Interim Results for the 6 Months Ended 31 July 2017
Executing Against Plan with Reduced Loss and Lower Cash Burn
e-Therapeutics plc (AIM: ETX), a company pioneering the use of Network-Driven Drug Discovery (NDD) to create new and better drugs, announces its half year results for the six months ended 31 July 2017 (H1 17).
Operating Highlights
- Management continues to execute the business plans communicated to the markets on 24 July 2017 following the strategic review
- Continued generation of supporting data on two self-funded immuno-oncology (I-O) programmes (checkpoint signalling modulation and tryptophan breakdown)
- Continued investment in the Network-Driven Drug Discovery (NDD) platform and its application to new disease areas of unmet medical and commercial need
- International business development activities underway
Financial Highlights
- H1 17 Operating loss of £3.7m (H1 16: loss of £9.7m, including £2.1m goodwill write-off)
- H1 17 cash burn of £1.6m (H1 2016: £4.9m, post £1.2m of acquisition cost)
- Cash and deposits of £12.4m (31 January 2017: £14.0m)
- Discovery project spend of £2.0m (H1 16: £4.0m) reflecting decreased number of internally-funded projects
We continue to execute against the plans communicated to the markets in July.
Our figures in the first half provide evidence of a prudent approach to the management of costs and cash resources and the impact of reducing the number of self-funded discovery programmes. This will allow us to continue progressing our immuno-oncology programmes, to continue investing in the platform and to direct resources into exploring promising new disease areas where Network-Driven Drug Discovery could make a significant impact.
Our business development activities are now underway as we pursue deals and external sources of funding for our existing non-I-O programmes, as well as partnership opportunities with the NDD platform.
Ray Barlow
CEO