power energyShares shot to the top of the small-cap chart this week after putting an evidently frustrating patent dispute with Onunda (formerly GetGo Recycling Limited) over European patents in the rearview mirror.
Powerhouse said the dispute, initially brought by GetGo in October 2023 at the High Court in London, was successfully resolved, paving the way for further patent applications in Europe and abroad.
“This is an important step forward for Powerhouse and I am pleased that this matter has been resolved,” said Powerhouse CEO Paul Emmitt.
“The entire process has been time-consuming and a major distraction for the team over the past seven months.”
Powerhouse Energy shares soar after the patent dispute, initially brought by GetGo to the High Court in London, was successfully resolved.
It was a positive week for Powerhouse patents as it was granted a UK patent providing intellectual property protection around the use of recirculated syngas.
“We are delighted to have been awarded this GB patent, which will allow us to accelerate the development of commercial applications for our technology,” said Emmitt.
The result? Powerhouse shares rose 89 percent on Friday.
The youth market in general was buoyant, although not particularly interesting. A brief spike in activity on Monday sent the AIM All-Share Index to a year-to-date high before correcting steadily in the following days. It closed 1.4 percent higher at 805.
In blue-chip stocks, a week packed with large-cap earnings was not enough to boost the FTSE 100, which closed down 1.3 per cent.
A very disappointing retail sales figure on Friday surely didn’t help. Sales over the course of April fell 2.3 percent month-on-month, down from a 0.2 percent drop in March and worse than expectations for a 0.4 percent drop.
Following the disappointing figure, EY analysts predicted the UK economy would cool in the current quarter.
Roquefort Therapeutics was one of the main drivers in the biotechnology space. The shares rose 20 percent after signing a term sheet to license its Midkine antibody portfolio to Dubai-based PDC. The deal includes an initial payment of $10 million.
Roquefort will also receive a non-dilutive equity interest in a special purpose vehicle (SPV) that PDC will use to develop the Midkine antibodies. The exclusive worldwide license will last for 20 years.
aptamer group Shares rose 10 percent after the company announced a deal to develop a new diagnostic tool that could improve early detection of cervical cancer.
Arecor Therapeutics‘ The shares rose 11 percent following the release of encouraging testing data and the subsequent increase in its price target by a major bank.
The positive trial results demonstrated the potential of Arecor’s therapeutic candidates, while the increase in the target price reflected greater confidence from financial analysts.
CT Automotive Group Shares rose 20 percent following the announcement that its operations had recovered strongly after the pandemic.
The company reported improved sales and operating performance as market conditions normalized.
On the mining front, skyrocketing gold prices and the formal launch of its Tulu Kapi mine in Ethiopia sent KEFI Gold and CopperIt’s 11 percent higher.
KEFI said it formally launched the project after a decision by the board of directors of local affiliate TKGM, which includes representatives from the Ethiopian federal and Oromia regional governments.
“Our timing of launch fortuitously coincides with improving conditions in Ethiopia and all-time high gold prices,” said KEFI CEO Harry Adams.
Buoyant gold prices may also have contributed to Katoro GoldThe 20 percent rebound.
Clean technology company. EQTEC cebt surged an extraordinary 68 percent after it told investors it had agreed to a refinancing of its existing secured credit facility with YA and Riverfort.
“We are delighted to secure a new term loan with our secured lenders, which we believe is a positive development for EQT,” CEO David Palumbo said in a statement.
united oil and gas plc jumped 36 percent after reaching a settlement with its debt provider for a final outstanding sum of $839,200.
“This leaves the company free to concentrate its efforts on advancing its other assets, particularly the Jamaica work program and the rights transfer process,” the group said in a statement.
Finally, naked wines Chief executive Robrigo Maza said the group is becoming “more agile and stronger” in comments accompanying the company’s pre-closing trading update.
“With higher cash levels, a moderate decline in sales and demonstrable underlying profitability, we have a strengthening platform from which to build as we continue to move towards profitable growth,” he said in the statement.
Shares posted gains of 24 percent for the week.