Results for the year ended 31 January 2019 Secured first commercial deal and continued expansion of Network-Driven Drug Discovery platform capabilities
5 March 2019: e-therapeutics plc (AIM: ETX, “e-therapeutics”), the network-driven drug discovery (“NDD”) company, announces its full year results for the year ended 31 January 2019.
SECURED FIRST COMMERCIAL DEAL ON NDD PLATFORM
- Signed commercial research collaboration deal with Novo Nordisk in its core disease area of type-2 diabetes
- Important validation of e-therapeutics and its technologies
- Business development activities continue with a number of discussions progressing on a range of revenue-generating and value-creating deals
ESTABLISHED PARTNERSHIPS DELIVERING
- Further developed network-driven drug discovery (“NDD”) platform with a strong focus on the application to generate useful, actionable insight from genomic data
- Successful initial work in Parkinson’s Disease in collaboration with C4X Discovery identified potential new disease mechanisms
- Collaborations with Biorelate and Intellegens have been augmenting core NDD platform capabilities and adding to e-therapeutics’ already rich pool of biological data
EXCITING RESULTS DEMONSTRATING POTENTIAL OF NDD PLATFORM TO TRANSFORM DRUG DISCOVERY
- In-house work on patient segment-specific NDD work in breast cancer delivered promising results
- Application of NDD platform to highly industry-relevant target deconvolution and mechanism of action (MoA) work on complex diseases
- Creation of new Genome Associated Interaction Networks (“GAINs”) functionality to better understand population genetic data
PROGRESS ON EXISTING AND NEW DISCOVERY PROGRAMMES IN COMPLEX DISEASES WHERE THERE IS SIGNIFICANT UNMET NEED
- Continued progress on two immuno-oncology programmes driving external discussions on capital efficient means to fund further work
- Creation of new partner-ready programmes in neurodegeneration, fibrosis and tumour microenvironment also driving business development discussions
- Revenues of £0.04m (FY18: £nil)
- Cash and deposits at 31 January 2019 of £5.9m (FY18: £9.6m)
- Cash and deposits reduction in the year of £3.7m (FY18: £4.4m)
- Operating loss of £5.1m (FY18: loss of £6.8m)
- R&D tax credit of £1.1m (FY18: £1.4m)
Ray Barlow, CEO of e-therapeutics, said:
“During the year we continued to make good operational progress and began to realise the full potential of our NDD platform and approach. We secured our first commercial deal with Novo Nordisk in type 2-diabetes, continued to develop and invent new assets and programmes in commercially-relevant areas and we generated new NDD-based innovation in the highly attractive field of functional genomics.
In executing our plans, we have managed our cash and resources carefully to nurture our core business and to enable us to continue to offer a range of assets and capabilities to the industry. We remain focused on our extensive business development efforts and are in a number of detailed discussions with potential partners. Confident in the broad versatility and utility of the NDD platform, we remain focused on translating this into value for our shareholders.”
Iain Ross, Chairman of e-therapeutics, added:
“e-Therapeutics has continued to successfully deliver on its commitment to progress its unique NDD platform and the assets derived from it.
In addition to achieving commercial validation of the NDD platform, the Company also created a range of new and potentially valuable options for monetisation of the overall NDD approach.
Over the coming year, in order to fully exploit all its assets and capabilities, we will continue to look at alternative sources of funding, including broader industry partnerships, ’shared funding’ approaches and, if appropriate, M&A. We look forward to maintaining an open dialogue with our shareholders as we execute our strategy over the year ahead.”