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Evgen Pharma marks premium AIM debut

“We are delighted to be joining the AIM market," said Dr Stephen Franklin
Evgen Pharma marks premium AIM debut
Cash raised allows Evgen to pursue clinical development

Evgen Pharma (LON:EVG) raced to a premium price on its AIM debut on Wednesday, reaching a high of 45p per share at one point.

The Liverpool-based company, which is advancing key clinical studies, including one for a possible treatment of breast cancer and one for a type of stroke, began trading on AIM on Wednesday.

Evgen’s technology, Sulforadex, is a patent-protected method of stabilising a known anti-cancer agent called sulforaphane. The company plans to establish a dominant position in new pharmaceuticals based upon sulforaphane and related analogues.

In its stock market float the company raised £7mln via an oversubscribed share placing, in which 18.9mln shares were sold at 37p each.

At that price, the whole company was valued at £27mln.

“We are delighted to be joining the AIM market and would like to thank all investors for supporting this funding round and IPO,” said Dr Stephen Franklin, Evgen chief executive.

“The fundraising proceeds will allow us to advance a Phase IIa study in breast cancer and a Phase II study in subarachnoid haemorrhage along with pre-clinical work in multiple sclerosis.

“We are very excited by the progress we are making with our Sulforadex technology, which has the potential to address orphan and major indications in multiple disease areas."

Having marked trades as high as 45p on AIM this morning, the newly listed share was priced between 37p to 38p at around 11:00 am.

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