Pharma company’s shares jump on talk of coronavirus clinical trial
Shares in North West pharmaceutical business Evgen Pharma jumped by almost a third earlier today after news it was linked to a possible treatment to help COVID-19 patients.
Just after mid-day its stock was priced at 16.82p, having started the day at 12p per share.
The price later settled back and by 5pm stood at 13.75p per share, a 17.02% increase on the opening price.
The company, which has offices in Wilmslow and Liverpool, revealed in a stock exchange announcement that it is in discussions with a potential source of funds that would help pay for a clinical trial in COVID-19 patients.
Evgen is focused on the treatment of cancer and neurological conditions.
It is developing sulforaphane-based medicines, known as SFX-01, for the treatment of breast cancer and multiple other diseases.
Sulforaphane is a sulfur-rich compound found in vegetables like broccoli.
However, trials could show that it can help to alleviate respiratory problems in patients, commonly known as ARDS, or acute resipiratory distress syndrome.
This condition affects many COVID-19 patients.
The company statement said: “Evgen can confirm that it is in discussions with a potential source of funds that would help pay for a clinical trial in COVID-19 patients, with Evgen providing SFX-01 in support of such a trial.
“A further announcement will be made if these discussions are successful.”
In February this year the AIM-isted clinical stage drug development company announced that its long-standing collaboration with the University of Manchester had led to the discovery of a gene signature that may predict patient response to SFX-01 in advanced oestrogen receptor positive (ER+) breast cancer.
Evgen Pharma had previously announced positive results from the STEM trial of SFX-01 in metastatic breast cancer.