The Morning News Update with AstraZeneca, Home Retail Group and Sound Oil

1 mins. to read

FTSE 100

AstraZeneca (AZN) – announces a global licence agreement with AIM listed Synairgen for SNG001, a novel, inhaled interferon beta (IFN-beta) in clinical development for treating respiratory tract viral infections in patients with severe asthma. AstraZeneca will pay Synairgen a $7.25 million up-front fee and potential development, regulatory and commercial milestones of up to $225 million. In addition, AstraZeneca will pay tiered royalties ranging from single-digit up to mid-teens on commercial sales. AstraZeneca will be responsible for future development costs.

FTSE 250

Home Retail Group (HOME) – expects to deliver full year Group benchmark profit in line with current market expectations.

Galliford Try (GFRD) – the bid consortium of which it is a member, Connect Roads, has been selected as preferred bidder for the design, build, finance and operation (DBFO) of the Aberdeen Western Peripheral Route / Balmedie to Tipperty Project.

PZ Cussons (PZC) – performance for the year ended 31 May 2014 has been in line with management expectations with sterling profits for the year expected to be approximately 6% higher than the previous year.

Balfour Beatty (BBY) – is part of a consortium which has been selected as preferred bidder for the Aberdeen Western Peripheral Route/Balmedie-Tipperty Project.

Small caps

Surface Transforms (SCE) – revenue in the year ended 31 May 2014 was approximately £1.3 million. Whilst this is below market expectations, it represents an 18% increase in revenue over the previous year. This shortfall in revenue will adversely affect the company’s expected loss before tax for the year.

Imperial Innovations (IVO) –  has invested a further £1.5 million in Cortexica Visual Systems Ltd. the visual search company.

Sound Oil (SOU) – has received the formal award of the D.R74.AP Permit (previously the D150DR-CS Permit) from the Italian Ministry of Economic Development. 

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