Evgen Pharma plc (LON:EVG), a clinical stage drug development company focused on the treatment of cancer and neurological conditions, has today announced that it has raised £0.75 million (before expenses) via a placing of 5,555,558 new ordinary shares of 0.25p each in the Company at a price of 13.5p per ordinary share.
The net proceeds of the Placing will be used by the Company to provide working capital for the months following read-outs from the Company’s two on-going Phase II trials in subarachnoid haemorrhage and metastatic breast cancer.
An application has been made for the Placing Shares to be admitted to trading on AIM which is expected to occur at 8.00 a.m. on 22 October 2018.
Commenting on the Placing, Steve Franklin, CEO of Evgen Pharma plc, said:
“We are very pleased to have raised these additional funds from new and existing shareholders. The funds provide Evgen with additional working capital for use following announcement of the final read-outs of our two Phase II clinical trials, which represent significant value inflection points for the Company.”
Total Voting Rights
Following Admission the Company’s issued share capital will comprise 98,912,416 ordinary shares with voting rights. The figure of 98,912,416 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.