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TheraCryf reports progress despite loss


TheraCryf [LON:TCF], the AIM-listed pharmaceutical formerly known as Evgen Pharma AIM:EVG published its final results to the end of March today (28th May).

The Cheshire-based pharma company is a clinical stage therapeutics company developing a new generation of innovative therapeutics in oncology and behavioural brain disorders.

TheraCryf changed its name in April after the acquisition of Chronos Therapeutics for GBP3.4m in March, paid for through the issue of 62.29 million shares at GBP1.44/share. The company’s main clinical asset is SFX-01, a patented sulforaphane-based medicine, which in preclinical modelling inhibits the activity of cancer stem-like cells and reverses resistance to endocrine therapies, tamoxifen and fulvestrant. The company’s new name comes from the Greek ‘thera’ for ‘medical treatment’ and from the Welsh ‘cryf’ meaning ‘strong’.

Chronos, based in Oxford, was a biotech company that operated a semi-virtual research and development model to develop degenerative and behavioural brain disease therapies. So, the company is developing therapies to beat cancer and stem degenerative diseases like Alzheimer’s.

TheraCryf losses trimmed, fewer outgoings

As is to be expected from an early-stage pharmaceutical company, TheraCryf is still a loss-making entity, and reported a pre-tax loss of GBP3.1m. This is, however, a 22.5% improvement from last year, and the company also spent less year-on-year, reducing cash-outflow by 27% to GBP3m. Cash on balance was down from GBP5m to GBP2m.

The company did receive a EUR1.1m (GBP930,000) grant from the Dutch government last year to support a pre-clinical work and a clinical trial on glioblastoma, a cancer of the brain and spinal cord. TheraCryf also noted that SFX-01 had seen positive research on colorectal cancer and rhabdomyosarcoma, a rare childhood cancer of the soft tissue. The company is soon to publish a clinical paper on its SFX-01 Phase 1b pharmacokinetic study.

The Chronos acquisition has upgraded TheraCryf into a multi-therapy clinical development company, following two paths of research, which in the longer-term could be highly accretive for the company. Management reported that the integration of the two companies was progressing well, and Chronos adds programmes in addiction-therapy, anxiety and fatigue, which are very much in demand currently from health services globally.

Transformative year with progress on all fronts

TheraCryf’s chief executive Dr. Huw Jones said in a statement this morning: “The past twelve-months and the post-period end have been transformative for the company. We succeeded in securing a grant for our lead clinical asset in GBM leading to a grant funded clinical trial in patients with this devastating disease in 2026. We observed activity of SFX-01 in models of another cancer, colorectal and have seen further corroborative evidence of SFX-01 effectiveness in GBM models in a third academic centre. Our Phase 1b healthy volunteer study using our commercial grade tablet of SFX-01 was successful and will be published in due course.”

The company opened trading today at 0.735p down 81.4% over one-year and down 54% year-to-date. The company has a market cap of GBP3.2m. Although the share price is looking weak, the bigger picture is that TheraCryf has made significant progress in the last year, significantly increasing its scale and scope with the acquisition of Chronos, making promising progress on SFX-01, especially into multiple-cancer therapies, and secured more funding through grants.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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