Clinical stage cancer drug development company, Evgen Pharma who are supported by The North West Fund, is set to raise £20 million by floating an initial public offering on the Alternative Investment Market (AIM) of the London Stock Exchange. Proceeds to fund further studies for its research and development into a synthetic form of an anti-cancer agent found in broccoli.

The cancer drug company, headquartered at Liverpool Science Park, secured it’s funding from the North West Fund in 2011, with follow-on funding in 2012. The focus of their research and production is on treatment of cancer and neurological conditions through its patented technology.

Evgen Pharma specialise in a synthesised form of the anti-cancer agent sulforaphane,  which occurs naturally in broccoli.

The pharmaceutical company is leading programmes to treat breast and prostate cancer, brain haemorrhages, and multiple sclerosis; reporting positive data from its first phase of studies.

The funds raised through flotation will continue to support these Phase One studies, as well as paving the way for Phase Two studies in prostate and breast cancer, and brain haemorrhage work focussed on reducing cognitive impairment, as well as preclinical studies on combating multiple sclerosis.

The board of Evgen Pharma includes Barry Clare, the former Boots director, and representatives from Enterprise Ventures (managers of the Rising Stars Growth Fund) and Spark Impact (manager of the North West Fund for Biomedical businesses).

Evgen Pharma chief executive Dr. Stephen Franklin, said:

“A wealth of academic research has identified the anti-cancer and neuroprotective properties of sulforaphane, a naturally occurring but highly unstable compound. Our exciting Sulforadex technology unlocks the commercial potential of sulforaphane for the first time through the synthesis of a patented, stabilised version which can be delivered as a tablet or capsule.

“We have successfully completed early stage studies of Sulforadex and now intend to advance our programmes in prostate cancer, breast cancer, brain haemorrhage and multiple sclerosis with some of the world’s leading clinical experts following our IPO on the AIM market of the London Stock Exchange.”

Evgen Pharma expects to join the Alternative Investment Market by the end of 2014, with Westhouse Securities acting as it’s nominated adviser and broker.

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Words: Peter Cribley