Drug development business announces annual results in line with expectations

North West drug development company, Evgen Pharma, said it has performed to expectations, during the year to March 31.

The firm, which has bases in Wilmslow and Liverpool, reported a pre-tax loss of £3.213m, compared with £3.166m the previous year.

Revenues of £194,000 compared with zero revenues in the prior year.

Cash outflow from operations was £2.9m, up from £2.6m in 2020, while cash and short-term deposits stood at £11.6m, against £4.1m previously, following a heavily oversubscribed placing of 137m new ordinary shares in early March this year.

Among its research and development programmes, it said in vitro data suggests that its SFX-01 asset may suppress tumour growth in patients with oestrogen receptor positive breast cancer who have become resistant to CDK4/6 inhibitors such as palbociclib, sold as Ibrance by Pfizer.

There is encouraging in vitro data that SFX-01 may also be effective in treating blood cancers such as the severe form of childhood leukaemia, juvenile myelomonocytic leukaemia, linked to new evidence that SFX-01 inhibits a further pathway of relevance in many cancers

On a corporate basis, the company concluded the completion of its first out-licensing deal with Juvenescence for use of Sulforadex technology in non-pharmaceutical markets.

Up to $10.5m will be receivable in milestones with royalties on sales, expected from mid-2023.

It also strengthened its management team with the appointments of Dr Huw Jones (CEO) and, post-year end, Dr Glen Clack as chief medical officer and Dr Helen Kuhlman as chief business officer.

Chairman, Barry Clare, said: “Over the last 12 months Evgen has substantially strengthened its senior team, made considerable progress across all areas of its business, raised significant funding to accelerate the development of its therapeutic programmes and concluded its first commercial partnership.

“I look forward to continuing our success in the current year and would like to thank our shareholders for their continued support.”