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(Sharecast News) - Drug discovery and development company e-Therapeutics said on Monday that it was feeling "re-energised" by the addition of former Silence Therapeutics boss Ali Mortazavi amid active discussions with large pharmaceutical and biotechnology firms regarding potential collaborations.
Revenues for the six months ended 31 July came to £37,000, a marked decrease on the £188,000 recorded in the first half of 2019, while operating losses widened to £2.7m from £1.6m a year earlier.
Cash at the end of period sat at £15.1m, up from £3.8m, principally due to an £11.6m fundraiser undertaken throughout the year.
However, e-Therapeutics revealed that it would now begin to receive cash receipts from its deal with Belgian life sciences firm Galapagos and said it had also extended its collaboration with Novo Nordisk until March 2021 as part of an effort to evaluate results that had been generated and ascertain if further compounds required testing to explore findings made thus far.
e-Therapeutics said despite "novel and challenging business conditions" as a result of the Covid-19 pandemic, it had made "material strides" since its the aforementioned capital raise in July.
Elsewhere, e-Therapeutics tapped chairman Ali Mortazavi to replace outgoing CEO Ray Barlow and also take on the role of chief executive, crediting him with re-energising the company since his appointment back in February.
As of 1000 BST, e-Therapeutics shares were up 2.30% at 15.60p.
6 Jan 2016 07:54