Northland Capital partners view: The commencement of Evgen’s first Phase II clinical trial will represent a major clinical milestone for the company. Moreover, SFX-01 has the possibility of qualifying for orphan drug status for SAH in most major regulatory jurisdictions, potentially giving it extended market exclusivity and making it easier and faster for the treatment to gain marketing approval. There have been no significant clinical advances for more than 20 years in SAH.
| Approval of Phase II clinical trial in SAH |
| n Evgen announced that it received the required approvals for the commencement of its Phase II trial of SFX-01 in aneurysmal subarachnoid haemorrhage (SAH), a form of stroke.
n Patient recruitment and first dosing in the 90 patient trial is expected to start in early Q2 calendar year 2016 following the approval of the trial by the Medicines and Healthcare products Regulatory Agency and by a research ethics committee. n Sulforaphane, the active ingredient of SFX-01, has been shown to be neuroprotective in multiple models of cerebral damage, including SAH. n The group also reported that its other programmes in metastatic breast cancer and multiple sclerosis are proceeding as planned. |
| Year end Mar | Revs (£) | Adj. EBITDA (£) | Adj. PBT (£) | Tax (%) | Adj. EPS (p) | PER (x) | Div (p) | Net cash (£) | Yield (%) | |||||||||
| 2015A | – | -1,168,000 | -2,233,000 | – | – | – | – | -900,000 | – | |||||||||
| 2016E | – | -4,092,800 | -3,500,000 | – | -4.8 | – | – | 5,370,200 | – | |||||||||
| 2017E | – | -2,993,520 | -3,000,000 | – | -4.12 | – | – | 2,476,680 | – | |||||||||
| 2018E | 5,000,000 | 1,405,832 | 1,400,000 | – | 1.69 | 16.3 | – | 3,992,512 | – | |||||||||
| Source: Northland Capital Partners Limited. |
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