First Day of Dealings

RNS Number : 8910C

Evgen Pharma PLC

21 October 2015

 



For immediate release

21 October 2015

 

Evgen Pharma plc

 ("Evgen Pharma" or "the Company")

First Day of Dealings on AIM

Evgen Pharma plc, a clinical stage drug development company focused on the treatment of cancer and neurological conditions, is pleased to announce that admission and trading of its Ordinary Shares will commence at 8.00 a.m. today on the AIM market of the London Stock Exchange ("Admission").

Admission Details

·     £7.0 million before expenses has been raised on behalf of the Company via an oversubscribed Placing  of 18,918,919 Ordinary Shares at a price of 37 pence per share with institutional and other investors

·     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

·     Evgen's TIDM code is EVG and its ISIN number is GB00BSVYN304

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

Key Highlights

·     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 brassica vegetables

·     More than 1,200 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 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."

PLACING AND ADMISSION STATISTICS

Placing Price                                                                                                                                                              37p

Number of Existing Ordinary Shares                                                                                                       53,951,943

Number of New Ordinary Shares to be issued pursuant to the Placing                                           18,918,919

Number of Ordinary Shares in issue immediately following Admission                                           72,870,862

Number of Ordinary Shares the subject of options, Warrants or LTIP IPO

Awards                                                                                                                                                          10,202,669

Percentage of the Enlarged Share Capital represented by the Placing Shares                                26 per cent.

Estimated gross proceeds of the Placing receivable by the Company                                              £7.0 million

Estimated net proceeds of the Placing receivable by the Company                                                 £6.3 million

Market capitalisation of the Company at the Placing Price at Admission                                        £27.0 million

TIDM                                                                                                                                                              EVG

ISIN                                                                                                                                                                 GB00BSVYN304

Website                                                                                                                                                         www.evgen.com

Enquiries:

Evgen Pharma plc                                            Dr Stephen Franklin, CEO www.evgen.com	c/o [phone]
Buchanan                                            Mark Court, Sophie Cowles, Stephanie Watson	[phone]
Northland Capital Partners Limited Matthew Johnson, Gerry Beaney, Margarita Mitropoulou (Corporate Finance) John Howes, Mark Treharne (Corporate Broking)	[phone]

Notes for editors:

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.  For further information please visit www.evgen.com

 

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