Small caps round-up: Angel Biotech, Alliance Pharma, Fastjet

Angel Biotech has seen a continuation of the 'very difficult' market conditions since mid-September, with funding constraints of clients forcing delays and changed priorities with a number of potential customers. However, the group is currently seeing an upturn in the volume of enquiries and bids, especially in areas opened up by the group's wider commercial offering in biomedical collagen. "Success in the completion of the tasks and delivery of earnings is fundamental and the board and the group's management are clear on what is expected of them," the firm said.

Alliance Pharma, a speciality pharmaceutical company, has said its wholly owned subsidiary, Alliance Pharmaceuticals, has acquired Opus Group Holdings for £8.0m plus the net asset value of Opus at completion (estimated at £1.5m). The Opus group sells products for stoma care, including skin creams and cleansers, in the UK and Ireland. In the year ended March 31st Opus delivered turnover of £3.8m and pre-tax profit of £2.1m. The consideration is being funded from existing cash and bank facilities.

FastJet, Africa's first pan African low cost airline, has signed a maintenance contract with a leading aircraft maintenance company and further strengthened its management team ahead of the airline's planned launch next month. FastJet has signed operating lease agreements with Volito Aviation for two Airbus A319s and will take delivery of the aircraft in November.

NR