13th Jun 2019 12:21
(Alliance News) - Evgen Pharma PLC on Thursday said its loss marginally widened in its most recent financial year due to slightly higher expenses as drug development continues.
Clinical stage drug developer Evgen posted a pretax loss of GBP3.1 million for its year to March 31, widened from GBP3.0 million.
Operating expenses rose 3.4% to GBP3.0 million from GBP2.9 million and share-based compensation increased to GBP135,000 from GBP111,000.
Evgen did not record any revenue in the year as it is continuing to develop its drugs to treat cancer and neurological conditions. The company did receive final top-line data from its phase 2a Stem clinical study of drug SFX-01 in advanced breast cancer.
Dosing and three-month visits have been completed in its ongoing phase 2b Sas clinical study of SFX-01 as well, with results due in the third and fourth quarters of the 2019 calendar year.
As at March 31, Evgen's cash, short-term investments, and cash on deposit stood at GBP2.0 million, a drop of 44% from GBP3.6 million the year prior. However, the company raised a further GBP5.0 million through a fundraising in May.
Evgen Chief Executive Stephen Franklin said: "This has been an exciting year for Evgen. With our positive phase 2 breast cancer data already announced, and further clinical data due this year, we look forward to maintaining the momentum in our development programmes and continuing to create value in the business."
Shares in Evgen were down 1.2% at 20.00 pence in London on Thursday.
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