Evgen secures VC Funding
The undisclosed investment from the North West Fund for Biomedical, which is managed by early-stage venture capital firm Spark Impact, will see the business move from Sheffield to Liverpool Science Park.EV Group, an investor in Evgen since its inception, also participated in the round, together with a number of private individuals. A second closing is expected later in the year to meet the demand for subscription.Evgen will use the funds to complete the pre-clinical development of Sulforadex, a patented pharmaceutical composition with potential in the prevention and treatment of prostate cancer and other cancers.There are many scientific studies that have focused on the anti-cancer activity of a molecule called sulforaphane - a molecule that can be produced fromeating cruciferous vegetables such as broccoli. However, sulforaphane has never been a viable drug candidate because it is inherently unstable, decomposing in open air within minutes to hours.Evgen holds the intellectual property rights to a composition of synthetic sulforaphane encapsulated within a sugar structure. This unique composition, called Sulforadex, extends shelf life from hours to years, making pharmaceutical applications viable for the first time.Evgen's chief executive Dr Stephen Franklin is the former chief executive of Provexis, a company that develops science-based food ingredients for licensing to major brand holding companies. Dr Franklin said "We are delighted to be working with the team at Spark Impact. They have demonstrated a full appreciation of the clinical potential of the technology. We intend to initially target men with indolent prostate cancer. However, Sulforadex has much wider potential in the treatment of more advanced cancers, most likely in combination therapies with existing treatment regimes. A number of other clinical applications will be pursued in due course.Dr Penny Attridge, senior investment director at Spark Impact and manager of The North West Fund for Biomedical, said "Evgen is a particularly exciting investment proposition due to the fact that it is a drug development opportunity that targets an enormous clinical need but with a significantly lower development riak. This is the first substantial investment from the North West Fund for Biomedical and we expect to announce other deals of a similar scale in the near future.
Original Article: Evgen secures VC Funding
