Investors raise £2m for drug company

MANCHESTER-based corporate finance boutique Acceleris Capital has raised £2m in an oversubscribed fundraising for Evgen Pharma supported by existing shareholders and new investors.

Evgen Pharma in Liverpool is a clinical stage drug development company focused on the treatment of cancer and neurological conditions.

The new investors include the Seneca EIS Portfolio Service, managed by Seneca Partners, the parent company of Acceleris Capital.

The funds will be used to initiate the company’s first Phase II trial on lead product SFX-01.

The clinical trial will be conducted on patients who have been admitted to hospital with a type of stroke called a subarachnoid haemorrhage.

The trial will establish the extent to which SFX-01 (a synthetic, stable version of sulforaphane, and a known neuroprotectant) will help surviving patients preserve their cognitive function in the critical early days following the haemorrhage.

Evgen Pharma chairman Barry Clare said: “We are delighted by this £2m fundraising, which was oversubscribed and expands the resources available to Evgen Pharma as we continue to develop our exciting Sulforadex platform in cancer and neurological indications.

“The board thanks all shareholders who participated in this funding round and sends a particular welcome to new shareholders including the Seneca EIS Portfolio Service.”

Acceleris Capital chief executive Norman Molyneux said: “Evgen Pharma is an excellent example of the companies we like to support at Acceleris Capital, with a strong business model, impressive management credentials and an exciting new program. This deal is yet another indication of the strength of technology companies in the North-West.”