Evgen Pharma plc, a clinical stage drug development company focused on the treatment of cancer and neurological conditions, intends to join the AIM market of the London Stock Exchange by way of a Placing to raise approximately £5 million.
Evgen Pharma announced this Monday.
Evgen Pharma said it was seeking to raise a minimum of £5 million in an IPO on AIM with trading in its shares expected to commence in October 2015. The use of proceeds will include funding for a Phase IIa study in metastatic breast cancer, a Phase II study in subarachnoid haemorrhage (a type of stroke) and preclinical studies in multiple sclerosis.
Evgen Pharma’s CEO, Dr Stephen Franklin, commented:
“The anti-cancer and anti-inflammatory properties of sulforaphane are well documented and are supported by a wealth of published peer-reviewed scientific papers. Our exciting Sulforadex technology stabilises the molecule and unlocks its commercial potential, representing a major breakthrough as a potential therapy in cancer, neurology and other disease areas. We intend to advance our programmes in breast cancer, stroke and multiple sclerosis through this IPO on the AIM market of the London Stock Exchange.”
Its core technology Sulforadex is a patent-protected method of stabilising a synthetic version of sulforaphane, which is a naturally occurring, 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 Pharma is developing a pipeline of compounds based on its Sulforadex technology 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