A listed drug discovery and development business has said it is making progress in several drugs trials in its interim results.
Newcastle-based e-Therapeutics made a half-year net loss of £2.3m for the six months to the end of July, compared to £1.8m for the same period last year, but the firm said the figure reflects the investment being made in its work.
The AIM-listed business, a Newcastle University spin-out had cash and liquid resources of £45.4m as of July 31 2013, a significant increase on last year’s £11.7m and sufficient funding to take the company into 2018.
Progress was announced in its lead cancer drug, which is currently the company’s most important product, and early findings were reported from phase 1 trials in brain cancer and solid tumours.
The UK trials are taking place at the Sir Bobby Robson Cancer Trials Research Centre at the Freeman Hospital in Newcastle.
Professor Malcolm Young, chief executive, said: “Following our successful fundraising we are investing in further development of our network pharmacology platform, in applying this technology to add to our drug portfolio and in advancing our leading compounds, notably the cancer drug, through clinical trials.
“We are confident this strategy will lead to value-realising partnering deals.”