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G Medical Innovations NMPA Approval
G Medical Innovations Holdings Ltd (ASX:GMV) rallied by more than 40% on the confirmation of the lifting of suspension that had barred the trading of the stock. The rally also comes hot on the heels of the company providing reasons as to why it is yet to obtain NMPA approval for its medical devices.
The company was poised to receive NMPA approval in the first half of the year. However, the same had to be pushed back, following the death of Chief Principal Investigator, a development that triggered delays in clinical trials.
The NMPA committee has since commenced the process of nominating and approving a new principal investigator to carry out the review and adopt ongoing clinical trials. The company has already submitted new clinical trial protocols, one from the Guangzhou Women and Children’s Medical Center and the other from the Zhujiang Hospital of Southern Medical University.
The biotechnology company remains confident of securing NMPA approval as ongoing clinical trials have passed all tests. The company has also received a formal notification indicating it has passed all requirements of the NMPA as part of regulators’ mid-term auditing process.
Strengthening investor confidence in the stock also stems from the delivery of impressive financial results for the first half of the year. The company says it generated revenues amounting to $2.9 million more than double revenues of $1 million reported for the same period last year. Net loss in the first half of the year also shrunk from $8.5 million to $6.8 million.
Orecorp Tanzania Gold Company Acquisition
Orecorp Ltd (ASX:ORR) rallied by more than 20% on confirming it has completed the acquisition of 100% of Nyanzanga Mining Company in Tanzania. Following the acquisition, the company has also applied for a Special Mining License for the prospective gold project.
Completion of the acquisition follows regulatory approval by the Tanzanian Mining Commission and Fair Competition Commission. The approvals mark significant milestones and affirm the constructive working relationship between the company and various levels of the Tanzania government.
The acquisition is of great importance to Orecorp as it is poised to gain access to a gold project with tremendous potential in the East African region. The company has since appointed new directors to NMCL that will spearhead its mining operations in the country.
Vintage Energy Annual Report
Vintage Energy Ltd (ASX:VEN) was up by more than 15% after delivering an impressive annual report for 2019. In the report, the company alluded to the creation of a balanced portfolio focused on onshore Australian petroleum basin.
During the year, the company achieved significant milestones key among them being the completion of a $30 million IPO that led to listing n ASX. The mining and exploration company also provided proof of concept and impetus for seismic acquisition as part of its Albany-1 project. In addition, the company completed the 2D seismic program as part of the 336-kilometer Galilee basin.
While the company did incur an operating loss of $3.4 million for the financial year ended June 30 most of the loss was as a result of the costs associated with the Initial Public Offering.