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Evgen Pharma PLC - Harnessing Sulforaphane's Therapeutic Properties

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Sulforaphane, a natural compound first isolated from a precursor in Brassica plants, has shown therapeutic potential, but has also proven too unstable to be manufactured as a drug on commercial scale.

Evgen Pharma (LON:EVG) has developed a proprietary technology - Sulforadex® - that allows the synthesis of sulforaphane in the form of a stable, solid powder that can be easily manufactured as an oral drug.

The Company has then developed several analogues with slightly different biophysical properties that could reveal beneficial effects in specific therapeutic indications, and reinforce their IP estate.

Evgen's lead drug, SFX-01, is a patented combination of synthetic sulforaphane and alpha-cyclodextrin (as a stabilising complex).

Evgen had a cash balance of £2.2mln as of the end of September 2017, and subsequently raised approximately £2.1mln (net of fees) via a rights issue in December 2017.
 
This should provide the Company with sufficient resources to support operations and fund the two ongoing Phase 2 clinical studies until completion, expected around the end of 2018.
 
The next rights issue should take place after the release of the interim data from the breast cancer trial, which would likely support the stock's valuation.
 
Finally, we would expect that positive results from the two lead programs in SAH and breast cancer will trigger licensing and/or M&A activity.
 

Full report is available via Capital Network website
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Evgen Pharma Timeline

CN Video
March 07 2018
Article
October 21 2015

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October 17 2017

KEY INVESTOR MESSAGES

  • Commercial launch of Genedrive® Hepatitis C (HCV) test expected to start in    the coming quarters (African markets)
  • Collaboration with the US Defense Department (bio-hazard program) to generate further income in the current fiscal year
  • Re-launch of Genedrive® MTB (tuberculosis) test in India is being reassessed
  • Divestment options for the Services business are being pursued
  • Cash position of £4.2mln as of 30 September 2017
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October 25 2017
  1. e-Therapeutics (LON:ETX) focuses on the discovery of  new drugs in a more efficient and effective way and aims to be a valued partner to address the productivity challenge that the pharma industry faces.
  2. e-Therapeutics (LON:ETX) has developed a novel and unique in-silico approach to drug discovery: starting from the analysis of complex interactions between proteins in biological systems (networks), they apply advanced computational techniques to identify new drug candidates.
  3. This approach was labeled Network-driven Drug Discovery (NDD) and has been validated across several therapeutic areas (cancer, central nervous system, auto-immunity, infectious diseases) and molecular pathways.
  4. e-Therapeutics (LON:ETX) discovery platform has generated three drug candidates for multiple cancer indications which are ready to be out-licensed to pharma partners for their further development.
  5. We estimate e-Therapeutics intrinsic value to be roughly 3x higher than current market capitalisation. The latter doesn't reflect the commercial potential of e-Therapeutics' most advanced drug candidates and of the platform itself.
  6. e-Therapeutics ability to finalise a co-development or licensing agreement in the near term will represent a key inflection point for its stock re-rating.
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November 15 2017
  • Genedrive (LON:GDR) on track to become a commercial stage, point-of-need diagnostics company
  • Launch of Genedrive® Hepatitis C (HCV) test at IFCC World Lab October 2017, with commercial sales expected in the coming quarters (African markets)
  • Distribution agreement signed for HCV test for Asia Pacific
  • Collaboration with the US Defense Department (bio-hazard program) to generate further income (c. $1.9mln) in the current fiscal year
  • Re-launch of Genedrive® MTB (tuberculosis) test is being reassessed
  • Management actively engaged in the disposal of the legacy service business (preclinical research and pharmacogenomics)
  • Cash position of £4.2mln as of 30 September 2017, enough to finance the ongoing business well into fiscal year 2019
  • Our SOTP valuation yields an equity value of c. £24mln, over 3x current market capitalization

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