21st Oct 2015 11:24
LONDON (Alliance News) - Evgen Pharma PLC, a clinical stage drug development company, on Wednesday joined the London Stock Exchange's junior market, AIM, raising GBP7.0 million in its initial public offering.
On admission, the Liverpool, England-based company was valued at GBP27.0 million, on a placing of 18.9 million shares sold at 37 pence each to institutions and other investors.
Evgen shares were quoted at 37.87p at midday on Wednesday.
Evgen, which aims to treat cancer and neurological conditions, is to use the money raised for 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
The company is led by Executive Chairman Barry Clare, a former Boots Co PLC director, and Chief Executive Stephen Franklin.
Northland Capital Partners is the company's nominated adviser and broker.
By Samuel Agini; [email protected]; @samuelagini
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