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Proactive news summary, including Alliance Pharma, Planet Payment, OPG Power Ventures and Redx Pharma

Published: 10:06 05 Nov 2015 EST

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Plenty of sparks today - Bonfire Night -  on the Proactive site.

Alliance Pharma (LON:APH) shares advanced after it said it will receive £6.7mln in compensation after it settled with Sanofi Pasteur following the withdrawal of bladder cancer treatment ImmuCyst three years ago.

Manufacturing problems at Sanofi meant Immucyst was withdrawn from the market in 2012, a time when it was generating sales of around £5mln annually for Alliance under a distribution agreement.

Elsewhere, shares in OPG Power Ventures (LON:OPG) also ticked higher 5.3% higher after the India-focused company gave an upbeat assessment of prospects that included a reference to future dividend payments.

Output from its power plants rose to 600 megawatts in the quarter ended September 30 compared with 270 megawatts in the same period last year. It is expected to hit the 750 megawatt mark by January.

Meanwhile, Kurdistan based oil producer DNO released third quarter figures and stressed that a timetabled release of US$1bn owed to oil companies would be needed if it is to keep up investments.

DNO revealed that production averaged 152,507 barrels of oil equivalent per day (boepd) during the third quarter, representing a 30% increase in the year to date.

It is the operator - and a 55% stakeholder - of the Tawke field which flowed an average of 145,184 bopd in the three month period, and provided 120,633 bopd into the export pipeline.

Southern Africa focused power firm IPSA (LON:IPSA) said Ecopower Sdn Berhad (Iris) now had a new hearing date for its leave to appeal over the case of a non-refundable deposit for the failure of Iris to complete the purchase of turbines in 2012.

It comes after Iris had requested an extension and the new date has been set for February 3 next year.

Elsewhere, Red Rock Resources (LON:RRS) said its Australian associate Star Striker, fomerly Resource Star, had completed a further placing, raising A$812,427 at A$0.0125 a share.

Red Rock chairman Andrew Bell said: "The increasing liquidity in the stock, and the AUD 2m cash now held, put SRT in  a good position for the next stages of its corporate life, where it can transact from a position of strength and so becomes a desirable partner.

"The price recovery and the development of liquid trading in this investment has taken time, but now makes this a valuable part of our asset mix, though non-core."

Broker Dowgate Capital notes that Star Striker shares have risen by 70% since the end of September to 1.7 cents, valuing Red Rock's share and option stake in Star Striker at A$1.17mln (£0.54mln), which now makes up 40% of Red Rock's current market cap.

In other news, shares in Redx Pharma (LON:REDX) appointed two senior managers to accelerate the next phase of commercial development.

Nicholas Adams has joined as chief business officer, while Dr Matilda Bingham has been promoted to the role of executive director of cancer subsidiary - Redx Oncology.

Adams has over 25 years' experience in the pharma industry and has led a wide range of deal types, the group said.

Elsewhere, cancer drug developer ValiRx (LON:VAL) has established a US operation in Cambridge, Massachusetts and beefed up its US advisory team.

The aim is to encourage interaction with academic, clinical and business leaders in ValiRx's areas of oncological development, it said, with the new office close to  the Massachusetts Institute of Technology.

In results news, online payments firm Planet Payment (NASDAQ:PLPM) revealed an improved financial performance in the third quarter, which it says signals significant progress towards its strategic goals.

The international payment and transaction processor told investors that revenue in the three months to September 30 amounted to US$12.6mln, up from US$11.3mln in the same period of 2014.

Galantas Gold (LON:GAL) chief executive Roland Phelps said he was ‘excited’ today by the results yielded by early exploration work on its Republic of Ireland licence areas.

Outcrop grab samples from licence numbers 3039 & 3040 contained respectively 1.82 and 2.15 grams per tonne of gold as well as significant grades of silver (18.7 and 32.7 grams) as well minor traces of copper, zinc and lead. The results chime with previous field work on other licences.

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