The S&P/ASX 200 Index (ASX: XJO) was having a decent session until giving back its gains and slipping into the red. In afternoon trade, the benchmark index is down slightly to 8,309.6 points.
Four ASX shares that are not letting that hold them back are listed below. Here's why they are climbing:
Clarity Pharmaceuticals Ltd (ASX: CU6)
The Clarity Pharmaceuticals share price is up 12% to $5.17. Investors have been buying the clinical-stage radiopharmaceutical company's shares after it made a big announcement. Clarity revealed that it has expanded its pipeline with the development of a novel fibroblast activation protein (FAP)-targeted radiopharmaceutical for the diagnosis and treatment of cancer. Executive chair, Dr Alan Taylor, notes that the company has created "a novel product at the benchtop to overcome the shortcomings of competing radiopharmaceuticals by increasing the uptake and retention of the molecule over time."
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price is up 40% to $1.35. This follows the release of an announcement from the litigation funder this morning. Omni Bridgeway revealed that it has entered into a framework agreement with funds managed by Ares Management Corporation. This will see it establish a continuation fund (Fund 9) to acquire OBL's co-investment in 150+ investments across Funds 2/3, Funds 4/5 Series I, and one remaining balance sheet investment. Ares will acquire a 70% interest in Fund 9 for an upfront cash consideration of $310 million, representing an ~80% fair value conversion rate. Omni Bridgeway will retain a 30% interest in Fund 9.
Santana Minerals Ltd (ASX: SMI)
The Santana Minerals share price is up 3% to 46.5 cents. Investors have been buying this gold developer's shares after the New Zealand government gave the green light to the Fast-track Approvals Bill. Following Royal Assent, the Bill will become law and provide a revised platform for the approval of significant development projects in New Zealand. This includes its own proposed Bendigo-Ophir Gold Project near Queenstown.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up over 2% to $5.90. This morning, the lithium developer announced the signing of an 879 million euros (A$1.45 billion) conditional debt commitment letter with Export Finance Australia and a group of seven commercial banks for the financing of Vulcan's Phase One Lionheart Project. Vulcan's chief financial officer, Felicity Gooding, commented: "The debt commitment letter is a significant step in our financing of the Project, and we will continue to progress discussions over the coming period."
