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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Emv Capital Plc | EMVC | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
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| 8.50 | 19.54% | 52.00 | 14:03:33 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 47.00 | 45.00 | 52.00 | 52.00 | 43.50 |
| Industry Sector |
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| SUPPORT SERVICES |
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Posted at 03/12/2024 13:25 by sev22 A share offer that's hard to refuse.Venture capital and fund firm’s offer to retail shareholders is well worth participating in. Published on December 3, 2024 by Simon Thompson *£1.5mn subscription and retail offer *Wanda Health investment generates 2,077 per cent capital return in only six months *£41mn directly held portfolio *£65.7mn managed and third-party funds under management *68 per cent share price discount to proforma value of portfolio post equity raise Aim-traded investment and fund management company EMV Capital (EMVC:49p), formerly Netscientific, is raising £1.5mn through a subscription and retail offer of new shares at 50p. Specialising in the deep tech and life sciences sectors, EMV aims to deliver shareholder value by identifying and investing in companies with transformative technologies both within the UK and internationally. The strategy focuses on achieving capital returns through the profitable exits of selected portfolio companies, as well as generating carried interest from a growing funds practice, which surpassed £100mn of assets under management in the first half of 2024. The growth in the fair value of EMV’s directly held holdings has been notable since I included the shares in my 2023 Bargain Share Portfolio. In particular, a cohort of four portfolio companies in which EMV invested £0.4mn of cash and £0.4mn of in-kind services are now worth £7.1mn. They account for almost a fifth of the £38.5mn valuation of EMV’s directly held unquoted investment portfolio. The hefty revaluations reflect the read through valuations when unlisted portfolio companies raise new capital. For instance, EMV’s 21.1 per cent stake in one of the four investee companies, plastic recycling technology business DeepTech Recycling, has been valued at £1.8mn following a syndicated fundraising round led by EMV. DeepTech offers an innovative solution to the environmental challenges of plastic pollution. Other investee companies set for large revaluations. In addition, EMV’s management revealed in the fundraising document that portfolio company, Wanda Health, is expected to complete a £1mn equity funding round on 6 December 2024 at a pre-money valuation of £5mn. In May 2024, EMV acquired a 30 per cent stake in the company for £62,000, which was paid for by in-kind services. Wanda Health has commercialised an intelligent platform for remote patient monitoring and virtual care. It collects data from patients' homes or community settings, and provides it to clinicians, highlighting high risks cohorts. Effectively, the platform provides healthcare providers with data to detect exacerbations early in patients with acute, chronic, and specialty diseases, helping them speed up interventions, prevent adverse events, and improve patient adherence. EMV’s fully diluted 22.5 per cent stake in Wanda Health will have a read through valuation of £1.35mn post this week’s funding round, representing almost a 22 times increase on its investment in only six months. Sensible use of EMV’s fundraise. The proceeds of EMV’s equity raise will be used for working capital, to develop the infrastructure of the company’s wholly owned corporate finance and venture capital firm in response to growth in the syndicated investor base, and to provide ‘dry powder’ for capital investments. That’s sensible given the valuation creation the approach is now delivering. EMV’s subscription offer is raising £0.88mn at 50p per share through a bookbuild process and the WRAP retail offer aims to raise £0.62mn from existing retail shareholders at the same price through participating financial intermediaries. The retail offer closes at 4.30pm on 4 December 2024, so you have a short timeframe to participate. It’s worth doing so given the undervaluation of EMV. To put this into perspective, the last reported £41mn director valuation of the directly held (quoted and unquoted) portfolio is more than three times the company’s market capitalisation of £12mn (49p). The portfolio valuation excludes the post period end £1.3mn uplift on the Wanda Health equity stake, half of which will be offset by the second half decline in the market value (from £2.5mn to £1.8mn) of EMV’s shareholding in Nasdaq-listed PDS Biotechnology Corporation (US:PDSB), a clinical-stage company that is developing cancer immunotherapies and infectious disease vaccines. Assuming full subscription of both the retail offer and subscription, EMV will have 27.36mn shares in issue, implying the directly held portfolio is worth around 152p per share, or more than three times the current share price. So, having outlined a strong investment case when I last suggested buying the shares, at 51.5p (‘A venture capital company on a huge discount’, 1 October 2024), I would recommend participating in the retail offer. BUY. |
Posted at 13/11/2024 10:30 by kingston78 The company is capitalised at £11.5 million now. I suggest that the directors offer shareholders a decent amount by taking it private, maybe with new PE investors joining them, hoping to float or realise the value of the promising investments in the future.The listing is meaningless, costing time, money and effort to maintain it but serving no purpose. |
Posted at 09/11/2024 08:50 by loafofbread Another deal.November 8, 2024 New York, NY – EpiBone, Inc., a leading regenerative medicine company at the forefront of skeletal repair, announces the successful close of a convertible note funding round led by Kendall Capital Partners, with participation from Lifespan Vision Ventures, EMV Capital plc , and others. This additional funding will propel EpiBone’s ongoing pipeline development, furthering its mission to revolutionize skeletal reconstruction on a global scale. “We are thrilled to have the continued support of Kendall Capital Partners, along with Lifespan Vision Ventures, EMV Capital plc, and other strategic investors, who share our vision of transforming skeletal repair through groundbreaking science,” said Dr. Nina Tandon CEO and Co-Founder of EpiBone, Inc. “This funding not only affirms the progress we’ve made but also empowers us to bring our innovative regenerative therapies to more patients in need as we explore Thailand and the United Arab Emirates, both emerging global centers of medical tourism.” David Zhu, Founding Partner of Kendall Capital Partners, added, “We are proud to lead a syndicate of institutional and strategic investors and family offices in this funding round to support EpiBone’s mission to revolutionize skeletal repair. Thinking globally from the outset is essential for cutting-edge technologies like EpiBone’s, as it accelerates commercialization and amplifies the scale of impact. EpiBone’s innovative approach is poised to transform the landscape of regenerative medicine, and we are thrilled to be part of their journey.” Dr. Ilian Iliev, CEO of EMV Capital plc commented, “Epibone is revolutionizing healthcare with their cutting-edge approach to personalized medicine, offering a solution that not only has the potential to improve patients’ lives but also redefine how we treat complex diseases. They are developing technology that will shape the future of healthcare and we are proud to continue to support this visionary team as they enter the exciting next chapter of growth and innovation.” EpiBone’s technologies represent advanced treatment modalities that leverage autologous and allogeneic stem cells, 3D bioprinting, and bioreactor technology to provide personalized, effective solutions for bone and osteochondral reconstruction. EpiBone stands on the frontier of regenerative medicine and seeks to disrupt the standard in musculoskeletal treatments. |
Posted at 16/10/2024 08:25 by 1gw Just trying to get a conversation going loaf. I looked at the interims for the values in my previous post, but there's more detail in the full-year results (prelims):£371k End-2021 £415k End-2022 £333k End-2023 based on Series C raise So we might presume that there will be a fresh valuation at end-year based on the implied equity value in the Series D raise just announced. This was from the 2023 prelims: "CytoVale Inc., (1.0% stake) remains privately held, and fair value has been established using the share price and company valuation from investments by third parties during November 2023 as part of an $84m Series C equity round that raised fresh cash of $53m and conversion of outstanding convertible notes. Fair value at year end was £333k (2022: £415k). This last observable price has been used to value the CytoVale equity investment at year end." And this from 2022 prelims: "CytoVale Inc., (1.0% stake) remains privately held, and fair value has been established using the share price and company valuation from investments by third parties during December 2019. CytoVale raised $15.0m all at the same price per share from VC, private investor and government sources. At the time this was the only observable valuation on which to value CytoVale. Fair value at year end was £415k (2021: £371k). This last observable price has been used to value the CytoVale equity investment at year end." |
Posted at 15/10/2024 19:32 by 1gw The sepsis test sounds very interesting. It's very difficult though to work out what new funding rounds mean for EMVC's interest because we don't know what rights come with the various funding rounds - do we?EMVC's stake was valued at £0.4m in the 2022 interims and the 2023 interims, vs the £0.3m in the latest interims. So it appears the value has gone down, at least before the Series D round. If you look at funding rounds, it appears they went as follows: $4.3m Series A 2014 (EMVC participated) $7.25m Series B 2017 $84m Series C November 2023 $100m Series D October 2024 So if EMVC's 1% equity, which was quoted in the 2022 interims (i.e. as of 30th June 2022), has remained unchanged up to the latest interims as of 30th June 2024 (i.e. after Series C), while the value appears to have gone down after the Series C raise then what have investors got who participated in the much bigger Series C and now Series D rounds? Have they got some sort of preferred equity, or warrants, or anti-dilution rights in future raises which EMVC doesn't have? i.e. is EMVC's "1%" likely to be materially diluted through rights held by Series C and D investors (maybe even Series B) if it ever gets to IPO or sale? |
Posted at 15/10/2024 17:58 by loafofbread According to our recent results we hold 1% valued at £0.3M. Same valuation as of 2 years ago.In that time Cytovale has raised $200M. $100M last week and $84M last Oct. I find it hard to believe that the company is still only worth £30M or $40M! Cytovale Completes $100 Million Series D Funding to Accelerate Commercial Expansion of its Rapid Sepsis Solution Cytovale Oct 10, 2024, 08:30 ET In the first 12 months on market, the ~8-minute FDA-cleared IntelliSep test has helped hospitals save lives and money while delivering patient-centered care These real world outcomes attracted investors to help accelerate commercialization and arm emergency departments across the U.S. with this early sepsis detection technology SAN FRANCISCO, Oct. 10, 2024 /PRNewswire/ -- Cytovale®, a commercial-stage medical diagnostics company focused on advancing early detection technologies to diagnose fast-moving and immune-mediated diseases, today announced it has raised $100 million in Series D funding led by Sands Capital. The round included participation from new investor Canada Pension Plan Investment Board (CPP Investments), as well as existing investors Norwest Venture Partners, Global Health Investment Corporation and Breakout Ventures, an early backer of the company. Cytovale will use the funding to build upon its early clinical success and accelerate commercial expansion of IntelliSep to more hospital emergency departments (ED) and health systems nationwide. "Sepsis is the largest single condition presenting to the Emergency Department where there hasn't been an effective diagnostic to quickly and effectively triage patients. Cytovale's IntelliSep test has now been demonstrated, prospectively, to help save lives and money by doing just that," said Parker Cassidy, partner, Sands Capital. "We're excited to lead this financing and help accelerate Cytovale's commercial launch." IntelliSep is the first and only U.S. Food and Drug Administration (FDA)-cleared cellular host diagnostic indicated for use in the ED, where over 80% of sepsis cases present. The test, which takes only approximately eight minutes, provides clinicians a first-ever look into the biology that causes sepsis, enabling care teams to quickly and confidently identify the proper diagnosis and deliver appropriate, patient-centered care. "Seeing sepsis is a major breakthrough; IntelliSep allows our care teams in the Emergency Department to quickly and accurately triage and diagnose suspected infection patients and put them on the right path for treatment," said Dr. Christopher Thomas, chief quality officer, Franciscan Missionaries of Our Lady Health System. "The meaningful clinical, operational and financial benefits we have experienced have led us to implement IntelliSep across all major hospitals in our health system." IntelliSep launched in August 2023 at Our Lady of the Lake Regional Medical Center in Baton Rouge, La. The hospital has reported that, as a result of an IntelliSep-driven screening process, patients with occult sepsis were detected earlier and had treatment initiated more than 60 minutes faster. The hospital also saw a 30% decrease in the risk-adjusted mortality index for sepsis patients. From an operational and financial perspective, patients tested with IntelliSep spent 1.28 fewer days in the hospital, and realized a savings of $1,400 per patient. "Sepsis has historically been one of the most challenging and costly conditions for hospitals to manage due to the lack of rapid, objective diagnostic tools. Thankfully, that's finally changing with IntelliSep, which holds the potential to transform sepsis care in the same way troponin tests did for cardiac care and rapid CT scans did for stroke diagnosis," said Cytovale CEO Ajay Shah, PhD. "Cytovale is growing at an astounding pace to meet demand from other health systems looking to tackle this deadly condition. The additional investment will enable us to quickly scale across the U.S. with greater agility to serve health systems and their patients." About Cytovale® Cytovale is committed to improving patient care by pioneering early detection technologies that assess immune activation to accelerate the time it takes to get from triage to life-saving therapies. Cytovale's U.S. Food and Drug Administration-clear SOURCE Cytovale |
Posted at 05/10/2024 13:42 by 1gw loaf - they do need short-term funding, don't they? In that bit from the 2023 results going concern section I quoted above they included:"The Board plans to sell various portfolio assets in part or in full in order to meet the funding requirements. " Again in the IMC Q&A session (around 38 minutes in) the CEO talked about the failed attempt to sell ProAxsis. They agreed to look at strategic options, they appointed an M&A advisor, they couldn't identify a good exit. And ProAxsis is one of the companies where they have recorded a big increase in fair value, from £3.5m at end-2023 to £8.0m at end-1H 2024. This increase is based on the funding round announced in April where they raised £1.8m. However, only £211k of this was from new investors, with a lot coming from CLNs and loan conversion (loans from EMVC) where you could argue the debt might not have been worth face value. In fact all new shares issued for this raise except for the warrant-related ones were preferred shares carrying a liquidation preference. "The Investment was led by the Company's wholly owned venture capital and corporate finance firm, EMV Capital, syndicated from a cohort of private investors. The Investment includes c.£211,000 from new investors, c.£36,000 from the exercise of warrants (Warrants) granted to existing investors in connection with convertible loan notes (CLNs), the conversion of the CLNs (and interest thereon) valued in total at c.£455,000, and the conversion of loans from NetScientific valued at c.£776,000. This additional funding is complemented by ongoing non-dilutive funding from, amongst other grants awarded, a recent c.£333,000 grant from Innovate UK. The new shares issued in connection with the Investment (other than those resulting from the exercise of the Warrants), are preferred shares (Preferred Shares) with a liquidation preference multiple of 1.1 (Liquidation Preference). " |
Posted at 02/10/2024 06:46 by sev22 A venture capital company on a huge discount.Shares trade on a near-70 per cent discount and you're getting its carried interests thrown in for free. Published on October 1, 2024 by Simon Thompson *Assets under management up 44 per cent to £106.7mn *£41mn director fair valuation of direct holdings *Managed and third-party holdings up 71 per cent to £65.7mn Aim-traded investment and fund management company EMV Capital (EMVC:51.5p), formerly Netscientific, has expanded its portfolio to more than 70 companies and increased total AUM above £100mn for the first time in its history. In May 2024, the deeptech and life sciences venture capital group was appointed as investment manager to Cambridge-based Martlet Capital, an early-stage venture capital fund that has a £24.1mn portfolio of unquoted investments. EMV is managing the funds on a discretionary basis and will earn annual recurring investment management fees of more than £0.5mn for a minimum of four years as well as earning carried interest fees based on the increase in fair value of each portfolio company. The addition of Martlet accounted for three-quarters of the £32.7mn rise in the group’s AUM in the first half, the other contributing factor being an increase in the directors’ fair valuation of EMV’s directly held unquoted investment portfolio from £31.1mn to £38.5mn. It was driven mainly by gains on two investee companies: DeepTech Recycling, a plastic recycling technology business offering an innovative solution to the environmental challenges of plastic pollution; and ProAxsis, a respiratory diagnostics company and a spin-out from Queens University Belfast. The carrying valuation of investee company DeepTech accounted for £1.8mn of the portfolio increase after EMV led a £2.1mn syndicated fundraising that increased the value of the company’s 21.2 per cent equity stake to £1.8mn. The gain was even larger on EMV’s holding in ProAxsis after the company closed a £1.8mn investment round led by EMV at a read-through valuation that more than doubled the value of the group’s 88 per cent stake to £8mn. Deep discount to fair valuation. It’s only fair to point out that investors continue to take a cautious approach to the directors’ fair valuations, that small-cap investment companies are out of favour and that EMV reported a first-half pre-tax loss of £0.6mn on its core activities. However, the undervaluation of EMV is extreme as its market capitalisation of £12.5mn (51.5p) is almost 70 per cent less than the £41mn (171p) director valuation of the directly held portfolio. That seems incredibly harsh given that several investee companies have been raising capital at read-through valuations that fully support the directors’ valuations. Moreover, EMV has significant carried interests on third-party fund holdings, albeit these are difficult to value and will take time to realise. EMV also holds a 3 per cent stake currently worth £3.1mn (£2.5mn in interim accounts) in Nasdaq-listed PDS Biotechnology Corporation (US:PDSB), a clinical-stage company that is developing cancer immunotherapies and infectious disease vaccines, which could be readily realised. So, having suggested buying the shares at 64p in my 2023 Bargain Share Portfolio, I can see potential for divestments and exits from several investee companies to narrow EMV’s share price discount in more benign market conditions for microcap companies. RECOVERY BUY. |
Posted at 30/9/2024 07:38 by btgman Those results are truly stunning.It would appear that investors/markets are incapable of adding up. Probably needs ST and Oak Bloke to explain AIMHO GLA BTG |
Posted at 26/9/2024 07:05 by weatherman NetScientific plc("NetScientific" or the "Company") Name change and AIM Rule 26 website NetScientific Plc (AIM: NSCI), the deep tech and life sciences VC investment group, is pleased to announce that it has changed its name to "EMV Capital plc". Regulatory information concerning the Company's name change The Company was issued by Companies House with a change of name certificate on 25 September 2024 and the name change from "NetScientific plc" to "EMV Capital plc" became effective immediately upon such receipt. Similarly, the Company's wholly owned venture capital and corporate finance firm, EMV Capital Limited, has changed its name to EMV Capital Partners Limited with immediate effect. The Company confirms that its change of name has been notified to the London Stock Exchange and trading in the Company's shares under the new company name and new TIDM code, "EMVC", is expected to commence at 8.00 a.m. on 26 September 2024. The Company's ISIN and SEDOL remain unchanged. In conjunction with its name change, the Company's website address will change to emvcapital.com. All information required by Rule 26 of the AIM Rules for Companies will be located on the "Investors" section of the website with effect from 8.00 a.m. on 26 September 2024. Shareholders rights are unaffected by these changes and existing share certificates should be retained and remain valid. Background to the Company's name change and rebranding The rebranding marks the culmination of NetScientific's strategic evolution, since acquiring EMV Capital in 2020, to a fully integrated venture capital and corporate finance business. The Group has grown substantially in both scale and scope since its inception. In 2019, the Group's portfolio fair value stood at approximately £8 million. Today, through its capital-efficient model and strategic value-creation services, the Group has established itself as a key player in venture capital, spanning deep tech, life sciences, and other innovative sectors. The EMV Capital brand, used by the Group since 2020, is already highly regarded and well established in this space, and as such the name change and rebranding across the Group is a logical step towards unifying the Group's offerings to its stakeholders. EMV Capital plc now manages a diversified portfolio of over 70 companies with estimated AUM exceeding £100 million (as announced on 13 June 2024), significantly expanding beyond its origins and is uniquely positioned to leverage its expertise across fund management, corporate finance, and portfolio growth services to deliver positive returns for investors, even when market conditions remain challenging. As EMV Capital plc, the Group continues its expansion beyond life sciences into deep tech, including sectors such as sustainability, digital health, and advanced materials. The Company's ability to provide fund management, corporate finance, and syndication services across its portfolio enables it to identify, nurture, and accelerate the growth of early-stage companies. By offering hands-on support through each growth phase, EMV Capital is committed to helping companies scale while delivering meaningful societal impact. With a goal to further grow Assets Under Management, the Group aims to scale its capital-efficient investment model, expand its fund management practice, and enhance the value of its portfolio through targeted investments and value-creation services. Dr. Ilian Iliev, CEO of EMV Capital plc, commented: "Since acquiring EMV Capital in 2020, we have consolidated our operations, significantly grown our portfolio, and expanded our strategic focus. This new identity for our Group reflects our business today-an agile, multi-sector venture capital firm committed to delivering superior returns from innovative, high-growth companies. "With Assets Under Management having surpassed £100 million, this milestone highlights our success in navigating a challenging market and underscores our ambitious plans for the future. Our continued focus on deep tech and life sciences, combined with our value-creation approach, positions EMV Capital to be at the forefront of driving the next wave of innovation and shareholder value." |
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