Full Year Results
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)
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.
Iain Ross
Chairman
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.
Ray Barlow
CEO