Small caps news round-up

Global pharmaceutical and services company Clinigen announced on Tuesday it has signed an exclusive agreement with US specialty pharmaceutical company Cumberland Pharmaceuticals to commercialise oncology support drug Ethyol in the US. The AIM-traded company said it is the first product it has licensed to Cumberland under the strategic alliance entered into late last year.

Drug discovery and development company Summit Therapeutics reported an increase in cash and activities in its full-year results on Tuesday, though its losses widened as it carried its projects towards commercialisation. The AIM-traded firm had cash and cash equivalents of £16.3m on 31 January, compared with £11.3m at the end of January last year.

Zamano CEO Ross Conlon tendered his resignation with immediate effect this week, with the company saying he was leaving to pursue other interests. Conlon joined the AIM-traded firm in 2007 as part of its acquisition of Red Circle, and had held a number of senior roles prior to his appointment as CEO in January 2014.

ITM Power has launched its first of four public hydrogen refuelling station in London and is examining ways of sourcing "green electricity" tariffs to power hydrogen production at its UK refuelling stations. The maiden hydrogen refuelling station is at the National Physical Laboratory, Teddington, west London and was opened on Tuesday by transport minister Andrew Jones.

Independent Resources was moving closer to extracting revenue from its East Ghazalat concession in Egypt on Tuesday, as it updated the market on the project’s recent developments. The firm holds a 50% share in East Ghazalat, along with fellow AIM-traded company Nostra Terra Oil & Gas.

Aureus Mining has suspended processing activity at its New Liberty gold mine in Liberia after a cyanide spillage. Shares in the company slumped 44% to 3.63p in early trade on Tuesday after the AIM- and Toronto-listed outfit said heavy rainfall had combined with problems with the detoxification circuit in the process plant, leading to a dangerous spillage.