“Steady as she goes” is a good way to describe the Scancell story over the past
several months. Key milestones have been met and the Company continues to
move towards an April 2010 kick-off for the Phase I/II clinical trial of its lead
drug to treat melanoma.
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Balkan Resources (Private) - exploring the Perlati copper deposit in Albania Oct 09, 2009
Balkan is exploring the previously mined Perlati copper deposit in
Albania and the Devolli JV with European Nickel. Perlati contains a
historic, non‑NI 43-101-compliant mineral resource of just under three
million tonnes, averaging 2.45 percent copper. The company is working
to a listing on the TSX Venture Exchange.
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Scancell Holdings (SCLP.PLUS) - differentiated technology and a focused plan offer ingredients for success Sep 08, 2009
Scancell is developing a product platform that uniquely stimulates the immune
system to treat disease. The corporate strategy is simple – spend the next two
years conducting “proof of concept” studies in melanoma patients, run animal
trials in parallel targeting angiogenesis to confirm it as a platform technology,
and then sell off the technology to the highest bidder. To use a baseball analogy,
Scancell is heading to the plate and swinging for the fences. With a differentiated
technology and a focused plan, we think this Company has what it takes to circle
the bases.
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Sofame Technologies (SDW.V) - ambitious, but high risk growth strategy Aug 24, 2009
Sofame has embarked on an ambitious strategy of expanding its manufacturing
representative base (SMR) while investing in the infrastructure to support a
much larger volume of business than it currently enjoys. Booked revenues this
year have been extremely disappointing, although the latest sales for 3Q09
were encouraging; the company has been hit by the severe downturn in the
capital goods cycle not helped by its own inability to close deals. Sofame has
moved to remedy these issues by supporting its SMRs with its own technical
personnel in a co-selling role in order to achieve quicker and higher closing
rates. Its ‘project pipeline’ while very large, is lumpy and subject to innumerable
vagaries/delays, it therefore lacks earnings visibility; this makes quarterly
forecasts of the company’s performance extremely tricky. With actual financial
2009 revenues looking to dip below our ‘pessimistic’ scenario made last October
and costs significantly above those anticipated, we have materially lowered our
core valuation.
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Soho Resources (SOH.V) - substantial upgrade to total resource Aug 19, 2009
Soho’s series of aggressive drill programmes at Tahuehueto in northwestern Price chart (C$) Mexico have allowed the company to revise its NI 43-101-compliant mineral resource estimates for the polymetallic deposit, resulting in a substantial upgrade of the total resource. For the coming year, Soho will focus on completing a preliminary economic assessment of the project.
Meanwhile, the company has just added a new silver project, Jocuixtita, in Mexico. Although developing Tahuehueto remains the company’s priority, the Jocuixtita property will be the exploration focus this year as Soho continues to conserve its capital. Our revised model yields a valuation of C$0.35 per share, compared with C$0.27 as outlined in our update of July, 2008. The revised valuation, which is significantly higher than the current market price, is a reflection of our gathering confidence in the Tahuehueto project following the resource upgrade.
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