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Evgen Pharma raises £2.3mln to fund its two clinical trials

The proceeds from the share sale will be used to progress two phase II clinical trials
vials be processed
The proceeds from the share sale will be used to progress two phase II clinical trials involving patients with subarachnoid haemorrhage (a type of stroke) and metastatic breast cancer

Evgen Pharma plc (LON:EVG) has applied a meaty discount to its shares in order to get its £2.3mln fundraiser away.

Investors who took part in the placing received new paper at 12p. The stock, which closed at 17p on Thursday after opening at 20.5p, was changing hands for around 27p in October and almost 30p in February.

READ: Evgen Pharma and the power of plants for potential drug breakthrough

The proceeds from the share sale will be used to progress two phase II clinical trials involving patients with subarachnoid haemorrhage (a type of stroke) and metastatic breast cancer.

The company in its half-yearly update said it is making “exciting progress” with the studies and will be reporting data next year.

READ: Evgen Pharma shares jump after positive updates on two Phase II clinical trials for its SFX-01 treatment

“The additional funds will provide valuable working capital as we drive forward our pioneering work in sulforaphane-based therapeutics," said chief executive Steve Franklin.

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Evgen Pharma Timeline

October 21 2015

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