TRADING UPDATES: Shaires completes Anthropic and Stripe investments
The following is a round-up of trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:
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Renalytix PLC - London-based diagnostics company - Signs multi-year agreement with Quest Diagnostics to make the Renalytix kidneyintelX.dkd blood test available to physicians and patients in the US. The companies will establish a programme enabling US healthcare providers to access and order the test through Quest. Notes that the blood test "enables earlier, guideline-directed care before patients reach high-cost clinical milestones, such as dialysis or transplantation". Says Quest, which provides diagnostic information services, serves approximately half of US physicians and hospitals. Expects the test to be available for physician ordering through Quest's connectivity services in the first quarter of 2027. Adds that the agreement gives Quest the option to in-license kidneyintelX.dkd once certain commercialisation milestones are achieved. Also, Renalytix announces a fundraise to support the new strategic collaboration. Intends to raise at least approximately £9.5 million gross through a placing and subscription, plus a separate retail offer, at 6 pence per share. Adds that a fund advised by Heights Capital Management Inc intends to convert all of its outstanding bonds, worth approximately USD4.7 million, into around 57.4 million new shares. Finally, Renalytix says revenue totals approximately USD3 million for the year ended June 30, and that it "has been maintaining a restricted fixed overhead across the business".
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Medpal AI PLC - London-based digital health and AI company - Welcomes Eli Lilly & Co's announcement on Friday that the US Food & Drug Administration has approved tirzepatide, brand name Mounjaro, as a treatment to lower the risk of major adverse cardiovascular events, including cardiovascular death, heart attack and stroke, in high-risk adults with type 2 diabetes. Medpal says this "marks the point at which GLP-1 medicines move beyond weight loss and diabetes into the prevention of heart attacks and strokes". This "dramatically" widens the addressable market for its New Health clinic, with the company noting that the UK opportunity, with over 4.7 million people diagnosed with diabetes, is of a similar scale to that in the US. Notes that the European Medicines Agency added the cardiovascular outcome data to Mounjaro's EU product information in June, although no UK label change has been announced. Also says that Eli Lilly's GLP-1 weight loss pill Foundayo is now available through New Health. "Every time the science widens, the market follows suit and this is the biggest expansion yet," comments Founder & Chief Executive Officer Jason Drummond.
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Ondine Biomedical Inc - Vancouver-based antimicrobial therapies developer - Announces positive top-line results from the "pivotal" phase 3 Lantern trial, which evaluated its nasal photodisinfection technology for the prevention of surgical site infections. Says primary analysis estimated a 40% relative reduction in 30-day SSIs compared with standard infection-prevention practices alone, and met the trial's pre-specified criterion for treatment benefit. Says 5,188 patients were enrolled across 18 hospitals in the US and Canada, with no treatment-related serious safety concerns identified in the topline review. Ondine says it plans to share detailed results with the US FDA and engage through the pre-new drug application process before submitting a formal marketing application. "The Lantern results represent an important milestone for Ondine and for our development programme in surgical site infection prevention," comments CEO Carolyn Cross.
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Shaires Holdings Ltd - late-stage technology and AI-focused investor, formerly known as Jade Road Investments Ltd - Completes acquisition of indirect interests in Anthropic and Stripe, for USD16.2 million and USD9.2 million respectively, through a USD25.4 million investment in a special purpose vehicle holding indirect beneficial interests in both firms. Says the Anthropic interest is worth approximately USD589.01 per share, and the Stripe interest around USD63 per share. "The completion represents an important milestone in the build-out of Shaires' initial portfolio, providing shareholders with exposure to two of the world's leading private technology companies at a time of continued rapid development across artificial intelligence and the infrastructure supporting its adoption," Shaires says.
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Croma Security Solutions Group PLC - Whiteley, England-based security services provider - Completes the acquisition of commercial locksmith business A Butler & Sons Ltd, which operates as William Channon. Estimates consideration at £1.0 million, based on the target net asset value at completion, upon which an initial £600,000 was paid. The remainder is due following the repayment of the seller's intra-group loan and finalisation of the completion accounts. Croma says William Channon has built up a significant long-term client base within the arts sector, and is particularly focused on London-based museums and universities. Says Channon is currently operating at a level below its profit potential, having reported a pretax loss of around £60,000 and turnover of £1.1 million for 2025. Adds, however, that the acquisition gives Croma its first strategic London presence, with "clear opportunities to realise operational efficiencies and cost synergies." It "intends to leverage its own broader capabilities to expand the range of security services offered to William Channon's customers, particularly to its larger corporate clients." "From an operational perspective, there is significant scope to improve profitability through restructuring initiatives and the removal of duplicated overheads between the two businesses," Croma CEO Roberto Fiorentino says. "Combined with the opportunity to broaden the service offering and increase penetration within the existing customer base, we believe the business has strong potential to become a valuable and profitable part of the group."
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