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Northland Capital Partners View on the City Motif Bio, Mariana Resources, Cyan Holdings and Alexander Mining

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Motif Bio plc (LON:MTFB) – BUY*: Presentation of data on iclaprim
Market Cap: £68m; Current Price: 62.5p; Target Price: 114p
Presentation of data on flagship antibiotic iclaprim

  • Motif announced that data from two iclaprim clinical studies have been accepted for presentation at the Infectious Disease Week 2015 (ID Week) conference in October in San Diego, California.
  • Iclaprim is Motif’s flagship novel antibiotic currently beginning two Phase III studies to treat acute bacterial skin and skin structure infections (ABSSSI).
  • The first poster presents data on the reanalysis of previous Phase III skin infection studies comparing iclaprim to linezolid, a standard of care treatment of various skin infections, using endpoints similar to the FDA's recently changed guidelines for ABSSSI trials.
  • The second poster presents data on outcomes related to treatment with iclaprim compared to vancomycin, a standard of care treatment of various types of pneumonia.
  • No change to forecasts, BUY rating or 114p price target.

NORTHLAND CAPITAL PARTNERS VIEW: Motif continues to progress its flagship late clinical-stage antibiotic, iclaprim, towards market approval. Today’s announcement confirms the growing scientific interest in the drug. We reiterate our 114p Target Price. BUY.

Mariana Resources (LON:MARL) – SPECULATIVE BUY*: Interim results
Market Cap: £15.8m; Current Price: 2p
LBT reduced to £2.9m

BT decreased to £2.9m in H115 from £3.8m in H114, due to a £2m reduction in exchange losses.
Net cash of £0.6m in H115 compared to £1.3m in H114.
During the first six months of the year Mariana Resources and its joint venture partner, Lidya, have advanced Hot Maden from discovery to a c. 3moz Au eq. maiden mineral resource estimate at a ultra-high grade of 11.2g/t Au.
Mariana’s 30% attributable interest is 900,000oz Au eq. at a grade of 11.2g/t Au
Mariana is continuing to focus on Hot Maden and, as a result, has dropped Rurimarac and Soledad and has joint ventured out Doña Ines and Exploradora East.

Alexander Mining (LON:AXM) - CORP: Interim results
LBT widens to £0.6m

LBT of £0.5m in H115 compares with £0.4m in H114.

  • Net debt of £0.4m in H115 compares with £0.03m in H114.
  • The restructuring of Compass Resources took place in September and Alexander Mining is waiting to be informed of the Company’s intentions.
  • Price target, rating and forecasts remain suspended.

NORTHLAND CAPITAL PARTNERS VIEW: During the first six months of the year Alexander Mining has continued to pursue the commercialisation of its patented leaching technology. With a focus on the potential opportunities with Compass Resources on the Browns Oxide Project and with Ebullio and RCR Quantum on the Sivas Copper Project. The Company is currently suspended due to non-receipt of funds from the £295,000 (28.08.15) subscription. The Company is working to secure an alternative financing source.

Cyan Holdings (LON:CYAN): Interims
Market Cap: £12.6m; Current Price: 0.185p
Interims: Building out the business

  • Revenue +141% to £0.2m but operating loss increased substantially (£1.0m) to £2.3m reflecting the investment in sales and marketing, development and customer delivery teams.
  • Cash at H1 of £0.6m (FY14: £2.3m) bolstered post period end with two placings totalling £4.6m. This will be used for the delivery of customer projects won in India, customer pilot/project deployments in other regions and further R&D.
  • H1 highlights: £1m smart metering order from Enzen Global Solutions, $3m LoI from El Sewedy, successfully deployed more than 4,000 meters for Tata Power Mumbai and signed strategic agreemetns in South Africa with Adenco and XLink.

NORTHLAND CAPITAL PARTNERS VIEW: Cyan is gaining commercial traction for its smart metering system and has invested in its presence in the target markets of India, Brazil, Africa and China through direct operations and partnerships. The company’s solution has proven advantages over other smart metering architectures but translating this into volume orders is taking time. The two placings in H2 has helped to strengthen the balance sheet the risk that projects and decision making will slip to the right persists.

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