LONDON (Alliance News) - Drug discovery and development company e-Therapeutics PLC Tuesday said it looks forward to the second half of 2015 and TO 2016 with "increasing confidence" as it reported a widened pretax loss for its first half.
For the half year to end-July, the company reported a pretax loss of GBP5.8 million, widened from a pretax loss of GBP5.1 million a year before, primarily due to higher research and development expenditure. It did not report revenue in either period.
e-Therapeutics has two compounds currently undergoing clinical trials.
Its cancer drug ETS2101 entered phase Ib trials for hepatocellular carcinoma and pancreatic cancer in the first half. All three of its phase Ia trials for the compound have now been completed.
Its treatment for major depressive disorder, ETS6103, is in a phase IIb trial and recruited its final patient in first half. Results from this trial are expected at the end of the current year.
"The company is well positioned for the future, with solid funding, progress in the clinical development programmes as expected and the discovery platform and projects offering exciting prospects for value creation. The second half of the year and 2016 are looking very promising," said Chief Executive Officer Malcolm Young in a statement.
Shares in e-Therapeutics were up 1.0% at 26.50 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.