Shares in Liverpool-based drug development company Evgen Pharma made their debut on AIM today after a successful and over-subscribed placing. The company has raised £6.3m after expenses through the listing. It has placed 18.9m shares at 37p with institutional and other investors. Its market capitalisation at the placing price is £27m.
Evgen’s 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 brassica vegetables.
Chief executive Dr Stephen Franklin said: “We are delighted to be joining the AIM market and would like to thank all investors for supporting this funding round and IPO. The fundraising proceeds will allow us to advance a Phase IIa study in breast cancer and a Phase II study in subarachnoid haemorrhage along with preclinical work in multiple sclerosis. We are very excited by the progress we are making with our Sulforadex technology, which has the potential to address orphan and major indications in multiple disease areas.”
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