Evgen completes AIM IPO

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.”

See article in full at TheBusinessDesk.com

Important information

This information is of a general nature and does not constitute an offer to provide services.

The opinions and conclusions given here are those of Seneca Partners and are subject to change without notice.

The value of investments and/or any income arising from them may fluctuate.

Past performance is not necessarily a guide to future performance.

Important notice

The products and services shown on this website place capital at risk. Investors may receive less in returns than they have invested. Investments may not allow for capital to be withdrawn on demand. If an investment provides tax relief then this relief is subject to change and is dependant on personal circumstances. Any reference to past performance or forecasted performance is not a reliable indicator of future performance.

Seneca Partners recommends that any investor seeks specialised financial and/or tax advice before investing. Seneca Partners does not provide advice and the information on this website, including but not limited to news, should not be construed as such.

Please confirm that you understand this warning and wish to proceed.