LONDON (Alliance News) - e-Therapeutics PLC Tuesday posted a widened loss for the half year to end-July, as it continued to progress its pipeline towards commercialisation, and announced the retirement of Chairman Oliver James at the end of 2014.
e-Therapeutics is a drug discovery and development company and is not yet revenue producing.
The company posted a pretax loss of GBP5.1 million, widened from a loss of GBP2.8 million, mostly due to higher research and development expenses.
The company has two compounds currently undergoing clinical testing. Its ETS2101 compound is in Phase I trials for various forms of cancer, and its ETS6103 is in a Phase IIb trial for major depressive disorder. Its clinical research partners are currently running four clinical trials in the UK and US.
The company expressed confidence that it is fully funded into early 2019, citing its strong balance sheet. It plans to select its "most promising compounds" to push through to preclinical development by the end of the second half of 2015, with a view of entering them to the clinic in 2017.
e-Therapeutics expects to report results from its current ETS2101 trials towards the end of the year, and move into phase Ib/II trials of the compound shortly after.
"e-Therapeutics is in a strong position to deliver shareholder value as it capitalises on fully functioning drug discovery and clinical development programmes with a strong balance sheet," said Chief Executive Malcolm Young in a statement.
Shares in e-Therapeutics were trading up 4.6% at 29.30 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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