Evgen Pharma PLC (AIM:EVG), a clinical-stage drug development company developing sulforaphane-based medicines for cancer treatment and other indications, has confirmed that it has no deposits, loans or any other financial instrument with any part of Silicon Valley Bank (SVB).
The bank entered administration over the weekend following a bank run on deposits enacted by its core client base of US tech start-ups.
SVB was facing billions in unrealised losses due to the substantial sum of US Treasury bonds held on the bank’s balance sheet.
HSBC has agreed to a bail-out of SVB’s UK-based subsidiary.
Evgen shared remained relatively stable on Monday morning, changing hands at 3.84p as of 7.50am.