North West drug discovery company Evgen Pharma said its year ended in line with expectations, after reporting results for the period to March 31, 2022 today.
When he announced his interim results last December, he said he was aiming for a successful second half. Today’s figures show no income was recorded for the full year, down from £194,000 in 2021, but it managed to narrow its pre-tax losses slightly to £3.169m, from £3.213m the previous year.
Cash and short-term deposits, at March 31, stood at £9 million, compared to £11.6 million a year ago. Cash outflows were £2.6 million, compared to £2.9 million the previous year. The group said it was funded through the fourth quarter of 2023
Evgen, which is a clinical-stage drug development company developing sulforaphane-based drugs for the treatment of multiple diseases, operates in Wilmslow and Liverpool and is based in Alderley Park, Cheshire.
It warns that it has a limited operating history, has incurred significant losses since inception, and has no approved or revenue-generating products. He expects to incur losses for the foreseeable future and says there is no certainty the business will turn a profit.
During the reporting period, Evgen continued its work to support patients with metastatic breast cancer who have become resistant to the widely used class of CDK4/6 inhibitor drugs.
He obtained positive preclinical data from two independent groups of collaborators, in Italy and New Zealand, as well as “encouraging early in vitro data” for his SFX-01 in juvenile myelomonocytic leukemia at the MRC Weatherall Institute, University of Oxford.
The U.S. market launch of a JuvLife nutritional health product is expected in late 2023.
The company has also highlighted a novel formulation of SFX-01 generated in tablet form enabling scale-up to provide late-stage clinical trials and commercial use.
And the company has appointed Dr. Helen Kuhlman and Dr. Glen Clack as Chief Commercial Officer and Chief Medical Officer, respectively, completing its leadership team.
For the future, he intends to start a trial on healthy volunteers in the fourth quarter of this year with a new formulation SFX-01 and he has new academic collaborations with La Sapienza University of Rome in SFX radiosensitization -01 and the University of Michigan in colon cancer.
Managing Director Dr Huw Jones said: “Our focus over the year has been to meet the targets set in our 2021 fundraising, particularly with regards to manufacturing, formulation and preparation for clinical trials.
“With this groundwork now complete, we are pleased to have made very visible progress in each of our development programs and look forward to another busy year that will include clinical data from both voluntary Phase I/Ib trials and phase Ib/IIa trials in glioblastoma.”
In March last year, the firm raised a successful £11m fundraising with a heavily oversubscribed placement of 137m new ordinary shares priced at 8p each.
He said the proceeds would be used to fund further advances in cancer treatments and the two major senior hires.