LONDON (Alliance News) - Drug discovery company E-Therapeutics PLC on Tuesday said its annual pretax loss widened amid an increase in spending as the number of active projects on its books grew.
The company said its pretax loss widened to GBP11.3 million for the year to the end of January from GBP9.8 million a year earlier, primarily as a result of discovery spending rising to GBP4.3 million from GBP2.7 million.
E-Therapeutics said it had 12 active projects on its books at the end of January, up from six a year earlier. The group is working on progressing more projects from its discovery platform and is seeking partners for these assets, it said.
"Our main priorities are to drive the productivity of the discovery platform further and realise shareholder value through the commercialisation of our assets. We maintain a healthy cash position in support of our strategy," said Chief Executive Malcolm Young.
E-Therapeutics shares were up 7.5% to 13.3 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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