Flotation for drugs firm Evgen

DRUG development firm Evgen is to raise £20m through a flotation on the Alternative Investment Market (AIM).

The business, which moved to Liverpool from Sheffield three years ago after securing backing from the North West Fund, is working on treatments for prostate cancer and neurological conditions.

Its Sulforadex product is a synthesised version of the naturally occurring compound sulforaphane, an anti-cancer agent derived from broccoli and other brassicas.

The company said it has positive data from the first phase of studies and is pursuing programmes in prostate cancer, breast cancer, brain haemorrhage and multiple sclerosis.

Its management team is led by chairman Barry Clare, the former director of Boots, and chief executive Dr Stephen Franklin. The shares are expected to start trading later this month.

Dr Franklin said: “A wealth of academic research has identified the anti-cancer and neuroprotective properties of sulforaphane, a naturally occurring but highly unstable compound. Our exciting Sulforadex technology unlocks the commercial potential of sulforaphane for the first time through the synthesis of a patented, stabilised version which can be delivered as a tablet or capsule.

“We have successfully completed early stage studies of Sulforadex and now intend to advance our programmes in prostate cancer, breast cancer, brain haemorrhage and multiple sclerosis with some of the world’s leading clinical experts following our IPO on the AIM market of the London Stock Exchange.”