Biotech / Pharma

Recent reports

CytoTools AG |
CytoTools is an investment and holding company in the biotechnology business with two associated companies. DermaTools Biotech (51.5% stake) focuses on drug development in dermatology and urology, whereas CytoPharma (46.0% stake) concentrates on R&D in cardiovascular diseases and cancer. We initiated coverage in December 2009.

Cyxone AB |
Cyxone AB is Swedish biotech company focused on the research and development of new drugs to treat autoimmune diseases. The company’s proprietary discovery technology is generating drug candidates which belong to a new class of drugs called Cyclotides. Cyxone currently has two drugs in late preclinical and phase II clinical trials to treat multiple sclerosis and rheumatoid arthritis. We initiated coverage in October 2018.

Deutsche Biotech Innovativ AG |
Deutsche Biotech Innovativ AG (“DBI”) is a biotechnology company that utilizes innovative blood biomarkers to investigate and clinically develop unique therapies for severe disease without appropriate solutions, such as sepsis and cancer.

Expedeon AG |
Expedeon develops, manufactures and commercializes tools and reagents (kits) for use in research of biopharmaceutical, diagnostic and academic institutions. Company’s patent protected technologies offer superior features compared to solutions existing in the market. The company has production facilities in the US, UK, Spain and Australia, as well as an own distribution network in the US, UK, Germany, Singapore and Australia. We intiated coverage on Expedeon AG in August. 2018

Formycon AG |
Formycon AG is a Munich, Germany based pharmaceuticals company specializing in the development of biosimilars, e.g. generic versions of biotechnology products. We intiated coverage on Formycon AG in April 2013.

HAEMATO AG, a subsidiary of MPH Health Care AG, is a pharma company focusing on the sale of generics and parallel imports in high priced niches. The company is targeting selected pharmaceutical products in a small number of clinical indications such as oncology or HIV. We intiated coverage on HAEMATO AG in August 2013.

IntelGenx Corp. |
IntelGenx Technologies Corp. is a drug delivery company developing novel oral immediate-release and controlled-release products for the pharmaceutical and consumer market. The company has its own facility for the production of oral thin films. Founded in 2003, IntelGenx is headquartered in Montreal, Quebec, Canada. We initiated coverage in October 2019.

Mologen AG |
MOLOGEN AG is a R&D-stage biotechnology company based in Berlin. The firm focuses on innovative DNA-based drug development for the treatment of diseases with unmet medical need. We reinitiated coverage in January 2013.

MPH Health Care AG |
MPH is a German based healthcare company specializing in the fields of pharmaceuticals, patient care, and cosmetic surgeries with a strategic focus on therapeutic areas of chronic diseases and lifestyle beautification. Rising healthcare costs in Germany are expected to continue driving demand for the inexpensive solutions provided by the company’s core healthcare activities. We initiated coverage in October 2012.

NOXXON Pharma NV |
Noxxon Pharma NV is an immuno-therapeutic biotech company focused on the research and development of new drugs to treat cancer based on its proprietary Spiegelmer technology platform. The company is based in Berlin and currently has two drugs in phase I and phase II clinical trials to treat several types of cancer. We initiated coverage in November 2016.

Paion AG |
Paion AG is a biotech company based in Aachen, Germany, focusing on the discovery of new treatments for stroke and other thrombotic diseases. Through a search and development strategy the company seeks, acquires and in-licenses promising new compounds at an early stage in order to develop them through clinical trials. We initiated coverage in July 2005. We re-inititated coverage for DZ Bank in 2009.

Pharming Group NV |
Pharming Group NV is a Dutch biopharmaceutical company developing and producing therapeutic proteins in the milk of genetically modified animals. Pharming currently has two candidates in late-stage development: recombinant human C1 inhibitor for HAE and recombinant human Lactoferrin for nutritional use. We initiated coverage in July 2004.

Sirona Biochem Corp |
Vancouver-based Sirona Biochem is a cosmetic ingredient and drug discovery company with a proprietary platform technology. The firm’s laboratory, TFChem, is located in France and specialises in stabilising carbohydrate molecules with the goal of improving efficacy and safety. We initiated coverage in January 2015.

Valneva SE |
Valneva is a fully integrated, commercial stage biotech company focused on developing innovative vaccines for diseases with unmet medical need. The company has a portfolio of two commercialised travel vaccines and two vaccines in clinical development for infectious diseases. We initiated coverage in April 2017.

Vita 34 International AG |
Vita 34 International AG is a private umbilical-cord blood bank headquartered in Leipzig, Germany. The company preserves and stores newborn babies’ umbilical-cord blood for the potential medical use of the stem cells. We initiated coverage in July 2007.



2G Energy AG |
2G Energy is a leading producer of combined heat and power plants (CHP). The company offers a wide product range from very small plants to large MW plants. Both the biogas and the natural gas market are addressed. 2G is headquartered in Heek, Germany. We intiated coverage on 2G Energy in November 2010.

ABO Invest AG |
ABO Invest AG. ABO Invest is owner and operator of wind farms. Currently, the company’s portfolio has a total capacity of ca. 130 MW and comprises 14 wind farms in Germany, Ireland, France, and Finland as well as a biogas plant. The headquarter is in Wiesbaden, Germany. We reinitiated coverage in February 2017.

ABO Wind AG |
ABO Wind AG. ABO Wind AG is a project developer for renewable energy which has installed and connected wind turbines with a capacity of more than 1.200 MW to the grid since its launch in 1996. The company also carries out operational management of wind farms and biogas plants. ABO Wind employs more than 400 staff members and is headquartered in Wiesbaden, Germany. We initiated coverage in April 2017.

7C Solarparken AG |
7C Solarparken AG is an owner and operator of photovoltaic plants (71 MW) in Germany, Italy, France, and Belgium. The company is based in Bayreuth, Germany. We initiated coverage in November 2010.

aventron AG |
aventron AG is owner and operator of small hydro power, wind power, and solar power plants. The portfolio comprises 160 MW (end 2015) and is geographically diversified over Switzerland, France, Italy, Germany, and Norway. The company is located in Switzerland near Basel and is listed on the BX Berne eXchange. We initiated coverage in May 2015.

Clere AG |
Clere AG’s predecessor company, Balda AG,recently sold its entire operating business in precision plastic components for the healthcare sector and for customers in optics, electronics, automotive and other industries to the Italian company, Stevanato. Clere will use the proceeds to adopt a new business model. We re-initiated coverage in February 2011.

Energiekontor AG |
Energiekontor is a wind project developer and operator of a large own wind farm portfolio (>200 MW). The company is active in both onshore and offshore project development. Energiekontor is headquartered in Bremen, Germany. We initiated coverage in June 2014.

ITM Power Plc |
ITM Power designs and manufactures integrated hydrogen energy systems for energy storage, clean fuel production, and renewable chemistry. The group’s product offering is based on PEM technology and is scalable to 100 MW. ITM is headquartered in Sheffield, UK, and has ca. 140 employees. We initiated coverage in February 2019.

ItN Nanovatoin AG |
ItN Nanovation AG develops innovative water filtration systems for large industrial customers. Its ceramic flat membrane micro filtration technology provides ground water treatment solutions for drinking and sewage water and applies nanotechnological know-how. Its 100% subsidiary CeraNovis GmbH is specialised in functional high-performance coatings for industrial applications. We initiated coverage in February 2016.

OTI Greentech AG |
OTI Greentech AG is an international cleantech company providing engineering services and environmentally friendly cleaning products for the maritime, industrial, and energy sectors. We initiated coverage in September 2015.

PETROTEC is a leading producer of ecologically friendly waste based biodiesel. Its two biodiesel plants have a capacity of altogether 185,000 t/a. They process used cooking oil which is partly procured by an own sophisticated collection system. The company is situated in Borken in Germany. We initiated coverage in June 2012.

PNE AG is an international wind energy project developer for on- and offshore wind farms. The company is based in Cuxhaven, Germany. We initiated coverage in March 2004.

S.A.G. Solarstrom AG |
S.A.G. Solarstrom AG is an independent integrator and distributor of residential and commercial solar systems. The company also engages in solar partner sales, solar services, and operates solar power plants with a capacity of ca. 25 MW. S.A.G. is based in Freiburg, Germany. We initiated coverage in March 2005.

SFC Energy AG |
SFC Energy AG is a leading provider of integrated power solutions for mobile and stationary off-grid applications. The company is a pioneer in developing and commercialising fuel cells which provide reliable, efficient, and clean power for its energy solutions. Main markets are oil & gas, industry, defence, and leisure. SFC is headquartered near Munich in Germany. We initiated coverage in June 2014.



Based in Frankfurt am Main, Germany, and in Mauritius, ADC was set up in 2007 by Altira AG as an investment holding company focusing on the financial services industry in selected frontier markets in sub-Saharan Africa (SSA). We intiated coverage on ADC for DZ Bank in March 2011.

Auden AG |
Auden AG is a holding company investing in start-up companies with lean and scaleable digital business models. The company has a long-term investment strategy and focuses on early stage financing. Auden usually aims at minority holdings of 10-20%. We initiated coverage in March 2017.

German Startups Group Berlin GmbH & Co. KGaA |
German Startups Group is a venture capital company focused on investing in young and high growth technology companies within the IT and Internet sectors. The company is based in Berlin and has a regional focus on German-speaking countries. We initiated coverage in April 2016.

MBH Corporation plc |
MBH is a London-based holding company operating in accordance with a proprietary Agglomeration Model to acquire and grow established, profitable small and medium-sized enterprises (SMEs) in different sectors and geographic regions. The company is currently focused on the following four sectors: education, construction services, engineering, and telecommunications, media & technology (TMT). We initiated coverage in June 2019.


Food & Beverages

Schloss Wachenheim AG |
Schloss Wachenheim AG is the world’s largest producer of sparkling wine. The company is the number three producer in its home market of Germany (34% of group sales) and number one in France with a 40% market share. Some 42% of group sales are generated in eastern central Europe through the 61%-owned subsidiary, Ambra. We initiated coverage in July 2007.


Media / Leisure

ad pepper media International N.V. |
ad pepper media International N.V. is an international digital performance marketing company, which acts a a holding for its three operating units ad pepper media (lead generation & audience targeting), Webgains (affiliate network), and ad agents (full service agency). We initiated coverage in January 2018.

Media and Games Invest plc |
Media and Games Invest plc is a strategic investment holding company that pursues a ‘buy-integrate-build-and-improve’ strategy to foster fast-growing companies within the media and games segments through acquisitions and growth in operations. Gamigo is the flagship holding within the group. We initiated coverage in November 2019.

RNTS Media N.V. |
RNTS Media is a Berlin, Germany based IT company with roots in South Korea. The company is active in the field of mobile applications and online gaming. Through its strong industry connections in the company’s home market it stands to benefit from strong growth trends in the mobile market. We initiated coverage in January 2013.

Senator Entertainment AG |
Senator Entertainment AG is a film production and distribution company based in Berlin, Germany. The company distributes its films at the box office and as DVDs and videos through a network of retail partners and has subsidiaries in Ireland, Britain and the US. We initiated coverage in January 2007.

SendR SE |
SendR is a license-rights aggregator for audio and video content operating in the manner of a clearing house. The core activity is the exploitation of its digital music rights, and the company currently boasts a catalogue of over 700,000 musical recordings, a number that will eclipse 1.3m with the Phonofile addition. We initiated coverage in July 2016.


Medical Technology

Alphatec Spine, Inc. |
Alphatec Spine (a wholly owned subsidiary of Alphatec Holdings), headquartered in Carlsbad, California, is a medical device company that designs, develops, manufactures and markets new and innovative products and solutions for the treatment of spinal disorders. Alphatec’s products are marketed in the US and more than 50 countries internationally.

Epigenomics AG |
Epigenomics AG is a Berlin, Germany based molecular diagnostics company developing and commercialising a pipeline of proprietary products for cancer. The firm’s lead product, Epi proColon, has been marketed in Europe since the end of 2009. In early 2013, the US FDA accepted Epigenomics’ Premarket Approval application for Epi proColon and also granted priority review status to the application. We initiated coverage in June 2013.

M1 Kliniken AG |
M1 Kliniken AG is a provider of aesthetic medical procedures headquartered in Berlin. The company has a strong foothold with 12 beauty clinics throughout Germany and is striving to become a leading player in Europe. M1 provides a comprehensive range of medical aesthetic treatments such as liquid lifting (e.g. application of Botox) and plastic surgeries at competitive prices. We initiated coverage in August 2016.

NanoRepro AG |
NanoRepro AG develops, manufactures, and distributes CE-certified rapid diagnostic tests (self-tests) and food supplements for home and professional use. The company distributes both into domestic and international markets. NanoRepro has been publicly listed since 2008 and is headquartered in Marburg, Germany. We initiated coverage in October 2017.


Real Estate

Aroundtown Property Holdings Plc. |
Aroundtown Property Holdings Plc is a specialist real estate company focused on investing in and managing value add properties primarily located in the German real estate market. The company covers all main segments: commerical, residential, and hotel properties.We initiated coverage in September 2015.

CR Capital Real Estate AG | CR Capital Real Estate AG, listed on the Entry Standard of Frankfurter Boerse, is a real estate company focusing on the metropolitan area of Berlin. We initiated coverage in July 2014.

Fair Value REIT AG |
Fair Value REIT-AG is a real estate investment trust. The firm invests directly and indirectly in real estate. The company focuses on long-term leased office and retail properties in attractive “B” locations and regional centres. We initiated coverage in May 2012.

FCR Immobilien AG |
FCR Immobilien AG is a specialist real estate company focused on investing in and managing commerical retail properties primarily located in secondary markets throughout Germany. We initiated coverage in November 2018.

Godewind Immobilien AG |
Godewind is a real estate landlord specialised in the acquisition and management of commercial properties throughout Germany. The company focuses on building a diverse portfolio of Core(+) and value-add assets and presently concentrates on office buildings. We initiated coverage in March 2019.

GRAND CITY Properties S.A. |
GRAND CITY Properties S.A. is a Luxembourg-based real estate company. The firm is searching for opportunistic transactions in distressed or turnaround stage residential real estate properties in Germany’s densely populated areas. Grand City Properties has two strategies regarding its real estate investments: buy-build-and-hold as well as buy-build-and-sell. We initiated coverage in January 2013.

ISARIA Wohnbau AG |
ISARIA Wohnbau AG is the third biggest developer of residential real estate in Munich. In addition, the company renovates and privatises already existing apartments. We initiated coverage in November 2010.

PREOS Real Estate AG |
PREOS Real Estate AG is an emerging German commercial property landlord in the early stages of implementing a high growth strategy. Over recent quarters, the company has strengthened management and infrastructure to support its ambitious expansion plans and rapidly built a stable of office assets. The company now plans to issue new corporate debt to fill the financial coffers. This would allow PREOS to capitalise on a still strong commercial property market and deliver exceptional growth over the next years. We initiated coverage in November 2019.

Primecity Investment Plc. |
PCI is a specialist hotel investment company focused on investing and repositioning of mismanaged hotel properties primarily in Germany. The hotel properties are located in key locations which enjoy high tourism, business and exhibitions, such as Berlin, Munich, Hamburg, Frankfurt, Dresden, Düsseldorf, Mannheim and Leipzig. We initiated coverage in June 2015.

publity AG |
Founded in 1999, the Frankfurt am Main-based publity AG is an established asset manager, with a focus on commercial real estate in German metropolises such as Frankfurt and Munich. The company pursues a “manage-to-core” concept to leverage its expertise and drive growth and also invests its own portfolio of office properties. We initiated coverage in November 2018.

WCM Beteiligungs- und Grundbesitz-AG | WCM Beteiligungs- und Grundbesitz-AG is a resl estate company focused on the acquisition and management of commercial properties, particularly offices and retail properties located in Germany’s major commercial districts. We initiated coverage in December 2015.



Activa Resources AG |
Activa Resources AG owns a portfolio of drilling rights to oil and natural gas projects in Texas and Louisiana through its wholly-owned American subsidiary, Activa Resources, LLC. The company began oil and gas production in 2005 and currently has nine employees. We initiated coverage in November 2013.

Almonty Industries Inc. |
Almonty is a turnaround investor-operator specialising in acquiring distressed and underperforming operations and assets in tungsten markets. We initiated coverage in June 2017.

Bluejay Mining plc |
Bluejay’s advanced-stage flagship Dundas Titanium Project, located in western Greenland, is based on the world’s highestgrade ilmenite mineral sands deposit. Two other Bluejay projects in Greenland offer considerable further upside. The DiskoNuussuaq Project is geologically analogous to the world’s largest nickel/copper sulphide mine at Norilsk in Siberia while samples from the Kangerluarsuk zinc/lead/silver project show over 50% metal. We initiated coverage in October 2019.

Deutsche Rohstoff AG |
Deutsche Rohstoff AG (DRAG) is a resources company with a portfolio of properties in gold, oil/gas, base metals and so-called high tech metals such as indium, gallium and rare earths. The business model is based on production of reserves in well explored areas in politically stable countries. The company is based in Heidelberg, Germany. We initiated coverage in July 2010.

European Lithium Ltd. |
European Lithium is a mining exploration and development company focusing on its wholly owned Wolfsberg Lithium Project in Austria. The company targets the commencement of production of lithium carbonate/hydroxide for battery factories in 2020. We initiated coverage in March 2018.

Golden Dawn Minerals Inc. |
During the mining sector downturn GOM acquired past producing mines, deposits and exploration targets in British Columbia’s prolific Greenwood mining camp, becoming one of the largest land owners in the district. The company plans to start producing at three precious/base metal mine projects in the short term. All three projects are within 15 km of its 100%-owned modern processing facility. We initiated coverage in August 2017.

Klondike Gold Corp. |
Klondike Gold Corp. is a Canadian gold exploration company with offices in Vancouver, British Columbia, and Dawson City, Yukon Territory. The company’s 557km² Klondike District Project encompasses the original 1896 gold rush discoveries at Bonanza and Eldorado Creeks. We initiated coverage in October 2018.

Rock Tech Lithium Inc. |
Rock Tech Lithium Inc. is a Canadian-based mineral exploration company focused on the Georgia Lake lithium property in Ontario. Georgia Lake’s NI 43-101 resource estimate shows an indicated resource of 3.19 million tonnes grading 1.10% Li2O and an inferred resource of 6.31 million tonnes grading 1.00% Li2O. Production is scheduled to start in 2021. We initiated coverage in March 2017.



Advanced Vision Technology Ltd. |
Advanced Vision Technology Ltd. is a world leader in the development and distribution of machine vision-based automatic inspection systems for the print industry. The company is headquartered in Hod Hasharon, Israel, with marketing, sales and support offices in the United States, Europe and China. AVT has over 1,000 PrintVision platforms installed worldwide. We initiated coverage in December 2002.

CIG Wireless |
CIG Wireless owns and operates wireless communication infrastructure in the US. Primary activity is the leasing of antenna space on its tower portfolio to wireless service providers. CIG is also active in the development of Build-to-Suit contracts. The company is based in Atlanta, Georgia. We initiated coverage in September 2012.

Cybits Holding AG |
Cybits Holding AG owns a 100% stake in Cybits AG which offers security solutions for digital media. Its products allow electronic personal identification and age verification independent of grid access and end device. Cybits Holding is situated in Wiesbaden, Germany.

First Sensor AG |
First Sensor AG develops and manufactures customised optical and MEMS sensor solutions for a wide range of industries. Depending on the customers’ demand, lot sizes range between one and millions of items per year. Development and production periods last for several years. First Sensor has subsidiaries in the US, Singapore, the United Kingdom, Canada, Sweden and the Netherlands.

Kleos Space S.A. |
Kleos is a “new space” technology specialist aiming to launch and operate nanosatellites in space with the goal to scan the earth for radio frequency (RF) signals for geolocation purposes. The company is a pioneer in applying RF technology from space. The main focus will be generating data for the maritime industry. The company is based in Luxembourg and intends to sell the RF data as a service worldwide to government agencies, intelligence and martime companies. We initiated coverage on 2 May 2019.

Intershop Communications AG |
Intershop is one of the pioneers of the e-commerce solutions market. Intershop has over 300 customers. The company’s target customer base includes mid-market and large enterprise companies. Typical implementation projects include online retail store development, supply chain integration, and online marketing campaigns. We initiated coverage on 18 November 2010.

Masterflex AG |
Masterflex AG, based in Gelsenkirchen, Germany, was founded in 1987. The company focuses on three business units: High Tech Hose Systems, Medical Technology and Fuel Cell Technology. Masterflex has developed into an international specialist for customer-oriented solutions made of special advanced polymers. The company produces innovative products and holds numerous patents. We initiated coverage in March 2005.

OPENLiMiT Holding AG |
OPENLiMiT Holding AG develops and markets software applications for electronic signature, encryption and related fields. The Common Criteria certified software products enhance the security, provability and efficiency of electronic transactions, workflow, communications and data. We initiated coverage in October 2005.

PSI Group AG |
PSI Group AG, based in Berlin, develops and distributes control software to energy, telecommunications and production companies. PSI Software for network management is used in the energy and telecommunication industry and in public transportation. For the manufacturing market, PSI offers solutions for production logistics, distribution logistics and supply chain management. We initiated coverage in July 2003.

YOC is a leading independent Mobile Advertising platform, which helps mobile app developers and digital publishers boost advertising revenues while also providing advertisers with attractive inventory and technology to maximize the effectiveness of their mobile media spend. We initiated coverage in February 2015.

ZhongDe Waste Technology AG |
ZhongDe Group designs, finances, constructs, and operates waste-to-energy plants generating electricity from the disposal of solid municipal, medical and industrial waste. The company is listed on the Frankfurt Stock Exchange and has its headquarters in Beijing, China. We initiated coverage in August 2015.