Evgen Pharma PLC (LON:EVG) shares more than halved in value after clinical stroke trials failed to show its flagship drug was any better than a placebo.
Tests of the SFX-01 drug candidate in patients who had suffered subarachnoid haemorrhage could not reduce blood flow velocity in the middle cerebral artery, as the company had hoped.
Neither was there any differences seen between SFX-01 and placebo in key cognition, quality of life and clinical outcomes at three and six months after treatment in the multi-centre phase II clinical trial.
“We are surprised and disappointed by these findings given the strong preclinical data for sulforaphane in animal models of SAH and other forms of stroke,” said chief executive Steve Franklin.
Earlier this year In March, Evgen reported positive efficacy and safety data from trials of SFX-01 for metastatic breast cancer, sending its shares up to 29p before investors were coaxed into buying £5mln worth at a price of 15p.
The disappointing news sent the shares crashing to below 6p in early trade from the 16p close last week, before recovering slightly 7.72p by mid-morning on Monday.