Result of Open Offer

RNS Number : 9327Q

Evgen Pharma PLC

03 March 2021

 

THIS ANNOUNCEMENT AND THE INFORMATION IN IT, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR REGULATION OF THAT JURISDICTION. THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER OF SECURITIES IN ANY JURISDICTION.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) NO 596/2014, AS AMENDED. UPON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN TO THEM IN THE COMPANY'S CIRCULAR DATED 12 FEBRUARY 2021.

For immediate release

3 March 2021

Evgen Pharma plc

("Evgen Pharma" or "the Company")

Result of Open Offer

Evgen Pharma plc (AIM: EVG), a clinical stage drug development company, is pleased to announce the results of its Open Offer.

On 2 February 2021, Evgen announced its intention to raise gross proceeds of up to £11 million by way of a Placing and Open Offer, all at an issue price of 8 pence per New Ordinary Share. A total of 137,490,676 New Ordinary Shares will be issued at the Issue Price (subject to the conditions noted below), of which, 12,490,676 New Ordinary Shares will be issued pursuant to the Open Offer. This brings the gross proceeds of the Fundraising to approximately £11 million before expenses.

The Open Offer closed for acceptances at 11.00 a.m. yesterday. The Company has received valid acceptances from Qualifying Shareholders in respect of their Basic Entitlements in respect of 5,389,931 New Ordinary Shares, representing approximately 43 per cent. of the Open Offer Shares. In addition, the Company has received applications from Qualifying Shareholders under the Excess Application Facility in respect of 14,359,431 New Ordinary Shares, representing a total over-subscription of approximately 58 per cent. of the available Open Offer Shares. Accordingly, Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlements. As applications under the Excess Application Facility cannot be satisfied in full, applications for New Ordinary Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular.

General Meeting

The Fundraising remains conditional on the approval by Shareholders of the Resolutions at the Company's General Meeting to be held at 10:00 a.m. today (or any adjournment thereof), the satisfaction of certain conditions in the Placing Agreement and Admission of the New Ordinary Shares to trading on AIM occurring at or before 8.00 a.m. on 4 March 2021 (or such later date as the Company and finnCap may agree, being not later than 8.00 a.m. on 18 March 2021).

The Company will announce the results of the General Meeting as soon as practicable after the meeting concludes.

Enquiries:

Evgen Pharma plc Barry Clare, Chairman Dr Huw Jones, CEO Richard Moulson, CFO	Via Walbrook
finnCap Geoff Nash / Teddy Whiley (Corporate Finance) Alice Lane / Sunila de Silva (ECM) www.finncap.com	[phone]
Walbrook PR   Paul McManus/ Anna Dunphy	[phone] or  [e-mail] [phone] / [phone]

About Evgen Pharma plc  

Evgen Pharma is a clinical stage drug development company developing sulforaphane based medicines for the treatment of multiple diseases. 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.

Clinical data from the Company's open-label Phase II STEM trial has shown that SFX-01 can halt the growth of progressing tumours in patients with oestrogen-positive (ER+) metastatic breast cancer, and in some cases significantly shrink the tumour, whilst causing very few side effects.

The Company commenced operations in January 2008 and has its headquarters at The Colony, Wilmslow, Cheshire, and its registered office is at the Liverpool Science Park, Liverpool. It joined the AIM market of the London Stock Exchange in October 2015 and trades under the ticker symbol EVG.  

For further information, please visit:  www.evgen.com  

 

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