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Nanoco Group

Executive interview - Nanoco Group

Edison TV: | Technology | 20 Nov 2017

CEO of Nanoco, Dr Michael Edelman, discusses the operational highlights of the last year, which included the first commercial orders for the company’s cadmium free quantum dots in computer displays. He explains why the commercialisation cycle has been more protracted than initially thought but expresses confidence that the company now has a healthy pipeline of potential customers moving closer towards commercial orders. Michael also provides an update on the company’s competitive positioning, and the developments of the technology for non-display applications. Finally, Michael talks about the milestones that investors should be looking for in 2018.

Quantum Genomics

NEW-HOPE trial launched

Update | Pharmaceutical & healthcare | 05 Oct 2017

Quantum Genomics recently announced H117 financial results and gave a business update for the first three quarters of the year. It highlighted the results of its Phase IIa trial for QGC001 in hypertension and the launch of the NEW-HOPE study in 250 hypertensive overweight patients across 25 major hospitals in the United States. The company is expecting to complete its 75-patient Phase II study of QGC001 in heart failure by the end of the year, with data expected in H118.

Nanoco Group

Cadmium to be prohibited from October 2019

Flash note | Technology | 09 Aug 2017

Proposed amendments (subject to ratification) to the Restriction of Hazardous Substances Directive (RoHS) by the European Commission recommend a two-year more restrictive extension to the exemption of cadmium in quantum dot displays, subsequent to which the use of any cadmium in electronic devices sold within the EU will be banned. The use of cadmium in lighting products will be prohibited with immediate effect. The judgement has little impact on our investment thesis, as we believe that commercial factors for cadmium-free adoption are already strong.

Nanoco Group

First commercial orders

Update | Technology | 30 Jun 2017

The receipt of first orders from Wah Hong was an important step forward. Just as importantly, the CFQD product is now being evaluated by 13 major OEMs for 16 programmes, giving confidence that revenues are now set to ramp up, as more programmes progress through the pipeline and shipment volumes increase. We also note that the exit of 3M, one of (Nanoco competitor) Nanosys's film partners should be helpful. A £485k grant for Nanoco from Innovate UK to develop quantum dots for the detection of Pancreatic cancer reminds us that there is more to the company than just display - other non-display applications include lighting and solar power generation. Nevertheless in the near term, the investment case will hinge around progress in display.

Quantum Genomics

QGC001 clinical results

Update | Pharmaceutical & healthcare | 27 Jun 2017

Quantum Genomics announced the results from the 34-patient Phase IIa study of QGC001 for the treatment of mild to moderate arterial hypertension. It showed a 2.7 mmHg placebo-adjusted reduction in the primary endpoint of ambulatory systolic blood pressure (SBP, p=0.16) and a 4.7 mmHg reduction in in-office SBP (p=0.15). The p value improved to p=0.06 using a multivariate analysis, which is encouraging given the trial size, albeit slightly non-significant. Data from this study will be used in the design of the US-based Phase IIb hypertension trial, starting in H217.

Nanoco Group

Next generation display collaboration

Flash note | Technology | 22 May 2017

Nanoco has announced via RNS Reach a collaboration and joint development agreement with Kyulux to co-develop next generation display technologies. The aim of the collaboration is to combine Nanoco's cadmium free quantum dots with Kyulux's next generation OLED technology. The goal is to create supercharged hybrid OLED/Quantum dot devices able to emit greater amounts of light, which are required for the future generation of QLED/OLED televisions.

Nanoco Group

Quantum leap

Initiation | Technology | 11 May 2017

We believe that factors are finally aligning to support adoption of Nanoco's quantum dots in the 250m+ unit per year TV and computer display markets. With a large addressable market and an operationally geared model, it does not take aggressive assumptions for earnings to scale and the rating to look very inexpensive. We believe a substantial re-rating upwards would be justified as support for our estimates builds.

Nanoco Group

Executive Interview - Nanoco Group

Edison TV: | Technology | 05 Apr 2017

Dr Michael Edelman, CEO of Nanoco Group, discusses the progress the company is making towards securing its first commercial orders and in securing a strong position in the display supply chain with its key partners Merck, Dow and Wah Hong. He discusses progress for Nanoco’s quantum dots in applications outside TV display, particularly the high-end PC monitor market, but also in lighting, healthcare and solar technologies. He also provides insight into the company’s cash levels and funding position and discusses the key milestones that investors should look for in the remainder of the company’s fiscal year and beyond.

Quantum Genomics

Accelerating clinical studies

Update | Pharmaceutical & healthcare | 04 Apr 2017

Quantum Genomics reported its yearly results, which highlighted the significant progress the company has made towards the commercialisation of its product, QGC001, for treatment of hypertension (HT) and heart failure (HF). In 2016, the company both completed a 34-person Phase II HT trial (results expected June 2017) and initiated a 75-person European Phase II trial examining the drug for HF (results early 2018). The company is also set up to initiate a US Phase II for HT in H217.

Quantum Genomics

The next generation of cardiac drugs

Initiation | Pharmaceutical & healthcare | 28 Nov 2016

We are initiating coverage on Quantum Genomics, a biopharmaceutical company investigating brain aminopeptidase A inhibitors, a new class of drug, for the treatment of hypertension and heart failure with a completed and an ongoing Phase IIa study, respectively. This pathway has been implicated in patients with complicated hypertension including those who are resistant to other treatments (25%) and 52% of hypertensive African Americans. We initiate with a valuation of EUR 172m.

Creston

Slower H1, better momentum H2

Update | Media | 24 Nov 2015

Creston's interim results outline a busy period of acquisitions, start-ups, investments and partnerships, which are showing through in a strong new business performance, with some high-profile names added to the client roster. This is tempered by the twin impacts of currency movements and the slower start to the year o previously signalled o but of a larger quantum than expected in the health sector. Underperformance of the share price has left the valuation at a discount to peers, which should correct once profits and earnings are more robustly moving in the right direction.

Quantum Pharmaceuticals

Dominating niche prescription market segments

Update | Pharmaceutical & healthcare | 11 Dec 2014

Quantum Pharma is a leading player in the UK's Specials market, where its breadth of specialist product offering coupled with high service levels suggest it is well placed to capture additional share. However, the medium-term growth should be driven by the Colonis business as it converts the best-selling lines of specials into licensed products that offer greater sales at higher margins. Our valuations, based on earnings multiples and a DCF, suggest a range of £141m to £165m (113.0p to 131.8p a share).