(Alliance News) - Evgen Pharma PLC on Wednesday reported a widened annual loss and said its Chief Financial Officer Richard Moulson will retire in late July.
The Cheshire, England-based clinical stage drug development company said it generated revenue of just GBP442,000 for the year ended March 31, compared to none the year prior.
This came from an out-licensing deal with Stalicla for the rights to its SFX-01 asset in the treatment of neurodevelopmental disorders and schizophrenia.
Evgen noted it does not have any approved or revenue generating products. However, if the out-licensing deal with Stalicla is successful, it will generate milestone payments of USD160.5 million and a double-digit royalty on sales.
Evgen's annual pretax loss widened to GBP5.0 million from GBP3.2 million a year prior, as total operating expenses grew 72% to GBP5.5 million from GBP3.2 million.
Chief Executive Officer Huw Jones said: "The last year has seen substantial progress in both our science and in our stated aim of out-licensing our technology in cash-generating partnerships. Of particular note is our partnership with Stalicla in autism spectrum disorder that could generate substantial non-dilutive income over a long period."
On Wednesday, Evgen also said Chief Financial Officer Moulson will retire at the company's annual general meeting in late July after six years in the role. Evgen added that the search for a replacement is underway.
CEO Jones commented: "I would like to express my sincere thanks to our CFO Richard, who is retiring at the AGM. His steadfast support and well considered judgements have been invaluable both to the company and to me personally."
Shares in Evgen were down 4.3% at 3.78 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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