e-Therapeutics’ Preliminary Results for the Year Ended 31 January 2012
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e-Therapeutics plc has announced its preliminary results for the year ended 31 January 2012.
Highlights of 2011/12
(* = events after the 31 January 2012 year end)
Drug discovery renewed
• New wave of work begins using network pharmacology platform
• Focus on cancer and neurodegenerative diseases
• Platform gains further intellectual property protection
Clinical pipeline advancing
• UK regulator approves plans for phase I trial of ETS2101 in solid tumours*
• US regulator approves plans for phase I trial of ETS2101 in brain cancer*
• Further drugs for infection and depression expected to enter trials in 2012
• Plans for C. difficile programme ETX1153c revised (announced today) *
• Extensive clinical data anticipated in 2012 and 2013
New places, plans and people
• Drug discovery hub established at Oxford
• Development programmes reviewed and revised by new Development Director Steve Self
• Daniel Elger joins as CFO, bringing added biotech, oncology and commercial experience
• Senior Celgene executive Rajesh Chopra appointed a Non-Executive Director
Balance sheet strengthened
• Equity placing raises net £16.7 million to invest in discovery and development
• Loan debt of £1.0 million repaid
• Cash and fixed-term deposits of £13.9 million at 31 January 2012 (2011: £0.9 million) provide working capital into 2014
• Full-year net loss of £3.2 million (2011: loss of £2.3 million) reflects increasing investment in business
Commenting on the results, Professor Malcolm Young, CEO of e-Therapeutics, said: “We have reshaped the business this year, building a new discovery team around our unique network pharmacology platform and bringing better focus to development of products entering the clinic. These changes underpin our expectation of substantial progress over the next twelve months, beginning with the imminent entry into clinical trials of our cancer drug ETS2101.”
e-Therapeutics’ CFO, Dr Daniel Elger, added: “Our 2012 results reflect increasing investment in drug discovery and drug development made possible by shareholders’ support of a significant capital raise during the year. We are confident that continuing this investment will yield promising new drugs and advance our pipeline towards value-realizing partnering deals.”
