LONDON (Alliance News) - Evgen Pharma PLC on Friday said it has raised GBP7.0 million from its listing on AIM, as payments company Worldpay Group PLC continued to trade well above its offer price, having completed the biggest initial public offering in London this year.
Evgen said it has raised GBP7.0 million via an oversubscribed offering of shares at 37.00 pence per share. It expects dealings in its shares to start on AIM on October 21, meaning Wednesday next week. At admission, the company will have a market capitalisation of around GBP27.0 million.
The company's key product is Sulforadex, a method for stabilising natural and synthetic versions of sulforaphane, a naturally-occurring anti-cancer agent derived from broccoli and other brassicas, or vegetables such as cabbages and mustard plants.
The proceeds from the IPO will be used to fund a phase 2a study in metastatic breast cancer treatments, a phase 2 study in subarachnoid haemorrhage, a type of stroke, along with pre-clinical studies on multiple sclerosis and long-term safety and toxicology studies.
"We are very encouraged by the support shown by investors in this placing, and we are delighted to be joining the AIM market," said Stephen Franklin, Evgen's chief executive.
Elsewhere, Worldpay, the payments processing company, saw full dealings begin in its shares, which are still trading well above their IPO price. The stock was quoted at 260.00 pence on Friday morning, up 8.3% from its 240.00p IPO price. Conditional dealings in the shares started on Tuesday, when its shares also rose.
Worldpay's float is the largest by market capitalisation so far this year, with the group's market capitalisation upon admission at GBP4.80 billion. With the increase in its share price since admission, its market capitalisation is now around GBP5.2 billion.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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