Drug discovery and development business e-Therapeutics has today announced its full-year results with highlights including positive results from its brain cancer drug.
The Newcastle University spin-out began recruiting patients for the drug, ETS2101, at the beginning of April, two months after the trial was temporarily halted because of a practical issue with stored drug for the trials.
The firm’s chief executive Professor Malcolm Young said today: “e-Therapeutics is making substantial progress in our clinical programmes and in discovery, with four clinical trials ongoing in the UK and US that are expected to generate further data in the next period.
“Financially, the company is well capitalised, with solid support from its investors, and operationally, both locations in Oxford and Newcastle are fully resourced and operating well. Consequently we have a clear, unobstructed road forward on which to progress and the next few years hold significant promise for the company.”
Over the year e-Therapeutics raised £40m in a shares placing to support its ongoing work in clinical testing and drug discovery and development. Although figures for cash and liquid resources stood at £43.1m on January 31, up from £9.8m the year before, the full-year loss was higher at £6.1m – £5m for 2013 – attributed to continuing investment in clinical development.
These include trials of drugs for people with severe depression and to tackle the Clostridium difficile bacterium.