Evgen makes second move for AIM listing

DRUG development company Evgen Pharma is making a fresh bid to become a public company after putting its plans on hold in March .

The Liverpool-based company, which is focused on treatments for cancer, strokes and Multiple Schlerosis, is looking to join the junior market AIM later this month and is looking to raise approximately £5m through a shares placing.

Its core technology Sulforadex is a patent-protected method of stabilising a synthetic version of sulforaphane, which is a naturally occurring,  known anti-cancer agent derived from broccoli and other brassica vegetables.

Evgen, which last month raised £2m through Manchester-based corporate finance firm Acceleris, said it would use the proceeds of the placing for a Phase IIa study in metastatic  breast cancer, a Phase II study in subarachnoid haemorrhage (a type of stroke) and preclinical studies in multiple sclerosis.

Chief executive Dr Stephen Franklin said: “The anti-cancer and anti-inflammatory properties of sulforaphane are well documented and are supported by a wealth of published peer-reviewed scientific papers.  Our exciting Sulforadex technology stabilises the molecule and unlocks its commercial potential, representing a major breakthrough as a potential therapy in cancer, neurology and other disease areas.

“We intend to advance our programmes in breast cancer, stroke and multiple sclerosis through this IPO on the AIM market of the London Stock Exchange.”

Northland Capital Partners is the company’s nominated adviser and broker.

Last December the company, which is backed by the North West Fund, tried unsuccessfully to float on AIM, but on that occasion had been looking to raise £20m.