EVG.L Share News (EVG)

LONDON (Alliance News) - Clinical stage drug development company Evgen Pharma PLC Tuesday said it has made "significant progress" since its flotation on AIM last year, as it reported a widened loss for its first half.

For the year to end-March the company reported a pretax loss of GBP3.2 million, widened from a pretax loss of GBP2.3 million the year before. It did not post revenue in either period.

This was primarily as a result of higher operating expenses and one off costs related to its listing on AIM last October.

During the half year the company progressed its lead product, SFX-01. After securing approval for a trial for SFX-01 in subarachnoid haemorrhage in the period, the company has subsequently commenced the phase II study.

A pre-clinical study of SFX-01 in comparison to a rival compound in relapsing remitting multiple sclerosis has begun after the half year end, and is due to report in the latter part of 2016.

It will also begin recruiting for a phase II clinical study of the compound in breast cancer later this year.

"I am very pleased with the significant progress the company has made since joining AIM in October last year. We are already treating patients in a Phase II trial of our lead product, SFX-01, in subarachnoid haemorrhage and we are fully funded to complete a phase II trial in breast cancer which will begin later this year. These two trials represent significant value inflexion points for Evgen Pharma," said Chief Executive Officer Stephen Franklin in a statement.

Shares in Evgen Pharma were up 2.5% at 19.99 pence Tuesday morning.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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