New commercial collaborations
· Positive progress leading to extension of existing network-driven drug discovery (“NDD”) collaboration with Novo Nordisk in a specific area of Type-2 diabetes
· First collaboration on our new “GAINs” functional genomics platform with Novo Nordisk in Type-2 diabetes announced on 1 August 2019
· New NDD collaboration with US-based, top 5 pharmaceutical company in a specific area of neurodegeneration announced on 13 August 2019
· Multiple proposals submitted to potential partners for revenue and cash generating deals for both NDD discovery programmes and GAINs projects
Successful launch of new Genome Associated Interaction Networks (“GAINs”) technology
· GAINs is a revolutionary and entirely novel proprietary functional genomics approach
o analyses human genetic data to allow a deep and valuable understanding about the mechanisms that cause disease
o potential to enable the discovery of novel drugs, diagnostics and biomarkers in a way not possible using existing techniques
Proprietary network-driven drug discovery (“NDD”) platform advanced and strengthened
· Continued enhancement of the NDD platform to include patient segmentation and target identification work
· Additions to our new NDD platform patent filed to cover new breakthroughs
Progress on discovery programmes in complex disease areas where there is significant unmet need
· Continued business development discussions on existing and new NDD-derived therapeutic programmes in commercially relevant areas such as immuno-oncology, fibrosis and neurodegeneration
Financial highlights
· Cash of £5.2m at 31 July 2019 (FY19 as at 31 January 2019: £5.9m)
· Revenue of £0.2m (H1 19 to 31 July 2018: £nil)
· Reduced operating loss of £1.6m (H1 19 to 31 July 2018: loss of £2.8m)
· R&D tax credit for FY19 of £1.1m
· New revenue generating collaborations signed post period
Ray Barlow, CEO of e-therapeutics, said:
“The business has continued to make good progress over the past six months and is continuing to convert the extensive work done in business development into a range of potential revenue and cash generating partnerships. We are conscious of our finite capital resources and continue to operate a lean organisation with a keen focus on underlying costs. We remain actively engaged in exploring all organic and non-organic opportunities that have the potential to create incremental value for our shareholders.”
e-therapeutics