Evgen ditches IPO as Redx makes solid start

EVGEN, a biotech company based in Liverpool working on a treatment for prostate cancer, has shelved plans to list on AIM.

The company, backed by the North West Fund for Biomedical, said last year it was planning an AIM listing and seeking to raise £20m, but has been forced to reconsider these plans after a lukewarm response from institutions.

A spokesman for the company said:”It has been decided to produce further clinical data funded by a private funding round rather than continuing with the IPO.”

The business, is working on treatments for neurological conditions as well as prostate cancer.

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

Meanwhile, Redx Pharma, a more mature bio-tech business, has made a solid start to life as a listed business.

Shares began trading on Friday morning at 85p and nudged forward to 86p.

Neil Murray, Chief Executive Officer of Redx, said: “I am delighted that Redx has joined AIM and, at the same time, successfully raised some £15m of new funding. The company is now embarking on the next stage of its development and we believe that prospects are exciting.

“Our business model is to improve on existing drug classes and to partner early, and in doing so establish Redx as a highly attractive pipeline generator for large pharma and emerging life science companies.  We already have a pipeline of potential drug candidates, with our focus on areas of high unmet need in cancer and infection.  

“The new funds we have raised will support the ongoing development of our pipeline as well as the launch of a third therapeutic area focused on immunology.  Meanwhile our objective of the company attaining early profitability remains.”