangements had held up the closing of project financing past the originally set date of 31 October, but the gold explorer and developer said the project can now proceed.
Video game group Frontier Developments levelled up as the launch of its highly anticipated new game, Planet Zoo, sent the shares 13 per cent higher to 1,234p.
Hotly anticipated: Video game group Frontier Developments levelled up as the launch of its highly anticipated new game, Planet Zoo, sent the shares 13 per cent higher to 1,234p
Planet Zoo’s launch, which saw it hit the number-one bestseller spot on gaming platform Steam, coincided with an announcement that Frontier’s new publishing arm, which has already signed two partnerships with third party development partners to work on new games, is discussing more deals.
Aukett Swanke found itself on the rise, leaping 52 per cent to 2.3p, as the architecture firm said it expected to make a profit for its current year.
The announcement represents somewhat of a turnaround for the group, which saw its share price dive back in January when it posted a loss of £2.54million for the year to 30 September.
AFC Energy ascended 29 per cent to 6.3p as it unveiled four new brands as its inaugural product line of hydrogen power technologies.
The new products include HydroX-Cell(L) and HydroX-Cell(S), zero-emission fuel cells that use hydrogen to generate power.
Gambling software firm GAN also saw its numbers come up as it forecast that revenues for 2019 will more than double year-on-year. The news sent the shares spinning 32 per cent higher to 162p.
Among the fallers, news of the UK government’s ban on fracking last weekend sent shares in IGas down 15 per cent to 31p.
The company is an investor in the Gainsborough Trough, a fracking project in the East Midlands whose future is now in doubt following the government’s decision.
Another investor in Gainsborough, Egdon Resources was also on the slide, plunging 37 per cent to 2.8p in the wake of the ban.
Kitchen cleaning services firm Filta was tarnished after a cut to its earnings forecasts for the full year sent the stock down 21 per cent to 150p over the week.
LightwaveRF saw its share price dim considerably, falling 32 per cent to 4.2p after it warned that its fourth-quarter revenues will be significantly below market expectations while losses were predicted to be higher than forecast.
Investors in cybersecurity firm Defenx were also sent scrambling for the exit as the software group unveiled its plans to delist from AIM, causing the share price to crash 80 per cent to 0.6p.