TIDMEVG
RNS Number : 7617Y
Evgen Pharma PLC
08 December 2017
For immediate release 8 December 2017
Evgen Pharma plc
("Evgen Pharma" or "the Company")
Placing to raise GBP2.3 million
Notice of General Meeting
Evgen Pharma (AIM: EVG), a clinical stage drug development
company focused on the treatment of cancer and neurological
conditions, is pleased to announce it has conditionally raised
GBP2.3 million (before expenses) via a placing of 19,166,667 new
ordinary shares of 0.25p each ("Placing Shares") in the Company at
a price of 12p per ordinary share (the "Placing").
The net proceeds of the Placing will be used principally to
progress the Company's two current Phase II trials in subarachnoid
haemorrhage and metastatic breast cancer and for working capital
purposes. The net proceeds of the Placing may also be used to
support pre-clinical work in additional indications.
Commenting on the Placing, Steve Franklin, CEO of Evgen Pharma,
said:
"We are delighted to have raised these additional funds from new
and existing shareholders. As we highlight in our half year report,
released earlier today, we are making exciting progress in our two
Phase II clinical trials and will be reporting data next year. The
additional funds will provide valuable working capital as we drive
forward our pioneering work in sulforaphane-based
therapeutics."
Details of the Placing
The existing authority granted by shareholders to the Directors
to allot shares for cash is insufficient to allow the issue of all
of the Placing Shares. Therefore the Placing is conditional, inter
alia, on the passing of resolutions at a General Meeting of the
Company to be held on 28 December 2017.
An application will be made for the Placing Shares to be
admitted to trading on AIM which is expected to occur at 8.00 a.m.
on 29 December 2017.
Various Directors of the Company are participating in the
Placing as follows:
Director Number of Placing Shares
Barry Clare, Non-Executive
Chairman 83,333
Steve Franklin, Chief
Executive Officer 41,667
Richard Moulson, Chief
Financial Officer 41,667
Notice of General Meeting
A circular (the "Circular"), containing information in relation
to the Placing and convening the General Meeting to be held at The
Colony, Altrincham Road, Wilmslow, Cheshire SK9 4LY, at 10.00 a.m.
on 28 December 2017, will be sent to shareholders today. The
Circular will also be posted on the Company's website,
www.evgen.com, in due course.
Total Voting Rights
Following Admission the Company's issued share capital will
comprise 93,276,858 ordinary shares with voting rights. The figure
of 93,276,858 ordinary shares may therefore be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change in their interest in, the share capital of the
Company under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. Market soundings, as
defined in MAR, were taken in respect of the proposed fundraise
with the result that certain persons became aware of inside
information, as permitted by MAR. That inside information is set
out in this announcement and has been disclosed as soon as possible
in accordance with paragraph 7 of article 17 of MAR. Therefore,
those persons that received inside information in a market sounding
are no longer in possession of inside information relating to the
Company and its securities.
Enquiries:
Evgen Pharma plc c/o +44 (0) 20 7466
Dr Stephen Franklin, CEO 5000
Richard Moulson, CFO
www.evgen.com
Buchanan
Mark Court, Sophie Wills, Stephanie +44 (0) 20 7466
Watson 5000
Northland Capital Partners Limited
Matthew Johnson, Gerry Beaney
(Corporate Finance)
John Howes, Rob Rees (Corporate +44 (0) 20 3861
Broking) 6625
Notes for editors:
About Evgen Pharma plc
Evgen Pharma is a clinical stage drug development company whose
lead programmes are in breast cancer and subarachnoid haemorrhage,
a type of stroke. The Company's core technology is Sulforadex(R), a
method for synthesising and stabilising the naturally occurring
compound sulforaphane and novel proprietary analogues based on
sulforaphane. The lead product, SFX-01, is a patented composition
of synthetic sulforaphane and alpha-cyclodextrin.
Evgen Pharma commenced operations in January 2008 and has its
headquarters at The Colony, Wilmslow, Cheshire, and its registered
office is at the Liverpool Science Park, Liverpool. It joined the
AIM market of the London Stock Exchange in October 2015 and trades
under the ticker symbol EVG.
For further information, please visit: www.evgen.com
For commissioned research on the Company, please visit:
http://evgen.com/investors/analyst-coverage/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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