e-therapeutics plc (AIM: ETX), the network-driven drug discovery (NDD) company, announces its interim results for the six months ended 31 July 2018.
Operational highlights
Proprietary Network-Driven Drug Discovery (NDD) platform advanced and strengthened
- Continued enhancement of the NDD platform with patient segmentation and informatics-based mechanism of action (MoA) modules
- Intellegens and Biorelate partnerships now incorporated into platform, strengthening our artificial intelligence (AI) capabilities
o Biorelate’s AI-based natural language processing techniques enhance compound bioactivity data and fibrosis disease modelling knowledge
o Intelligens’ AI-based neural network approach adds new data capabilities to drive existing and new drug discovery projects - C4X Discovery collaboration allows us to expand how we use genomic information to discover new drugs and drive new strategies to treat disease
Business development activities progressing
- Currently in detailed discussions with a number of potential biopharma partners for NDD-based programmes and projects
- Shortlisted as preferred partner by a number of biopharma companies as part of their AI/machine learning/in-silicotechnology selection exercises
- In line with our strategy, we continue to evaluate broader potential corporate development opportunities.
Progress with Immuno-oncology (IO) programmes and creation of new projects in commercially valuable areas
- Progression of lead series, confirmation of novel MoA and filing of first patent application from our tryptophan catabolism IO programme
- Further development of two chemical series in our checkpoint signalling modulation IO programme that act by distinct biological mechanisms
- Progression of new generation of NDD-derived projects in fibrosis, IO and neurodegeneration
Financial highlights
- Cash and deposits of £7.6m (31 January 2018: £9.6m)
- Narrowed operating loss of £2.8m (H1 to 31 July 2017: loss of £3.7m)
- R&D tax credit of £1.4m received
Post-period highlights
- Post-period, filed a new NDD platform patent, covering breakthroughs in our computational approach
Iain Ross, Non-Executive Chairman of e-therapeutics, said: “During the period, e-therapeutics continued to execute diligently against the strategic and tactical plan outlined last year. Our novel, proprietary network-driven drug discovery (NDD) platform leverages cutting-edge analytical, network biology, machine learning and artificial intelligence technologies. We believe it has significant potential to help unlock biological data that can drive the drug discovery process and accelerate the development of important new medicines.”
Ray Barlow, CEO of e-therapeutics, added: “In the last six months we continued to invest in our NDD platform, rolling out additional functional enhancements. The new partnerships and collaborations we have recently entered into further extend the capabilities of the platform and its potential in drug discovery. We have also made progress in our two existing immuno-oncology drug discovery programmes and have used the platform to generate new projects in industry-relevant and potentially high-value discovery areas.
“In line with our strategy, we remain focused on developing the business from existing capital and from non-dilutive sources of funding. To this end, we have executed a systematic and extensive international business development programme where the potential of NDD has been recognised. We have been shortlisted as a preferred partner by a number of biopharma companies and are in detailed discussions on several distinct NDD deals. We also continue to evaluate broader potential corporate development opportunities.”
e-therapeutics