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Västra Hamnen Corporate Finance
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Bioextrax: Advancements with the candy producer
Bioextrax recently communicated that the candy producer’s experts have completed their regulatory evaluation. This project has the potential to be Bioextrax largest and most profitable one. The candy producer needed to perform the final test in an external lab, which has now returned with positive results, albeit somewhat delayed. The outcome implies a green light to begin panel testing.
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Advenica: Bright prospects in dark times
Rising geopolitical tension and an increasingly hostile digital environment have pushed security and resilience to the top of the agenda. The demand for high-level cybersecurity is increasing fast in the defence industry and other sectors. Malmö-based Advenica, founded in 1993, is an established and trusted player in this field. The market has begun to take notice, with the share price up 62 per cent in 2025. Growing faster than the broader cybersecurity market, we believe Advenica is well-positioned for continued outperformance.
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Xintela: Extending the financial runway
Xintela’s recent rights issue was subscribed to 58 per cent, corresponding to MSEK 42, of which MSEK 24 was a loan offset. In addition, Fenja Capital provides a loan facility of MSEK 20. According to our forecast, these measures extend the financial runway until Q3 2026 and give Xintela resources to focus on new and ongoing partner discussions. After dilution, our fair value amounts to SEK 1.04 (1.28) per share.
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aXichem: New call-off from Chr. Olesen
For Q3 2025, aXichem reported sales of SEK 4.6 million, which was somewhat below our high expectations. The company’s CEO, Torsten Helsing, emphasized during the webcast that the continued focus is on increasing invoicing. Costs for the quarter came in below our estimates, mainly driven by lower personnel expenses. During the quarter, the first call-off order of aXiphen was delivered to Chr. Olesen in Brazil, with a value of approximately SEK 1.6 million. We need to see additional call-offs in the near term in order to justify our revenue forecast.
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Market Focus
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