25 July 2011- e-Therapeutics plc (AIM: ETX), the drug discovery and development company, today announces its preliminary results for the year ended 31 January 2011, together with an update on its progress and future plans.
Business update
- Discovery: renewed use of platform technology to generate new drug candidates
- Development: prioritisation of drug candidates and updated clinical trial plans
Highlights of 2010/11
(* = events after the 31 January 2011 year end)
Network pharmacology platform powers renewed drug discovery effort
- Company begins second wave of discovery using network pharmacology platform*
- Search for new candidates focuses on cancer and neurodegenerative diseases*
- Platform gains new US patent, strengthening intellectual property position
- Innovative approach recognised by Ernst and Young award to platform inventor, Professor Malcolm Young
Early outputs from platform fuel clinical development pipeline
- Best candidates from earlier discovery work selected for clinical development
- Four drugs prioritised, spanning cancer, infections and psychiatry*
- Preparations made for phase I and phase II trials
- Wealth of clinical data now expected in 2012 and 2013*
Organisation strengthened as discovery and development activities grow
- Former senior Merck executive Stephen Self appointed to direct drug development
- New CFO Daniel Elger brings added biotech, oncology and commercial experience*
Post-year end fundraising supports continuing investment in Research and Development
- Full-year net loss of £2.3 million (2010: loss of £1.8 million) reflects investment in business
- Cash and liquid resources of £0.9 million at 31 January 2011, before the March 2011 Placing (2010: £2.9 million)
- New resources secured to support drug discovery and development: £16.6 million of net new capital raised in equity Placing (March 2011)*
- Company well funded after Placing: working capital through 2013, with 30 June 2011 cash of c. £15.8 million (unaudited)*
Commenting on the Preliminary Results Professor Malcolm Young, CEO of e-Therapeutics, said: “Our recent fundraising provided significant resources to invest in the business, allowing us to begin a second wave of drug discovery using our unique network pharmacology platform and to pursue clinical development of the most promising drugs from our first wave of discovery. Our clinical effort is now focused on four commercially attractive candidates spanning cancer, infections and psychiatry. With numerous trials set to report over the next two years and the prospect of new outputs from our discovery platform, we believe we are well placed to generate substantial value both in the near term and beyond.”
For more information, please contact:
e-Therapeutics plc
Malcolm Young, CEO
Daniel Elger, CFO
Tel: +44 (0) 7909 915 068
www.etherapeutics.co.uk
Panmure Gordon (UK) Limited
Andrew Burnett / Aubrey Powell
Tel: +44 (0) 20 7459 3600
www.panmure.com
College Hill
Melanie Toyne Sewell/Jayne Crook
Tel: +44 (0) 20 7457 2020
Email: e-therapeutics@collegehill.com
