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Evgen Pharma PLC - Harnessing Sulforaphane's Therapeutic Properties

Evgen Pharma PLC - Harnessing Sulforaphane's Therapeutic Properties

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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Legendary Investments (LON:LEG) creates value through privately held and pre-market investment opportunities with the potential for outsized returns. The company has a strong track record with:

  • Total investments valued at of £6.2mln (from zero in 2011)
  • Out of 12 investees in total, five are exhibiting multiple returns from 1.3x to 35x
  • Two crystallised with exits at a multiple of the initial investment

We believe this is an interesting time to revisit the investment case, as the shares are currently trading at a discount to net asset value (NAV), which has not been the case in the past.

N.B. Legendary plans to change its name to Eight Peaks Group (LON: 8PG) in the near future.

 

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April 16 2018

KEY INVESTOR MESSAGES

  • Faster than expected development of the second immuno-oncology (I-O) program, a LAG3 inhibitor, allows company to evolve its lead program into a more ambitious LAG3/PD-L1 bispecific aiming to enter the clinic in 2020
  • Good progress of the ongoing external collaborations in two key areas: gene delivery (Moderna, OncoSec, FIT Biotech) and drug conjugates (Glythera)
  • Expect further licensing deals for Affimer reagents, based on multiple on-going evaluations
  • Stock price weakness reflects in our view uncertainty around a likely capital raise before year end rather than the company's strong fundamentals

 

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