OREANDA-NEWS. Evgen Pharma plc, a clinical stage drug development company focused on the treatment of cancer and neurological conditions, has published its document for the admission of its shares to trading on AIM. The Company anticipates that dealings in its existing and new ordinary shares will commence on Wednesday 21 October 2015 under the ticker symbol EVG.

The Placing and AIM Admission

·     £7.0 million before expenses has been raised on behalf of the Company via an oversubscribed Placing at a price of 37 pence per share 

·     On admission to AIM, Evgen Pharma will have a market capitalisation at the placing price of approximately ?27.0 million 

·     The use of the net proceeds of the Placing will include funding a Phase IIa study in metastatic breast cancer, a Phase II study in subarachnoid haemorrhage (a type of stroke), preclinical studies in multiple sclerosis and long-term safety and toxicology studies 

·     Dealings in Evgen Pharma shares are expected to commence on AIM on 21 October 2015

 

·     Northland Capital Partners is the Company's Nominated Adviser and Broker

Background

·     Evgen is a clinical stage drug development company focused on cancer and neurological conditions. Its core technology Sulforadex® is a patent-protected method of stabilising natural and synthetic versions of the naturally occurring compound sulforaphane, a known anti-cancer agent derived from broccoli and other brassicas 

·     More than 1200 peer-reviewed scientific articles support the therapeutic potential of sulforaphane though its commercial development has been prevented by its instability 

·     Evgen is developing a pipeline of Sulforadex®-based compounds and is pursuing clinical programmes in breast cancer and stroke along with earlier stage work in multiple sclerosis. The Company's objective is to establish a dominant position in the development of pharmaceuticals based on sulforaphane and related analogues 

·     Evgen Pharma has a highly experienced management, scientific and advisory team led by Executive Chairman Barry Clare, the former Boots Company plc director, and CEO Dr Stephen Franklin

 ·     Evgen Pharma commenced operations in January 2008 and is based in Liverpool, UK, at the Liverpool Science Park

Dr Stephen Franklin, Evgen Pharma's CEO, commented: "We are very encouraged by the support shown by investors in this Placing and we are delighted to be joining the AIM market.  The Placing was significantly oversubscribed owing to the high level of interest in our Sulforadex® technology. The proceeds of the Placing will assist us to create shareholder value by advancing our clinical and preclinical programmes and further strengthening our leadership position in pharmaceuticals based on sulforaphane and related analogues."

About Evgen Pharma plc

Evgen Pharma is a clinical stage drug development company whose lead programmes are in breast cancer and subarachnoid haemorrhage, a type of stroke.  It is also carrying out preclinical work in multiple sclerosis and has a clinical interest in prostate cancer.  The Company's core technology is Sulforadex®, a method for synthesising and stabilising the naturally occurring compound sulforaphane and novel proprietary analogues based on sulforaphane.  The lead product, SFX-01, is a patented composition of synthetic sulforaphane and alpha-cyclodextrin.  Evgen Pharma commenced operations in January 2008 and is based in Liverpool, UK, at the Liverpool Science Park.