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Re-focused, science based and commercially driven with £19.9m of cash

Re-focused, science based and commercially driven with £19.9m of cash

Oxford, UK - 20 September 2016 - e-Therapeutics plc (AIM: ETX), the drug discovery company, announces its half year results for the six months ended 31 July 2016.

Highlights

  • Cash and deposits of £19.9m (31 January 2016: £24.8m)
  • H1 cash burn of £4.9m post £1.2m of acquisition cost
  • Operating loss of £9.7m (HY15: loss of £5.9m), including £2.1m goodwill write-off from Searchbolt acquisition
  • Discovery project spend was £2.5m (HY15: £0.9m) reflecting increased number of projects
  • Strategic re-focus on Discovery with five projects in assay work or hit confirmation and five in medicinal chemistry phase
  • Completion of the Searchbolt acquisition
  • Departures of Professor Malcolm Young, Founder and CEO, and Steve Self, Development Directo
  • Board re-organisation and worldwide search for new CEO initiated


Iain Ross, Chairman of e-Therapeutics, said:

“This has been a busy six months which has seen fundamental changes to the business and its strategy.

“We have a world-beating discovery engine with potent and significant programmes in our pipeline. We have a re-focused and committed team, a targeted commercial partnership strategy and the support of a strong balance sheet.

“With a renewed outlook and focus, the next few years should be exciting ones for the Company and its shareholders.”

For the full release, please visit the Company website at www.etherapeutics.co.uk.

About e-Therapeutics plc
e-Therapeutics (AIM: ETX) is a drug discovery company with a proprietary discovery platform based on advances in network pharmacology and chemical biology.The Company is applying its platform to the discovery of new drug candidates. The therapeutic focus of the Company's activity is in immuno-oncology, addressing drug resistance in targeted cancer therapies and anti-infectives. The platform is highly productive, yielding multiple potent and selective molecules at a much higher rate and more quickly than is reported for conventional drug discovery.

e-Therapeutics has a variety of preclinical stage assets, including ETS2300, telomerase inhibition in anti-cancer; ETS3100, small molecule anti-TNFα; ETS2400, Hedgehog pathway inhibition and ETS5200, broad spectrum antivirals. The Company has recently completed a phase IIb clinical trial for ETS6103, a drug to treat major depressive disorder.

The Company is fully funded to advance its drug discovery programmes. It is based in Oxford and Newcastle, UK. For more information, visit www.etherapeutics.co.uk.

Issued for and on behalf of e-Therapeutics by Instinctif Partners.
For more information please contact: e-therapeutics@instinctif.com

 

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