With the refocusing of the business and the new CEO’s strategic review now implemented, E-Therapeutics Plc (LON:ETXP) finds itself with the NDD platform and at least two lead preclinical small molecule immuno-oncology (I/O) assets at a time when big pharma partners are clamouring for those assets. This is because Merck (NYSE:MRK) and BMS’s marketed anti-PD-1 antibodies need synergistic mechanisms to broaden and extend the number and duration of their responses. ETX’s first partnership announcement will be a value inflection point.
FY18 results demonstrate prudent stewardship
Last year’s focus on ETX’s costs demonstrated the company’s commitment to containing costs. The operating loss in H218 was 16% below the first half’s £3.7m. As impressive was the 58% reduction (to £6.8m) in the full-year operating loss over FY17 while at the same time preparing two network-driven drug discovery (NDD) assets for licensing. Cash at the year-end to 31 January 2018 was £9.6m and, outside of business development activities, options are available to extend the cash runway into 2020. Our model now includes slight changes to correct our previous estimates of R&D expense and share-based transactions to the reported values.
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