Evgen Pharma plc, a clinical stage drug development company focused on the treatment of cancer and neurological conditions, today announces its intention to join the AIM market of the London Stock Exchange by way of a Placing to raise up to £20 million.
- Evgen is a clinical stage drug development company focused on cancer and neurological conditions. Its core technology Sulforadex® is a synthesised and patent-protected version 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 the commercial development of the natural compound has been prevented by its instability. Evgen's Sulforadex® technology stabilises a synthetic version of sulforaphane in a sugar lattice, allowing formulation as a tablet or capsule and thereby unlocking the commercial potential
- Evgen 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 has positive data from Phase I studies and is pursuing programmes in prostate cancer, breast cancer, brain haemorrhage and multiple sclerosis. In brain haemorrhage, Evgen is focusing on the reduction of cognitive impairment, which represents an orphan indication in the USA and EU and brings the potential for an early marketing approval
- Evgen is seeking to raise up to £20 million in an IPO on AIM with trading in its shares expected to commence in mid-December 2014
- The use of proceeds from the IPO will include funding for Phase I/II studies in prostate and in breast cancer, a Phase II study in brain haemorrhage and preclinical studies in multiple sclerosis
- Westhouse Securities Limited is the Company's Nominated Adviser and Broker
Commenting on the planned IPO, Evgen Pharma's CEO, Dr Stephen Franklin, said: "A wealth of academic research has identified the anti-cancer and neuroprotective properties of sulforaphane, a naturally occurring but highly unstable compound. Our exciting Sulforadex® technology unlocks the commercial potential of sulforaphane for the first time through the synthesis of a patented, stabilised version which can be delivered as a tablet or capsule.
"We have successfully completed early stage studies of Sulforadex® and now intend to advance our programmes in prostate cancer, breast cancer, brain haemorrhage and multiple sclerosis with some of the world's leading clinical experts following our IPO on the AIM market of the London Stock Exchange."