Evgen Pharma shares fall 20.42% to 5.65p on volatility following US$160m licensing deal for SFX-01
Evgen Pharma said yesterday it had licensed the global rights for its lead asset SFX-01 to Stalicla SA, a Swiss company specialising in the identification of specific phenotypes of autism spectrum disorder (ASD). Evgen retains the global rights for all other indications.
Evgen will receive US$0.5m upfront and US$0.5m on completion of the already financed Evgen-sponsored Phase 1 study. Milestone payments are US$26.5m up to commercial launch, including US$5m on grant of IND by the FDA. Total milestones of US$160.5m are payable to Evgen Pharma in relation to the first neurodevelopmental disorder indication under the license.
Evgen said its partnership with Stalicla will enable the targeting of patient groups most likely to benefit from SFX-01, de-risking clinical development. Evgen and Stalicla will collaborate initially on a clinical programme in ASD, with Stalicla funding all clinical development activities.
Dr Huw Jones, Evgen CEO, commented:
"This is an exciting opportunity to work with Stalicla to develop a potential treatment for ASD and other neuropsychiatric disorders. There are no current approved treatments for ASD but a molecular target activated by SFX-01 offers considerable promise in alleviating some of the complex behavioural challenges experienced by people with these conditions."
Evgen shares rocketed 149.12% yesterday on the news, and corrected down 20.42% today.
Eve Sleep shares jump 33.3% to 0.6p on continued volatility following announcement of widened pretax loss and urgent need for funding
Eve Sleep said on 20 September it had commenced a formal sales process in June 2022 to explore financing options, including the possibility of selling the company, with no firm offers materialising thus far.
Eve noted that despite significant cost savings, the company would require funding in October 2022, and if such funding could not be raised or a firm offer for the company was not received before its cash reserves were depleted, its board would take "appropriate steps to preserve value for creditors".
Adding to the grim outlook, the company also reported a widened pretax loss of £4.6m from £2.3m the previous year, and a revenue fall of 16% to £11.6m from £13.9m.
Eve shares plunged 41.38% on the day of the announcement, but have since recovered some to -17.8% compared to pre-announcement levels on hopes that a buyer will be found.
Alba Mineral Resources shares rise 11.53% to 0.15p on significant new graphite discoveries at Amitsoq, Greenland
Alba Mineral Resources' 54%-owned GreenRoc Mining announced results from its field exploration campaign conducted in July 2022 alongside the company's Phase 2 drill programme at its flagship Amitsoq Graphite Project in South Greenland.
GreenRoc confirmed graphite occurrences in four new zones of interest, broadly forming a 30km-long north-south tract. The four zones comprise Nanortalik Island, Tusardluarnaq North and Thomsen's Island, which are located within the southern portion of the newly acquired MEL, as well as Amitsoq Valley Bed, approx. 7 km northeast of the established Amitsoq Island deposit.
On Nanortalik Island, GreenRoc found graphitic grades of 23.4% C(g) to 32.5% C(g), reported from 8 samples over a strike length of c. 800m. Graphite bodies remain open along the strike to the north and south, the company reported.
At Amitsoq Valley Bed, GreenRoc identified a new 1km long zone of graphite-bearing rocks with values up to 24.9% C(g).
Stefan Bernstein, CEO of GreenRoc, commented:
"The results of sampling from new and historic finds show the graphite deposits within our licence areas to be extensive. We now have identified high-grade graphite ore bodies, with grades in excess of 20% C(g), across our Project, starting at Amitsoq Valley Bed in the north, running through Amitsoq Island and Kalaaq, and extending as far south as Nanortalik Island, with several lower grade graphite mineralisations in between. The distance between Amitsoq Valley Bed and Nanortalik Island is some 30km, and we believe that we are in the process of defining a graphite province which could well be of global significance."
Vast Resources shares rise 14.47% to 0.44p on volatility after announcement of exclusive offtake contract with Trafigura
Vast Resources announced last Thursday it had signed an exclusive offtake contract with Trafigura for the sale of bulk concentrates produced at its Takob mine in Tajikistan. Trafigura is a major Singapore-based commodity trading company.
Vast and Trafigura have agreed terms and conditions for Trafigura to purchase bulk concentrate with lead, zinc, gold, and silver as payables under a market standard priced contract. Vast receives a participation equivalent to a 12.25% royalty over all sales of non-ferrous concentrate and any other metals produced from the Takob mine.
Vast has an effective 24.5% interest in the Takob project via Central Asia Investments and Central Asia Minerals and Metals Ore Trading FZCO (CAMM). Takob is a wholly-owned subsidiary of TALCO, Tajikistan's largest group of companies.
Takob has committed to supply no less than 1 million tonnes of ore to be processed in line with the project that is anticipated to run with the current resource statement for 12 years.
Andrew Prelea, CEO of Vast Resources, commented:
"We are delighted to announce our new relationship with Trafigura which really highlights the potential of the Takob Mine Processing Project in Tajikistan. We look forward to building on this relationship as we look to progress other projects such as the Takob Tailings Project in Tajikistan and beyond."
Vast shares jumped 9.4% on the morning of the announcement, then consolidated and have since remained volatile. After today's movement, Vast shares are up 3% compared to pre-announcement levels.