Evgen Pharma results “were ahead” of Northland Capital expectations

Northland Capital partners view on Evgen Pharma LON:EVG: Evgen Pharma’s maiden Final Results for the year ended 31 March 2016 were ahead of our expectations. The company is prudently deploying capital towards its drug development programmes. With one Phase 2 trial already underway and another close to commencing (and with both trials fully funded), the group is well positioned to deliver significant value creation. We estimate that the company’s shares are significantly undervalued.

Trials progressing to plan
n  Evgen announced final results for the year ended 31 March 2016. Key highlights included:

n  Results were ahead of our expectations: Evgen’s reported Loss After Tax was £3.1m, vs. £4.8m expected

n  First Phase 2 trial commenced: the first patient has been dosed in the company’s planned Phase 2 clinical trial of flagship product SFX-01 in aneurysmal subarachnoid haemorrhage (SAH)

n  Second Phase 2 trial expected to receive approval this summer: a study that will examine the effect of adding SFX-01 to commonly used breast cancer therapies is expected to receive regulatory approval this summer and to commence recruitment later in 2016

n  Valuation: our 79p Target Price indicates significant upside to Evgen’s current market value

 
 
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