Pharma company pleased with progress of latest drug trial findings

Barry Clare

North West pharmaceutical company Evgen Pharma announced final results for the year to March 31, today, and news of positive results in trials for its SFX-01 treatment for breast cancer.

The business, which has offices in Wilmslow and Liverpool, revealed a post tax loss of £2.7m, compared with £2.6m in the same period last year. It achieved a net cash inflow of £2.1m, up from £1.6m a year ago.

Its cash balance at March 31, was £4.1m, against £2m in 2019.

In May it completed an oversubscribed fundraising of £5m, before expenses.

The company said its financial performance is in line with expectations.

Evgen today announced that five patients who participated in trials received SFX-01 treatment for more than one year with no tumour progression.

Significant progress has been made in the tablet formulation of SFX-01 that will underpin easier clinical use in a range of indications and yield economic and production benefits, the company said.

Meanwhile, Memorandums of Understanding have been reached with Guy’s and St Thomas’s NHS Foundation Trust, the University of Dundee and University of Rochester (NY) to support clinical trials of SFX-01 in autism, non-alcoholic steatohepatitis and chronic kidney disease, respectively.

After 10 years at Evgen, chief executive Steve Franklin resigned from the company at the end of April.

Evgen has appointed a high-quality search and selection firm to support the replacement process, and said it looks forward to announcing a new CEO who can drive the future of Evgen in due course.

Announcing today’s results, executive chairman Barry Clare said: “We move forward with the confidence that the value of SFX-01 as a potential drug that is active against the two key pathways of Nrf2 and STAT3 will become increasingly clear.

“These pathways are of significance in a range of diseases including cancer, autism and those where oxidative stress is a factor.

“We, therefore, believe that the fundamentals are in place to underpin sustainable share price growth and deliver the undoubted potential of SFX-01.

“On behalf of myself and the board, I would like to thank our shareholders for their continued support and we look forward to updating the market with positive news in the coming year.”

Click here to sign up to receive our new South West business news...