Source - SMW
Operating losses at Evgen Pharma rose to £3.7m for the year to the end of March - up from £2.4m last time.

The group said the financial performance  was in line with expectations and the total loss for the year was unchanged at £3.1m, including a charge for share-based compensation of £0.2m (2016: £0.5m). 

 It said operating expenses excluding non-recurring administrative expenses increased to £3.5m (2016: £1.2m) principally because of costs associated with conducting clinical trials which commenced recruitment during the year. 

It said these included the manufacture of product for the trials, payments to sub-contractors who manage the trials and payments to the clinical sites running the trials. 

In addition, staff costs excluding share based payments increased by £0.3m with more senior level capability.

Chief executive Dr Stephen Franklin said: "We are very pleased to have progressed our SFX-01 product candidate into two phase II clinical trials: in breast cancer and in subarachnoid haemorrhage. 

"This is a significant step for Evgen Pharma, and for sulforaphane-based science.  

"The increasing body of evidence that sulforaphane has broad therapeutic potential, combined with our expanding IP portfolio over technology for manufacturing sulforaphane-based drugs at commercial scale, gives Evgen Pharma confidence in its clinical strategy."  

At 8:09am: (LON:EVG) Evgen Pharma Plc share price was -0.5p at 18.75p