The shares of MGC Pharmaceuticals boomed after Covid-19 treatment in the US gained over-the-counter (OTC) status.
ArtemiC will be available in Pharmacy Based Management networks from April this year. The news propelled shares 20 percent higher to 0.54p.
AMC Pharma, acting as MGC’s distribution partner in the US, quickly raised $2 million worth of ArtemiC once granted OTC status, which will be delivered in two installments in the second half of this year.
Audioboom said it will continue over the next two years to produce, distribute and monetize Formula 1’s two official podcasts, which together have been downloaded 80 million times since 2018
The AIM and ASX-listed group added that AMC is looking to expand the locations where the drug will be available, negotiating with US pharmaceutical networks and independent pharmacies.
Two of the largest fundraisers for growth companies, Cenkos and finnCap, announced this week that they will be merging in a £42m all-share transaction.
Once the deal closes, the combined company will have 210 customers and 230 employees and will be led by joint CEOs John Farrugia and Julian Morse.
The recommended offer follows a failed takeover of finnCap by Panmure Gordon from Bob Diamond, though that deal fell through in November.
The two fundraisers listed on the AIM list have felt the effects of war in Ukraine, coupled with the cost of living crisis and base rate hikes, all of which have led to a shortage of IPOs in the growth market in the past 12 months.
Shares in finnCap have fallen by 57 percent to 12.2 pence in the past year Cenkos has lost 46 percent of its value to 40.4 pence in the same time, though shares of both companies are up about 2 percent thanks to the recommended offer.
In terms of the broader market, the AIM All-Share index enjoyed a relatively stable week amid the global banking turmoil, rising 0.25 percent to 803.84 points. Still, it was unable to match the blue-chip index’s performance with the FTSE 100 rising 1 percent to 7,412.
Sticking to the pharmaceutical space, Fusion antibodies climbed 8 percent to 32 pence after filing a cancer-related patent.
The contract research organization, which provided research and other services for therapeutic antibodies, said preclinical data suggested the antibodies could potentially inhibit pro-tumour-causing activity.
However, it was not such good news for it Renalytix after the FDA delayed review of its application for marketing authorization for KidneyIntelX De Novo.
Shares fell 13 percent to 82 pence on the week.
Elsewhere on AIM, Audioboom shares raced ahead and gained 11 per cent to 430p, after announcing the extension of its deal with Formula 1.
Over the next two years, the company will continue to produce, distribute and monetize motorsport’s two official podcasts, which together have been downloaded 80 million times since 2018.
Manufacturer of fancy mixers fever tree was able to shake off a planned price hike as the shares soared higher, rising 15 percent to 1,200 pence. Looking ahead, the company maintained its sales guidance of £390-£405m, expressing confidence in achieving 13 to 18 per cent year-on-year growth.
SRT Maritime Systemsthe global provider of marine awareness systems and technologies, rallied after completing a landmark system contract.
The group signed a formal letter of intent for a new £145 million coastguard project to provide a turnkey maritime surveillance system.
Among some of AIM’s moist firecrackers, Tribal Group‘s ongoing dispute with Nanyang Technology University continues to weigh on its shares, which lost 17 percent this week to 36.2 pence.
The education support services group said it rejected the University of Singapore’s attempt to terminate the contract and is considering options for next steps.
Anpariothe manufacturer of natural, sustainable feed additives, continues to suffer from the current market conditions.
Shares fell 30 percent and traded hands for 218 pence after reporting a 1 percent drop in revenue and a 25 percent drop in adjusted underlying earnings in 2022 compared to 2023, while the current year also started off weak.
Increasing losses Longboat energy saw shares fall 16 percent to 8.7 pence, with the exploration and production company adding that after a “due investigation,” it may need to turn to the market to raise funds.
Losses for 2022 were £15.5 million, an increase of around 230 per cent on the previous year.
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