(Alliance News) - e-Therapeutics PLC on Monday said Chair Ali Mortazavi will take on the additional role of chief executive officer, as the company ramps up its research & development in the second half of the year.
The Oxford-based drug discovery platform posted a pretax loss in the half ended July 31 of GBP2.7 million, widened from GBP1.5 million a year prior. Administration expenses multiplied to GBP1.5 million from GBP599,000 a year before.
Revenue was at GBP37,000, down from GBP188,000 a year before.
The company had GBP15.1 million in cash at July 31, following a GBP13.2 million fundraise during the first half.
The company expects its spending to increase as it ramps up research and development in the second half following the fundraise. As a result its underlying cash burn will be higher in the second half than in the first.
e-Therapeutics said: "Although we have enhanced the data and software resources of the current platform during the year to date, we will progress further with streamlining and scaling the existing platform capabilities in the second half. We will also make further progression on the expansion into RNAi.
"Whilst we have been planning the best therapeutic areas in which to commence our internal asset discovery programmes, expenditure on these will also continue at a higher level in the second half of the financial year. "
"We remain in active discussions with large pharmaceutical and biotechnology companies and look forward to the future with confidence," the company added.
New CEO Mortazavi, who is the former chief executive of Silence Therapeutics PLC, will retain his position as executive chair, a role he took up in February.
Non-Executive Director Trevor Jones said: "Since his appointment in February, Ali has re-energised the company and, importantly, played a significant role in restructuring the portfolio; including the establishment of a research programme on RNAi...a key area for important new therapies for a number of major diseases. We are delighted that in addition to his role as chairman he has accepted our invitation to lead the team as chief executive officer."
e-Therapeutics shares were down 1.6% at 15.01 pence each in London on Monday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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