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Following Monday's 8% decline, Evgen Pharma's (LON: EVG) share price is rising once again after it reported its full-year results, stating that the year saw the company make “considerable progress.”
During the year ended 31 March, Evgen completed its first out-licensing deal with Juvenescence to use Sulforadex technology in non-pharmaceutical markets. From the agreement, it could earn up to $10.5m in receivable in milestones with royalties on sales, expected from mid-2023.
Evgen is also going ahead with its Phase IIb/III trial using SFX-01 for acute respiratory distress syndrome (ARDS), including COVID-19 patients sponsored by the University of Dundee and NHS Tayside, with grant funding from LifeArc.
To date, 133 patients have been recruited.
As reported on Monday, the company has made progress in two cancer trials using SFX-01, with preparations underway for a randomised, blinded Phase 1/2 clinical trial to start in H1/2022.
The AIM-listed company said encouraging in vitro data suggests that SFX-01 may also effectively treat blood cancers such as the severe form of childhood leukaemia and juvenile myelomonocytic leukaemia.
Evgen's made a post-tax loss of £2.7 million, flat from the previous year, cash outflow from operations at £2.9 million, above the £2.6 million in 2020 and cash and short term deposits at £11.6 million, above the £4.1 million previously reported.
Barry Clare, Chairman of Evgen Pharma, said: “Over the last 12 months Evgen has substantially strengthened its senior team, made considerable progress across all areas of its business, raised significant funding to accelerate the development of its therapeutic programmes and concluded its first commercial partnership.”
Evgen's share price is currently up 2.6% at 7.9p.
Evgen Pharma shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Evgen Pharma shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
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