ETX.L Share News (ETX)

(ShareCast News) - Drug trials results for e-Therapeutics' depression treatment were not as successful as had been hoped, sending shares in the company sharply lower.Phase IIb clinical trials of the company's ETS6103 product did not achieve the aim of matching the efficacy of existing tricyclic anti-depressant drug amitriptyline.Tested on a total of 383 patients, ETS6103 was found to be inferior to amitriptyline in its antidepressant activity, but some patients did go into remission.But e-Therapeutics said the results overall were "pleasingly similar to the profile of ETS6103 that we hoped to have" and so the AIM-listed company would carry out further examination of the results to see if ETS6103 is worth out-licensing for its potential to create fewer side-effects compared to a tricyclic antidepressant."The global antidepressant market is substantial and growing and there is an increasing need for effective and less toxic drugs," said development director Steve Self. "ETS6103's profile may offer benefit to patients who have not successfully responded to an SSRI and it may have fewer side-effects and superior tolerance when compared to a tricyclic antidepressant."We will analyse the datasets further, particularly in relation to these apparent benefits, to identify what further development and potential out licensing steps should be taken."Shares in the company fell 31% to 18p on the news by 1000 GMT on Monday.