Evgen Pharma performs in line with forecasts in first half
By Josh White
Date: Thursday 10 Dec 2020
(Sharecast News) - Clinical-stage drug development company Evgen Pharma reported financial performance in line with its expectations in its first half on Thursday, with revenue coming in at £0.19m, compared to nil a year earlier.
The AIM-traded firm said its post-rax loss widened to £1.8m for the six months ended 30 September, from £1.6m in the first half of the 2020 financial year, as its cash outflow from operations came in at £1.9m, growing from £1.7m.
Its cash balance at 30 September totalled £2.3m, down from £5.1m 12 months prior.
On the operational front, Evgen completed its first out-licensing deal with Juvenescence during the period, for the use of 'Sulforadex' technology in non-pharmaceutical markets.
Up to $10.5m would be received in milestones, with royalties on sales.
A phase 2b and 3 trial using SFX-01 for acute respiratory distress syndrome was launched, including Covid-19 patients, sponsored by Dundee University, with grant funding from LifeArc.
Patient recruitment commenced in that, the 'STAR' trial, post the period end, with data potentially available in the fourth quarter of 2021.
Evgen also reported "strong" preclinical data in a new solid tumour indication, with the requirements for and the design of a phase 1b and 2a trial being assessed.
Preclinical work had also started in a blood cancer indication, based on new evidence that SFX-01 inhibited the SHP2 pathway, while other preclinical work was proceeding to support the use of SFX-01 in metastatic breast cancer patients who had become resistant to CDK4/6 drugs.
Good progress was also reported in process development to scale-up the manufacturing and formulation of SFX-01.
"Substantial progress was made in the half year in business development and in particular in our STAR trial, where patients with community acquired pneumonia from any infection including Covid-19 can be recruited," said chief executive officer Dr Huw Jones.
"I look forward to updating the market and our shareholders on our next cancer indication in due course, where preliminary pre-clinical data look compelling.
"We continue to demonstrate the huge potential of our pipeline and are excited for the future progression of this."
At 1151 GMT, shares in Evgen Pharma were up 0.26% at 8.52p.
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