e-therapeutics plc: Full Year Results
March 27 2018 - 2:15AM
Business Wire
e-therapeutics plc (AIM: ETX, “e-therapeutics” or the
“Company”), the drug discovery company, announces its full year
results for the year ended 31 January 2018.
Highlights
New leadership and subsequent strategic review
Dr. Ray Barlow joined as the Company’s new CEO on 6 April 2017
and undertook a systematic review with a panel of commercial and
scientific experts from big pharma and successful biotechs, which
confirmed the novelty, utility and productivity of e-therapeutics’
Network-Driven Drug Discovery (“NDD”) platform.
Focusing the business on the right value-add
activities
Our resources are now focused on:
a) two NDD-derived immuno-oncology programmes
(tryptophan catabolism and immune checkpoint modulation)
b) new partner-ready NDD programmes in high
value areas (e.g. fibrosis)
c) enhancing the capabilities of our NDD
platform (e.g. genomics)
d) two new artificial intelligence (“AI”)
collaborations with Intellegens and Biorelate
Emphasis on marketing and business development
The business was rebranded during the year and the Company has
presented at international conferences to showcase e-therapeutics’
technologies and assets to major industry players. We initiated a
systematic business development process in September 2017,
initially focused on the NDD platform.
The Company is actively seeking collaborations and commercial
deals and is in late-stage discussions with a number of potential
partners.
Financial highlights
- Cash and deposits of £9.6m (FY17:
£14.0m)
- Cash and deposits reduction in the year
of £4.4m (FY17: £10.8m)
- Operating loss of £6.8m (FY17: loss of
£16.3m)
- R&D tax credit of £1.4m (FY17:
£3.1m)
Iain Ross, Chairman of e-therapeutics, said:
“During the last 12 months, Ray and his team have systematically
reorganised our internal resources and external support, and
focused our portfolio of programmes. Ray has also used his
extensive contacts in the industry to enable e-therapeutics to have
visibility and meaningful interactions with a wide range of
pharmaceutical and biotech companies around the world.”
Ray Barlow, CEO of e-therapeutics, said:
“During the course of the year, we have continued the turnaround
of the business. We are now focused on the right activities. With
prudent cost control, we are creating as many opportunities for
value creation as our current resources allow. Our business
development efforts are beginning to bear fruit and we are now
viewed as a serious and credible innovator with a unique set of
technologies and assets.
“In the coming year, we will continue to take a pragmatic
approach to explore all avenues of value creation for our
Shareholders. We are increasingly optimistic about our future.”
-Ends-
For a full version of the statement, please visit the investor
relations section of the website at www.etherapeutics.co.uk.
About e-therapeutics plc
e-therapeutics is an Oxford-based company with a unique and
powerful computer-based drug discovery platform and specialised
approach to network biology.
Its novel methodology and discovery engine allow the Company to
discover new and better drugs in a more efficient and effective
way.
For more information about the Company, please visit
www.etherapeutics.co.uk
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version on businesswire.com: https://www.businesswire.com/news/home/20180326006111/en/
e-therapeutics plcIain Ross, ChairmanRay Barlow, Chief
Executive OfficerSteve Medlicott, Finance DirectorTel: +44 (0)1993
883 125www.etherapeutics.co.ukorNumis Securities
LimitedMichael Meade / Freddie Barnfield (Nominated
Adviser)James Black (Corporate Broking)www.numis.comTel: +44 (0)
207 457 2020orInstinctif PartnersMelanie Toyne Sewell / Alex
ShawTel: +44 (0) 207 457 2020Email:
e-therapeutics@instinctif.com
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