e-Therapeutics plc (AIM: ETX, 'e-Therapeutics' or the 'Company'), the drug discovery company, announces its full year results for the year ended 31 January 2017.
Major review and reorganisation
- Board and management changes, with Malcolm Young and Steve Self stepping down as CEO and Development Director respectively. Post-year end, Sean Nicolson stepped down as Executive Director and Company Secretary
- Refocus towards drug discovery and the core in silico platform; away from clinical development, with closure of clinical development function during the year
Focusing of resources
- Reduction in number of discovery projects, from 12 to 6, to improve efficiency and focus more resources on fewer projects
- Acquisition of Searchbolt to secure ownership of the Company's IP
- Post-year end, on 6 April 2017, Dr Ray Barlow, formerly of Amgen, joined as new CEO; now undertaking a full review of the Company's operations, projects and technologies
- Cash and deposits of £14.0m (FY16: £24.8m)
- Cash reduction in the year of £10.8m (FY16: £9.0m)
- Operating loss of £16.3m (FY16: loss of £11.6m), including impairment of goodwill and intangibles of £2.8m (FY16: £nil)
- R&D tax credit of £3.1m (FY16: £2.5m)
- Discovery spend up to £7.6m (FY16: £4.4m)
The business has changed fundamentally in the past 12 months. We are now focusing on our core strengths around our unique drug discovery platform and the discovery of novel preclinical drugs. The priority has been to ensure we have the right infrastructure, skills and capabilities in place to execute our business strategy. We approach the coming year with increasing optimism.
At the start of my tenure as CEO, I inherit a refocused and reenergised business. My near-term aim is to ensure that our resources are appropriately focused on activities that are of the greatest commercial potential to support our ambition of creating value for our shareholders. As part of this process, I will be engaging with our key stakeholders as well as subsequently positioning and promoting the Company to commercial partners.