17th Dec 2019 11:28
(Alliance News) - Evgen Pharma PLC on Tuesday expressed confidence going forward as its loss narrowed slightly in the first half of its current financial year.
The AIM-listed clinical stage drug development company said it cut its total comprehensive loss to GBP1.6 million in the six months to the end of September from GBP1.8 million a year earlier.
Evgen did not generate any revenue in either year, as it is currently developing sulforaphane-based medicines for the treatment of multiple diseases.
"We have now completed two phase II trials on SFX-01, in different conditions and with quite separate mechanistic hypotheses. Our selections of metastatic breast cancer and subarachnoid haemorrhage were based on strong preclinical data sets," said Chief Executive Stephen Franklin.
Looking ahead, Franklin added: "We therefore move forward with the confidence that clinical success will ultimately prevail, and we will, at that point, see a major ground shift in the company's valuation."
Evgen said it estimates that the cash held by the company of GBP5.1 million, together with known receivables, will be sufficient to support its current level of activities into the third quarter of 2021.
The stock was trading 3.0% lower in London on Tuesday morning at 7.52 pence a share.
By Evelina Grecenko; [email protected]
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