29 October 2010 -- e-Therapeutics plc (AIM: ETX), the drug discovery and development company focussed on network pharmacology, is pleased to announce the unaudited interim results of the Company and its subsidiaries (“the Group”) for the six months ended 31 July 2010.
During the period e-Therapeutics has continued to utilise its unique technology platform based on network pharmacology that allows the Company to be able to swiftly and accurately devise drugs that address presently unmet medical need and identify how medicines interact with cells in the body. This approach optimises the probability of identifying drug candidates with desirable efficacy and minimal side effects.
Highlights
Clinical development programmes:
- Selection of three lead candidates to enter specialist Phase II trials that are planned to complete during 2012, namely those for multiple metastatic cancers, depression and C. difficile
- Continued detailed evaluation of the potential of three further drug candidates in MRSA and Asthma to undertake a further one or possibly two Phase II trials, also expected to complete in 2012
Technology platform:
- Increased interest from pharmaceutical companies in using the Company’s patented discovery platform to apply network pharmacology techniques to their discovery and development pipelines
- Ongoing discussions with multiple prospective partners in relation to potential collaboration and services.
Financial:
- Cash position of £1.8 million as at 31 July in line with market forecasts
- Exploring funding opportunities to meet the portion of costs of the planned Phase II trials not already paid-for out of existing budgets and to provide additional working capital
Commenting on the Results, e-Therapeutics’ Chairman, Oliver James, said: “We are increasingly pleased with the progress of our efforts in drug discovery using our unique network pharmacology platform. Following extensive internal planning on its clinical program, e-Therapeutics is excited at the prospect of reporting Phase II data for four or possibly five drug candidates in 2012. This is a significant programme which we believe is testimony to the productivity of our discovery technology and to the hard work involved in creating a development capability of such scale.
“Worldwide interest in network pharmacology and its application in improved drug discovery we believe is growing fast and as a result of this increasing interest and e-Therapeutics’ patented discovery platform, we hope to be able to announce collaborations with pharmaceutical companies, with whom discussions are currently active. Moreover, armed with the Phase II results from our drug candidates, we anticipate a number of licensing agreements during 2012. The Company is exploring opportunities for further funding, principally to meet the costs of gaining specialist high quality data on some of its lead candidates. With development results expected from its drug portfolio and further validation of its platform technology through partnerships, the e-Therapeutics board feels that the Company is well positioned to capitalise on the success of its unique platform over the coming years.”
For further information: e-Therapeutics plc Malcolm Young malcolm@etherapeutics.co.uk +44 (0) 191 233 1317
Nominated Advisor and Broker: Panmure Gordon (UK) Limited +44 (0) 20 7459 3600 Aubrey Powell Andrew Burnett
Financial and trade media enquiries: M:Communications Mary-Jane Elliott / Emma Thompson / Amber Bielecka
+44 (0) 20 7920 2330
About e-Therapeutics
e-Therapeutics is a pioneering network pharmacology company focused on drug discovery and development and providing solutions to partners. e-Therapeutics uses its unique network pharmacology platform to swiftly and accurately devise drugs that address presently unmet medical need and identify how medicines interact with cells in the body. This approach optimises the probability of identifying drug candidates with desirable efficacy and minimal side effects, demonstrating far higher productivity than conventional development approaches.
The Company has a broad clinical pipeline that combines mid- and late-stage pharmaceutical products with earlier stage opportunities, all addressing important market sectors and unmet medical needs such as depression, anti-biotic resistance, and cancer.
e-Therapeutics is based in Newcastle-upon-Tyne, UK and is listed on AIM under the ticker symbol ETX. For more information, please visit www.etherapeutics.co.uk.
Lindsey Neville M:Communications T +44 (0)20 7920 2333 F +44 (0)20 7920 2304 M +44 (0) 7885 715 857 neville@mcomgroup.com www.mcomgroup.com 1 Ropemaker Street 34th Floor, CityPoint London EC2Y 9AW
