e-therapeutics, a drug discovery and development company, produced mixed interims with slightly increased losses, but reported progress on its lead cancer drug.
As expected, first half losses increased to £1.8m (2011: loss of £1.5m), reflecting increased investment in the business.
The company has cash and liquid resources of £11.7m as of July 31st 2012, (July 31st 2011: £15.3m), following a refinancing in 2011. This is expected to provide sufficient working capital through to mid-2014. As in the same half the previous year, there were no revenues to offset its operating expenses.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
During the past six months the AIM-listed biotech has made progress in developing its pipeline of drugs. It's lead cancer drug, ETS2101, has entered US phase I trials with patients with brain cancer, and UK phase 1 trials for patients with solid tumours. The first data is expected by the end of this year, while final results for the brain cancer trial are expected in the fourth quarter of 2013, and for the solid tumour trial in the first quarter of 2014.
Its drug, ETS6103, for patients with major depressive disorder, is also expected to start a phase IIB trial in the second quarter of 2013 with results expected in the second quarter of 2014.
Professor Malcolm Young, Chief Executive Officer of e-Therapeutics, said: "This has been another period of significant progress. In the past six months we have advanced our most important product, the cancer drug ETS2101, into two phase I trials.
"We have also continued to re-shape our drug pipeline, with a clear determination to focus investment into the most promising assets in our discovery and development portfolios. We now look forward to some major clinical milestones and to new outputs from our unique drug discovery platform in network pharmacology."
Invesco, under the direction of Neil Woodford, has a 47.3% stake in the company.
CM
-
Should you invest in UK equities?The FTSE 100 hit a record high this week, but UK equities remain unloved and undervalued compared to their global and US peers. Should you snap them up at a discount?
-
State pension errors: DWP urged to check for mistakes among divorced peopleFormer pensions minister Steve Webb says there are a high number of divorced women on low state pensions. Now MPs want the DWP to check if there were any errors in “potentially underpaying men and women who are divorced”.
