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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

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March 07 2018
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October 21 2015

Related Researches

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October 04 2017

Avacta’s FY 2017 Preliminary Results: Reagents and therapeutics programs all on track

KEY INVESTOR MESSAGES

  • Avacta’s Affimer® technology is a proprietary alternative to antibodies with key technical and commercial benefits
  • Avacta is building a pipeline of Affimer drugs for immuno-oncology and growing revenues based on a licensing model for Affimer reagents
  • Excellent progress in both parts of the business during the reporting period substantially de-risking the opportunity
  • A pipeline of potential valuable and licensable drugs is being built and the company is targeting first clinical trials in 2019
  • A sum-of-the-parts model now suggests an equity value four times the current market capitalisation

 

RESULTS SUMMARY

On the 4th October, Avacta Group Plc (LON:AVCT) has reported preliminary results for the fiscal year ending July 2017, including a detailed update on the business.

Overall Avacta Group Plc (LON:AVCT) is delivering according to management's guidance and has made significant progress in both the Affimer reagents' business and the Affimer therapeutics programs (please refer to our initiation report of March 2017 for an overview of Avacta's Affimer technology and business strategy).

As regards the Reagents business, Avacta Group Plc (LON:AVCT) announced in April 2017 that, after a trial period, they have granted a leading diagnostic company exclusive rights to specific Affimer reagents. Although financial details weren't disclosed, this was the first time that Avacta signed an agreement of this nature, representing an important inflection point in de-risking the reagents business.

As such we remove any risk adjustment from our valuation of the Affimer reagents business, which we now value approx. £140mil, from about £110mil before this deal was signed.

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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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January 24 2018

At the AGM of January 18th, Avacta reported good progress for both the Affimer therapeutic and reagents programs.

Their lead immuno-oncology development program is proceeding according to plan and multiple development milestones are expected in the course of 2018 (see next section for further details).

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