E-Therapeutics Plc (L:ETXP) share price fell 30% on news that the ETS6103 Phase IIb trial as a second-line therapy for major depressive disorder (MDD) failed to meet its primary efficacy endpoint. However, this does not necessarily equate to a negative read-across for the network pharmacology platform and remaining pipeline (ETS2101 in cancer). Significant investment in expansion of discovery capabilities and infrastructure has generated 10 active discovery projects, with potential for early-stage out-licensing deals or discovery collaborations in the near term. Deal execution would provide robust validation to this approach, and unlocking valuation upside.
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