Evgen Pharma PLC (AIM: EVG), a clinical-stage pharmaceutical development firm, has disclosed the termination of its patent and knowledge licence agreement with JuvLife Ltd, a subsidiary of Juvenescence Ltd.
The deal was centred around the usage of Evgen’s Sulforadex technology, which stabilises sulforaphane, a naturally occurring compound in cruciferous vegetables like broccoli, cauliflower, kale, and cabbage.
In the fourth quarter, exclusive rights will be transferred back to Evgen, while an initial payment already submitted as part of the agreement will be retained by Evgen.
Evgen’s CEO, Dr Huw Jones, mentioned that due to JuvLife’s restructuring, the rights were returned to Evgen, enabling it to concentrate on more lucrative collaborations within the pharmaceutical sector.
In late 2022, Evgen inked a licensing agreement with Stalicla and continues to progress its independent oncology programs.
Jones noted that the nutraceutical market, with its lower profits and oversaturation, is considerably “less appealing” for Evgen compared to the pharmaceutical market.
In another development, an Evgen partner recently received a £900,000 non-dilutive grant for researching SFX-01 in glioblastoma, a specific type of brain cancer.
The company stated its ongoing collaboration with Stalicla on an Autism Spectrum Disorder program, with the potential to generate $160.5 million in milestones and two-figure royalties.
As of 31st March 2023, Evgen held a cash reserve of £5 million. Without additional milestone payments, the existing funding runway is projected to last till the fourth quarter of next year, but future Stalica milestones could prolong this timeline till 2025.
