SMALL CAP MOVERS: Eve Sleep plans French expansion


SMALL CAP MOVERS: Eve Sleep plans French expansion but raw material shortage is a drag; Quadrise Fuels makes potential breakthrough deal

Quadrise Fuels shot up 55 per cent to 3p this week after making a deal with the world’s second largest shipping company.

Mediterranean Shipping Company will trial Quadrise’s MSAR synthetic fuel formulation in its fleet of commercial container vessels and, if it goes well, it will adopt it as its fuel of choice.

After perfecting its proprietary fuel for two decades, Quadrise seems to finally have reached a breakthrough.

Eve Sleep admitted that possible raw material shortages will hinder near-term growth

Eve Sleep admitted that possible raw material shortages will hinder near-term growth

MSAR is made from the thick, almost solid residues left when lighter fractions such as gasoline and diesel have been distilled from the crude oil which are then mixed with a small amount of water and speciality chemicals.

What’s created is a synthetic heavy fuel oil which is around one-third water that can be used as a more eco-friendly replacement for diesel or heavy fuel oil.

Quadrise may be one to benefit from the new United Nations’ regulations to limit the environmental impact of maritime fuel oil.

In the very different world of mattresses and posh pillows, Eve Sleep dropped off by 11 per cent to 5p after admitting that possible raw material shortages will hinder near-term growth.

On the upside, the online retailer plans to further expand its French business after revenue jumped 18 per cent in the second half of 2020, driving full-year sales up 6 per cent to 325million.

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Turning to the wider market, the AIM All-Share rose 1.4 per cent to 1,191 this week, outperforming the FTSE 100, which shed 0.8 per cent to 6,675.

Looking at the risers, Microsaic Systems soared 80 per cent to 0.3p after raising £5million via an oversubscribed but discounted placing as well as overhauling its board with the appointment of a new chairman and a non-executive director.

It was a busy week in the life sciences sector, with one of the big climbers being Faron Pharmaceuticals as it shot up 62 per cent to 449p after realising its precision cancer drug, bexmarilimab, could be more effective than previously thought. The firm also revealed the US Department of Defense is backing a trial on Covid-19 treatment.

Meanwhile, Angle surged 21 per cent to 74p after research showed that its Parsortix liquid biopsy can identify a certain type of cancer cell that indicates metastasis, which is when the disease spreads throughout the body.

Evgen Pharma rose 12 per cent to 11p after its leading compound SFX-01 was shown to block a protein present on many types of cancers, so it can be used to develop treatment. It also achieved another pre-clinical landmark, which suggested SFX-01 could also potentially provide a potent treatment for glioma and glioblastoma.

Wrapping up medical sector news, cell engineering specialist MaxCyte advanced 13 per cent to 690p after forecasting revenue growth in 2021 after achieving better-than-expected performance for the year just gone.

Among the fallers, Asiamet Resources lost a third of its value to 3p because Indonesian miner PT WIN, which agreed to buy the junior miner’s BKM copper project in the country, has been dragging its heels with a promised initial payment of $2.5million.

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Advanced engineering materials group Versarien reversed 27 per cent to 48p after revealing half-year losses before tax doubled to £4million as revenues dropped 29 per cent due to the impact of the pandemic.

Oiler 88 Energy tumbled 22 per cent to 0.4p off the back of news that it is minimising spending until there is more clarity over its oil exploration assets in Alaska. It comes in the first days of the Biden administration which has seen the US seek to rejoin the Paris Accord and row back on certain energy sector policies from the Trump era.

Elsewhere, Sabien Technology slipped 18 per cent to 0.1 in its first week back on AIM after suspension because it scrapped the proposed acquisition of Ptarmigan Health Destinations. The energy efficiency products supplier couldn’t secure the required regulatory approvals and was risking cancellation.

Blood monitoring device producer Deltex Medical was down 14 per cent to 1p after posting a 44 per cent revenue slump to £2million because of fewer elective surgeries worldwide.

In the week’s initial public offers news, battery distributor Supreme, which has Duracell, Panasonic, Energizer and Eveready on its roster, announced it is seeking to debut on AIM in early February.

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