Edison issues update on e-Therapeutics (ETX)
New CEO Dr Ray Barlow, who joined e-Therapeutics (ETX) in April, has undertaken a business and strategic review, assisted by an independent industry-wide expert panel.
The portfolio has been rationalised from six to two preclinical immuno-oncology programmes; two programmes are available for out-licensing, while data will be published on two others to showcase and validate the proprietary network pharmacology discovery platform. This will secure ETX's cash runway comfortably to the end of 2019, free capacity to add new programmes in H217 and enable further investment in the platform. The management team is now focused on external collaborations and partnerships to provide validation and generate revenue. ETX's attendance at industry conferences, including one in Boston this week, will help to raise its profile.
No change to our numbers: cash of £14m (as of end-January 2017), tax credits (£2.8m received June 2017) and prudent cost control give ETX a secure cash runway to the end of 2019. However, deals remain key to unlocking value and the new team is focused on arranging meetings with potential collaborators. Attendance at industry conferences and data publication will raise the profile of the new management and the innovative discovery platform.
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