Evgen Pharma PLC (LON:EVG), a clinical stage drug development company focused on the treatment of cancer and neurological conditions, has today announced it has conditionally raised £2.3 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.
