Member Article

e-Therapeutics fund raising secures research and development into 2019

Drug development firm e-Therapeutics, which operates a Newcastle facility, says a share placing in March 2013 which raised £40 million will help it continue research and development activities into 2019.

The company’s board confirmed its committment to research in the region as it announced its results for the year to the end of January.

Loss making e-Therapeutics is yet to generate revenue although the firm has been positive about trials of anti-cancer drugs.

Trials of its lead product, ‘ETS2101’, show it to be functioning successfully.

Across the year the firm incurred an operating loss of £6.7 million and spent £5.3 million on research and development activity.

Professor Malcolm Young, CEO of e-Therapeutics, said: “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.”

This was posted in Bdaily's Members' News section by Tom Keighley .