(Alliance News) -Â e-Therapeutics PLC on Tuesday reported a narrowed annual loss largely due to lower research & development expenses and a sharp rise in revenue.
Revenue for the financial year ended January 31 rose sharply to GBP456,000 from GBP44,000.
The firm's pretax loss narrowed to GBP2.9 million from GBP5.1 million the year before as research & development spend fell to GBP2.1 million from GBP3.7 million.
e-Therapeutics said this lower R&D figure reflected "lower external spend on our self-funded NDD-derived assets in the year".
"We have instead focussed our R&D investment into improved platform functionality, which has included enhancements in the areas of mechanistic disease segmentation, target identification, MoA and, of course, our new GAINs technology. Enhancements of our technological capabilities will be further advanced in the coming year," the company said.
e-Therapeutics added the Covid-19 pandemic is not expected to materially alter the assumptions included in its budget.
Shares in e-Therapeutics were up 6.0% at 7.10 pence in London on Tuesday.
By Lucy Heming;Â email@example.com
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