Placing

RNS Number : 4081E

Evgen Pharma PLC

18 October 2018

 

For immediate release	18 October 2018

 

 

Evgen Pharma plc

 ("Evgen" or "the Company")

Placing

Evgen Pharma (AIM: EVG), a clinical stage drug development company focused on the treatment of cancer and neurological conditions, is pleased to announce it has raised £0.75 million (before expenses) via a placing of 5,555,558 new ordinary shares of 0.25p each ("Placing Shares") in the Company at a price of 13.5p per ordinary share (the "Placing"). 

The net proceeds of the Placing will be used by the Company to provide working capital for the months following read-outs from the Company's two on-going Phase II trials in subarachnoid haemorrhage and metastatic breast cancer.

An application has been made for the Placing Shares to be admitted to trading on AIM which is expected to occur at 8.00 a.m. on 22 October 2018 ("Admission").

Commenting on the Placing, Steve Franklin, CEO of Evgen Pharma, said:

"We are very pleased to have raised these additional funds from new and existing shareholders.  The funds provide Evgen with additional working capital for use following announcement of the final read-outs of our two Phase II clinical trials, which represent significant value inflection points for the Company."

Total Voting Rights

Following Admission the Company's issued share capital will comprise 98,912,416 ordinary shares with voting rights.  The figure of 98,912,416 ordinary shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.  Market soundings, as defined in MAR, were taken in respect of the proposed fundraise with the result that certain persons became aware of inside information, as permitted by MAR.  That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR.  Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

Enquiries:

Evgen Pharma plc Dr Stephen Franklin, CEO Richard Moulson, CFO www.evgen.com	c/o [phone]
Buchanan Mark Court, Sophie Wills, Tilly Abraham		[phone]
Northland Capital Partners Limited Matthew Johnson, Gerry Beaney (Corporate Finance) Rob Rees (Corporate Broking)		[phone]
WG Partners LLP		[phone]
Nigel Barnes, Claes Spång

Notes for editors:

About Evgen Pharma plc

Evgen is a clinical stage drug development company whose lead programmes are in breast cancer and subarachnoid haemorrhage, a type of stroke.  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 commenced operations in January 2008 and has its headquarters at The Colony, Wilmslow, Cheshire, and its registered office 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

For commissioned research on the Company, please visit: http://evgen.com/investors/analyst-coverage/

 

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