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BCLI major catalysts

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI, Biotech) is focused on developing autologous mesenchymal stem cell (MSC) therapies for the treatment of neurodegenerative diseases (NDDs) – BCLI’s primary target is the fatal amyotrophic lateral sclerosis (ALS/MND/Lou Gehrig’s). Post hoc analysis of BCLI’s PIII trial data shows BCLI’s NurOwn® (debamestrocel, MSC-NTF), has statistically significant clinical effects on early-stage ALS sufferers and that placebo trialists deteriorate faster. Peer reviewed research (Mar 2024) indicated that BCLI’s NurOwn® has a positive impact on NfL biomarkers for ALS. These and other factors have persuaded the FDA to sign up to the SPA binding commitment for a NurOwn® PIIIb ALS trial. BCLI has regained regulatory minimum value NASDAQ compliance. Our valuation captures only the smaller by patients US market and excludes the larger EU/UK market….Read More on BrainStorm Cell Therapeutics Initiation

Ciel Post Results

CIEL Ltd. (SEMDEX: CIEL) is an investment holding company focused on six [6] sectors across 10 emerging markets (Asia and Africa). Its diversified portfolio and geographic footprint opens up opportunities in some of the fastest growing regions of the world (Asia and East Africa). Africa is the last great development growth opportunity. Mauritius remains the single largest contributor to geographical revenues. Mauritius has a stable…Read More on Ciel Ltd Post-Results

ciel last great global groth oportunities

CIEL Ltd. (SEMDEX: CIEL) is an investment holding company focused on six [6] sectors across 10 emerging markets (Asia and Africa). Its diversified portfolio and geographic footprint opens up opportunities in some of the fastest growing regions of the world (Asia and East Africa). Africa is the last great development growth opportunity. Mauritius remains the single largest contributor to geographical revenues. Mauritius has a stable…Read More on Ciel Ltd Inition

BCLI core investment case

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) has developed a proprietary technology platform, NurOwn®, that induces autologous mesenchymal stem cells (MSCs) to secrete high levels of neurotrophic factors (NTFs), key to prolonging neuron survival and improving neurological function. NurOwn’s lead indication treatment is for the fatal disease amyotrophic lateral sclerosis (ALS), which has significant unmet need. Additionally, BCLI is assessing NurOwn for other neurogenerative diseases including, progressive multiple sclerosis (PMS). BCLI plans a Phase 3b study of NurOwn for ALS and has also submitted a Special Protocol Assessment (SPA) request to the U.S. FDA….Read More on BrainStorm Cell Therapeutics

ciel core invetsment case

CIEL Ltd. (SEMDEX: CIEL) is an investment holding company focused on six [6] sectors across 10 emerging markets (Asia and Africa). Its diversified portfolio and geographic footprint opens up opportunities in some of the fastest growing regions of the world (Asia and East Africa). Africa is the last great development growth opportunity. Mauritius remains the single largest contributor to geographical revenues. Mauritius has a stable…Read More on Ciel Ltd CIC

coep deverra deal

Coeptis Therapeutics Inc. (NASDAQ: COEP), post Deverra deal is a Phase 1 clinical stage biotech (previously pre-clinical) in the oncology space. COEP’s exclusive license deal with Deverra for DVX201 (two products ’54’ & ‘16’ provides access to Deverra’s no-HLA-matching platform asset onto which COEP’s SNAP-CAR and GEAR platforms could ‘dovetail’ and create a potentially very broad application set of immune technologies. Deverra’s proprietary allogeneic stem cell platform side steps patient donor matching to produce a broad range of immune…Read More on Coeptis Therapeutics

coeptis deverra deal

Coeptis Therapeutics Inc. (NASDAQ: COEP), a pre-clinical stage biopharmaceutical Corp, announced an exclusive term sheet (expires 31 Aug23) to acquire or license Deverra Therapeutics’ platform asset onto which COEP’s SNAP-CAR and GEAR platforms could ‘dovetail’ and create a potentially very broad application set of immune technologies. Deverra’s proprietary allogeneic stem cell platform side steps patient donor matching to produce a broad range of immune effector cells, which can kill cancer and pathogen infected cells. COEP SNAP-CAR products could plug into Deverra’s effector….Read More on Coeptis Therapeutics

coeptis therapeutics investment research

Coeptis Therapeutics Inc. (NASDAQ: COEP) is a pre-clinical stage biopharmaceutical Corp focused on fighting cancer via a pipeline of potentially novel products targeting CD38+ related unmet need and solid tumor cancers. The up list to Nasdaq via the SPAC Bull Horn Holdings (BHSE) is a key milestone leaving COEP with 19,516,839 shares in issue, better liquidity and greater access to capital needed to advance its pipeline. We assess that there are multiple value drivers within COEP, including its two lead candidates (GEAR-NK and CD38+-Diagnostic) along with its….Read More on Coeptis Therapeutics

coeptis therapeutics investment research

Coeptis Therapeutics Inc. (OTC: COEP) is a biopharmaceutical company developing innovative cell therapy platforms for fighting cancer. The product portfolio comprises – cell therapy technology (CD38-GEAR-NK); in vitro diagnostic (CD38-Diagnostic) targeting CD38+ cancers; and recently COEP signed an exclusive license agreement with the University of Pittsburgh conveying IP rights to its solid tumor targeting SNAP-CAR platform; COEP’s strategy is to develop its product portfolio to license to and partner with large-cap pharma corps. COEP has uplisted to Nasdaq as a….Read More on Coeptis Therapeutics

microrobot advancing drug delivery

Nanoengineers may be better at drug delivery than pharma and biotech companies. Pneumonia, the inflammation of one or both lungs, is the largest infectious cause of death in children globally. In 2019 it accounted for 14% of all deaths of children under the age of 5, a total of 748,180 (WHO, 2019). This made up 30% of the total global deaths caused by pneumonia, which in 2019 was 2.5m individuals…Read Nanoengineers – better than Pharma? 

Artificical Intelligence (AI) in Drug Discovery

Drug discovery and development requires colossal upfront investment. The process typically takes over a decade. A large number of product candidates fail to prove efficacy or safety during preclinical and clinical research phases or fail to pass regulatory scrutiny. According to Deloitte, the average cost of drug discovery and development increased over 80% between 2010 and 2018 from $1.188bn to $2.168bn, CAGR 7.8%, per successfully launched drug. By inflation only, we would expect costs to have risen to~$1.5bn by 2018 and~$1.8bn by YE22E, assuming an average inflation rate of 2.5% p.a. from YE09A to YE21A and 13% in YE22E. Inflation is not the key driver, and so we estimate the average cost from discovery to drug launch YE22E could exceed…….Read Artificial Intelligence in Drug Discovery Thematic Research 

avacta group investment research

Avacta Group Plc (AIM: AVCT) is a UK-based clinical stage oncology drug and in-vitro diagnostics development company. Avacta is relatively de-risked compared to many biotech peers via its two novel technology platforms strategy: Affimer® and pre|CISION™. If one therapy fails, there are more in the pipeline. Affimer® has applications in diagnostics and therapeutics. pre|CISION™ is used in therapeutics mainly as a targeted chemotherapy platform. The therapeutics division remains the key near term company value driver. P1 first-in-human clinical trial of AVA6000 began Aug 2021. AVCT recently sold its…….Read More on Avacta Group Plc 

scandion oncology investment research

Scandion Oncology A/S (SCOL: FNSE) is a Denmark-based biotechnology company focused on developing drugs to treat cancers that have developed resistance to existing medical protocols. SCOL targets the resistance of cancer drugs for various treatments including chemotherapy, anti-hormonal therapy and immunotherapy. The company’s lead drug candidate, SCO-101 is in Phase Ib (PANTAX) and Phase II (CORIST) clinical trial. Important to note that, there are currently no drugs in the market targeting cancer drug resistance, which could make SCO-101 a first-in-class treatment for a large unmet medical need…….Read More on Scandion Oncology 

Plus Products investment research

Plus Products Inc. (PLPRF: OTC) (PLUS: CSE) develops, manufactures and sells cannabis-edibles with operations in California and Nevada. PLPRF branded products are sold to the regulated medicinal and recreational markets. PLPRF also manufacturers hemp CBD-infused gummies, which could legally be sold to consumers and retailers in 43 states across the US. PLPRF’s ability to manufacture accurately dosed edibles at scale with exceptional food safety standards gives the Company a competitive edge. Highly conservative ACF “Indicative Valuation” assumptions include 1% US CBD market share only, WACC 19%, long-run FCF margin 20%, FCF Terminal value 8x…….Read More on Plus Produts 

imagin medical investment research

Imagin Medical Inc. (OTCQB:IMEXF, CSE:IME) is a Vancouver, Canada based early stage cancer imaging company focused on developing new tools that can visualise cancer during minimally invasive procedures. The Company’s single product, i/Blue Imaging System, is a bladder cancer medical imaging device. Its white and blue light sensors detect cancer more accurately and efficiently than white light alone. i/Blue is currently undergoing FDA approval. As such IMEXF is nil revenue. Highly conservative ACF “Indicative Valuation” assumptions include 39% US bladder cancer imaging market share only, WACC 18%, Long-run FCF margin 11%, FCF Terminal value 20x……Read More on Imagin Medical

Indiva investment research

ndiva Ltd. (NDVA: TSXV, NDVAF: OTC) is a Canadian producer and distributor of cannabis products. The Company’s current product categories include capsules, gummies, chocolates, pre-rolls, and dried flower. Its main products include the award winning Wana Sour Gummies and Bhang Chocolate. It is #1 in the edibles category in Canada with ~45% market share. Indiva’s primary consumer market is recreational cannabis and as of 4Q20A it has also entered into the medical market. The company has a supply agreement in place in 9 provinces and 2 territories in Canada…..Read More on Indiva

The marijuana plant, cannabis sativa, has been around for over 4,000 years. Its history is coloured with evidence of medical benefits. The growing demand is supported by liberal regulations, with the US and Canada leading the way. ACF forecasts a global legal cannabis market 2027E of US$ 75bn. ~260m people consume cannabis globally (medically / recreationally) and we expect this figure to increase in the short and medium term. This is a significant investment opportunity as we expect recreational use to surpass medicinal due to its ‘ease’ of acquisition and the ongoing regulatory restrictions….Read More The Future of Cannabis

Kaya Holding investment research

Kaya Holdings, Inc. (OTCQB:KAYS) is a vertically integrated cannabis producer and retailer. It has ambitious plans to grow outside of the US market. Our indicative valuation captures only the US market potential with current acreage. We assume full current acreage production by 2023, but that there is no further growth beyond this point in revenues or margins. Long-run FCF margin assumption is 4.2% (aggressively low), our terminal value multiple for FCF of 10x does not attempt to capture the growth profile. Our WACC is risk 15%, high versus the peer group companies….Read More on Kaya Holdings

Nascent Biotech investment research

Nascent Biotech Inc. (NBIO: OTC Market) is a clinical stage biopharmaceutical company with no history of operations. NBIO develops monoclonal antibodies (mAbs) for cancer treatments. The Company’s flagship drug candidate, Pritumumab is targeting the oncology market; with a focus on brain, lung, breast and pancreatic cancer. In this indicative valuation for NBIO we have modelled only Pritumumab’s potential in the glioma (brain cancer) market. Our valuation approach is highly conservative. Assumptions include less than 2% market share, WACC 10% and market growth below the consensus range…Read More Nascent Biotech

top 5 investment research tips

Expanding your investor base is hard work. We know that stress and risk is involved. Here we share 5 uses of investment research by our clients to expand investor reach and add major institutions.

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Christopher Nicholson, Managing Director, ACF Equity Research

Christopher Nicholson

Managing Director/Head of Research

I am a financial analyst, entrepreneur, professionally qualified equestrian and amateur eventer. Amongst others, I trained as a financial analyst at Global US based fund manager Legg Mason Investors and have been head of Technology and Media Equity Research at Bryan Garnier, a pan-European investment bank and brokerage.

I founded ORACA Independent Equity Research a ground breaking highly independent thinking large-cap secondary comm business and ACF Equity Research, a very high-quality independent issuer-pays small and mid-cap research business. I opened our first corporate finance business (Destrier Partners) and am approaching the launch of our first non-financial services business. In my view, I am only able to do these things because of the quality of the team I work with at ACF. For 11 years I broadcasted as an expert guest and wrote regularly in the leading pan-European and international media including Bloomberg Television, BBC Radio 4 and the Financial Times.

I studied Biochemistry at Kings followed by Economics at LSE and can conduct business in English and French, I speak German and have basic knowledge of Spanish and Italian. My free time, which I make sure I carve out, is in part each day spent on my passion – riding, competing with and caring for my horse(s).

 Mike Wort,Non-Executive Chairman, ACF Equity Research

Mike Wort

Non-Executive Chairman

I have managed over 20 IPOs in the US, UK and Europe from small to large cap, I am proud to be ACF Equity Research’s Non-Executive Chairman.

I am also Executive Chairman of Texadon Oil Plc focussed on oil & gas production in the Texas Gulf Basin and is a Non-Executive Director of UK AiM listed Diaceutics, a diagnostics commercialisation business. I am a life sciences communications expert and have a background in large and mega cap pharmaceuticals.

During my more  thann  20 IPOs and secondary raisings I have brought in well in excess of £600m.

In addition, I have co-founded a number of life science start-up companies in Europe and the USA.

I am a life science communications expert and former life sciences CEO (large to start-up). He graduated in microbiology and lectured to science undergraduates in both the UK and Nigeria. He joined the pharmaceutical industry, working in a number of senior sales, marketing and clinical roles for Glaxo, SmithKline and Wellcome in the UK and overseas.

Appointed IR Manager for Wellcome, I helped organise its global roadshow for a £2.4bn secondary offering.

I have consulted on and conducted M&A and DD in the life science sector and developed disaster recovery programmes for SME companies.

I worked with Deutsche Bank to privatise the Bulgarian pharmaceutical industry. As the CEO of Balkanpharma, I led the consolidation of the three key assets into one cohesive unit. Balkanpharma has, through a series of M&A activities, become a significant part of NYSE listed Allergan.

Formerly MD at De Facto Communications, Bell Pottinger’s healthcare offering, I recently retired from Walbrook, the UK’s most successful SME PR/IR agency.


Amalia Barnoschi, Head of Operations, ACF Equity Research

Amalia Barnoschi

Head of Operations

Joining ACF at its founding I started in financial services in 2007 on the sell-side with ORACA, a large-cap independent equity research business that changed the industry. Before financial services I was a highly successful and rapidly promoted young manager in manufacturing and have worked closely at board level for over 15 years with SMEs in the City and in other financial markets.

I co-run ACF with our MD, as Head of Operations, responsible for driving profitability and developing and designing processes and managing projects for ACF and for client partners to allow our portfolio of businesses to grow. I am bilingual English/Romanian, read Italian and am working towards my accountancy ACCA qualification with AAT.

I love to relax by making time for my favourite out-of-hours activity – photography – taking my first formal nature course in May 2018. I have a keen understanding and interest in horses, though not a rider, this is combined with a life-long love of polo.

Anne Castagnede, Head of Sales & Strategy, ACF Equity Research

Anne Castagnede

Head of Sales & Strategy

I am a sales professional with a top-tier luxury goods background. In the past 5 years I managed flagship boutiques as well as working for some of the great Haute Couture houses including Chanel and Jimmy Choo, where I established a reputation as a top performer by developing, maintaining and offering information and guidance to new and existing clients.

I have researched, recommended and implemented service opportunities as well as improvements. In the early days of my career I trained with Air France and later with Chanel. On my journey I acquired management skills from back office through to front office and have a high degree of practical IT literacy.

I know from personal experience that passion leads the way to perfection and my will to learn matched with my sales ability will result in clients being in very capable hands. My bilingual languages are French and English and I speak Spanish. Off-duty my passions are languages and art.

Renas Sidahmed, Sales & Strategy / Staff Analyst, ACF Equity Research

Renas Sidahmed

Head of ESG / Staff Analyst

I am a macro-economic and financial analyst, linguist, mathematician, professional dancer and chef. I worked for four years with the IMF, two and half years with the International Finance Corporation (IFC) and eight months with the World Bank in Washington DC.

I also wrote award winning research notes and met with senior politicians with varied global and local interests in both wealthy and less developed economies. My sector expertise includes natural resources (particularly oil & gas) healthcare, manufacturing, infrastructure and investment portfolio management.

At ACF, as part of my staff analyst role, I am also Head of ESG / Sustainability and its products and services.

Before joining ACF Equity Research, I worked with Japan’s second largest brokerage, Mitsubishi Bank, in the London office. I speak six languages including English (native), Italian, French and Arabic and obtained an MBA in Rome and a Mathematics degree from a sister Ivy League – Smith College. I joined ACF because of its entrepreneurial, female friendly City culture, overarching global values and excellent growth prospects.

Anthony Kimber

Anthony Kimber

Senior Analyst ESG / Sustainability

I have considerable experience in the wealth management and private banking industries. I am co-author of the Platforum UK Wealth Management Market Overview report, and previously was Research Director at PAM Insight, a specialist publisher for the wealth management industry. I engage in research and analysis both qualitative and quantitative and am an experienced project and business development manager. I have been commissioned by UHNWI's, companies and organisations for various bespoke projects.

I also contribute to major news and media organisations, compiling and analysing data and research for the Daily Telegraph and Evening Standard on national government and environmental issues. Prior, I contributed to the Guardian, the Spectator, BBC news and investigative programming, the Sunday Times, and the Sunday Times Rich List.

My interest in ESG and sustainability is focused on raising awareness and achieving practical and workable solutions to the climate crisis we are facing. I enjoy spending my free time with family and friends, watching cricket, theatre and film.

Anda Maria Onu, Sales & Strategy, ACF Equity Research

Anda Maria Onu

Sales & Strategy

I have strong analytical, planning and execution skills, I love working as part of a team both inside ACF and externally with our clients and prospective clients.

I am used to working with and within senior leadership teams and understand the needs of small and medium sized companies through my current and previous professional experience, I graduated in life sciences with a specialisation in Ecology and Environmental Protection in Romania in 2007 and for my first job I worked in a laboratory carrying out chemical analysis of industrial waste-water.

I am passionate about the environment and work as a volunteer for the Sussex Wildlife Trust doing conservation work at the Old Lodge nature reserve. In my spare time I am a school governor and have been a juror at the Royal Court of Justice. My hobbies are dance, horses, swimming, opera and theatre.

Zak Mir, Technical Analyst, ACF Equity Research

Zak Mir

Technical Analyst

Zak Mir has 30 years financial markets experience and understands credible influencing across digital channels in order to drive stock liquidity. He is an accomplished author.

I am part of ACF’s advisory and execution team helping growth companies (nano, micro, small and mid-cap) maximise their profiles to achieve the optimal investment message.

Amongst others I have worked for Man Group companies, Berkeley Futures and Sucden. I have been a technical analyst, derivatives broker and Chief Market Strategist for a number of brokers in the retail space developing and optimising client trading strategies. I ran the well-attended annual Master Investor conferences and am a keynote speaker at the UK investor show. I also host the CityAM Podcast.

Analytical communications is part of my forte – I have variously been a markets columnist, editor and commentator for influential retail financial information outlets, amongst others – Investors Chronical, Yahoo! Finance, Shares Magazine, international leading long-form periodical The Spectator, CNBC and Bloomberg TV.

Away from the markets, I am a song writer and musician and have a long and patient interest in politics – areas that continue to be potential additional professional careers.
I was attracted to ACF because of the effectiveness of its high quality research and its forwarding thinking culture.

Richard Calvert, Director, Distribution & Service, ACF Equity Research

Richard Calvert

Director, Distribution & Service

I’m a Modern Marketing Strategist with a strong CXM, digital transformation and innovation background working with global blue chip clients, modern creative and media agencies and start-ups.

I put people, data, technology and brand at the heart of everything I do – always delivering highly creative and effective integrated solutions with engaged, excited teams. I believe in taking everyone from the Account Exec to the C-suite client with me on the journey.

I work with Global clients as easily as entrepreneurial start-ups across a broad range of categories from Automotive to FMCG, Financial Services and Technology. My recent focus has been on Digital integration; Relationship Marketing; Content Planning and Brand evolution.

Specialties: Strategic Planning, CXM, Digital and Business Transformation, Programmatic Marketing, Proposition Development, Content Planning, User Experience Development and Design, Mobile, Consumer Insight Development, Brand Planning and Development, Information Architecture and Design, Business Development, Digital Channel Strategy Development, Brand Development, CRM Strategy and Delivery, Business Development

Vicky Ryce, Director, Research Distribution, ACF Equity Research

Vicky Ryce

Director, Research Distribution

I am a digital communications and distribution specialist and strategist used to board level decision making. I started my career as part of the ground-breaking young cadre that for a short exciting time formed the original Text 100, and whose members have gone on to lead and influence thought in digital communications.

During my career I have worked with world leading agency Publicis and counselled the C-suite of some of the world’s biggest public companies, including Philips, Xerox and Microsoft, on how to improve their communications reach and then helping them execute. I also work with smaller and mid-sized private and public companies on the FTSE 250 and below. I am as comfortable dealing with retail reach, as with corporate and institutional capital markets distribution strategies.

I am an equestrian, proven entrepreneur and charitable volunteer and when I can cut out the time, I help young adults via the Princes Trust. I am an English and History graduate with an MA in Media and Culture. ACF Equity Research has a determined problem solving, enlightened forward-thinking capital markets culture and a global values set.

Adrian Chiappe, Editor, ACF Equity Research

Adrian Chiappe


Adrian has over 20 years investment research writing, editing and supervisory analysis experience for leading investment banks including Barclays Capital, UBS, BNP Paribas, Jefferies, S&P, Danske Bank, ABN Amro, Lombard Odier and Bear Stearns.

He has a deep understanding of his subject. Adrian has executed editing and supervisory analysis for investment banks, brokerages and fund managers. He has up-to-date knowledge of the operational and regulatory framework for international institutional equities markets. Adrian is a materials scientist and has languages