2nd Feb 2021 17:45
Evgen Pharma PLC - Liverpool-based clinical stage drug development company - Conditionally raises GBP10 million in gross proceeds from "heavily oversubscribed" 125.0 million share placing at 8 pence per share. Shareholders are to be given the option to subscribe for up to 12.5 million share from an open offer to raise up to a further GBP1 million to give a fundraise total of as much as GBP11 million assuming till open offer uptake.
Funds will be used for additional "preclinical work for metastatic breast cancer, glioma and a further cancer indication yet to be announced" as well as as possible clinical trial in glioma patients. The money will also support completion of the formulation and scale up manufacturing of lead product SFX-01, which has shown positive results in breast cancer, as well as preparatory work for filing an investigational new drug application for SFX-01 in the US.
Furthermore, Evgen will use the money to fund its operations through to mid-2023, including the hiring of a chief business officer and chief scientific & medical officer.
Current stock price: 10.00 pence; up 7.0% on Tuesday
Year-to-date change: down 3.4%
By Anna Farley; [email protected]
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