Evgen Pharma losses edge wider on higher costs

(Sharecast News) - Evgen Pharma on Thursday reported a slightly widened annual loss due to a cost increase, with its results in line with expectations as its drugs remain in the development stage.The company, which is focused on developing treatments for cancer and neurological conditions, reported a loss before tax of £3.1m for the year to March 31, marginally up from a loss of £3m the year before.Operating expenses increased by 3% to £3m and share-based compensation increased by 22% to £135,000.The AIM-traded company has yet to report any revenue, though clinical proof of concept was "clearly" demonstrated in final top line data released from a second phase clinical study into its SFX-01 drug's effectiveness in advanced breast cancer.Meanwhile, dosing and three month visits have been completed in an ongoing phase IIb clinical study into SFX-01's treatment of subarachnoid haemorrhage, with results expected in the third or fourth quarter of this calendar year, the company said.Stephen Franklin, chief executive of Evgen, said: "This has been an exciting year for Evgen. With our positive phase II breast cancer data already announced, and further clinical data due this year, we look forward to maintaining the momentum in our development programmes and continuing to create value in the business."Evgen Pharma's shares were down 1.23% at 20.00p at 1224 BST.