LONDON (Alliance News) - e-Therapeutics PLC Monday posted a widened pretax loss for 2013 as it continued to invest and develop its pipeline of products.
The pharmaceutical company posted a pretax loss of GBP6.1 million, widened from GBP5.0 million, as it upped its research and development expenses.
The company is not yet revenue producing.
E-Therapeutics raised GBP40 million in March 2013 through a share placing, which it said will support the advancement of its compounds to Phase II clinical testing. As a result of this fund raising the company expects its discovery and development plans to be supported into 2019, even if it doesn't have any income from partners.
Its cancer drug candidate ETS2101 underwent two Phase I trials during the year; the company said that further details from these trials are expected later in the year. It intends to complete the mid-stage trials for the drug during the year. In January the company temporarily halted recruitment of its brain cancer trials in the UK and US trials due to drug supply issues. However, it resumed recruitment in March in the UK and in the US in May.
Following the year end it began a further Phase I study with ETS2101 treatment, which it expects to complete in the fourth quarter of 2014.
It said that the product is "at present, the most promising candidate to deliver material for our shareholders." The company said it remained on track to complete a programme of efficacy trials for the compound in time to secure one or more licensing deals by 2018, if data is supportive.
Results from the Phase IIb trial of ETS6103 for the treatment of severe depression will be available in 2015, it said.
E-Therapeutics plans to add new candidates to its pipeline and advance a small number of them through preclinical and early clinical development during 2014, it said.
Shares in E-Therapeutics were trading up 4.9% at 36.44 pence Monday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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