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Trial readouts expected in H1-2018
09 Dec 16
Evgen’s results were in line with our expectations. The group remains a good custodian of investor capital, managing a lean but productive operation. With £5.5m of cash on account (Sept. 30/2016), the Company has a strong balance sheet and is funded to complete its current clinical programmes. The group’s two Phase II clinical trials are progressing to plan, with both studies expected to report in H1-2018 (calendar year). Of note, over the period the group secured orphan designation for its lead product in the treatment of subarachnoid haemorrhage, representing a major milestone for the business. Also, the group recently presented very encouraging preclinical MS data.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
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