ETX announced results for the six months ended 31 July 2018, whereby operating loss narrowed to £2.8m vs loss of £3.7m in H12017. Cash and deposits were at £7.6m, including a R&D tax credit of £1.4m, vs £9.6m in January 2018.
The company’s proprietary Network-Driven Drug Discovery (NDD) platform advanced with patient segmentation and informatics-based mechanism of action (MoA) modules as well as incorporation of Intellegens and Biorelate partnerships (AI capabilities). Further, the C4X Discovery collaboration allows ETX to expand the use of genomic information. The company also is in discussions with many potential biopharma partners for NDD-based programmes. It also noted progress with immuno-oncology (IO) programmes and creation of new projects in commercially valuable areas.
Assuming a no-income period, ETX expects the second half loss be lower than the loss in the first half. The loss reduction reflects an ongoing cost reduction plan and anticipated lower spend on the two core drug discovery projects. Cash position remains strong and current funding can finance the company into 2020.
Ray Barlow, CEO, commented: “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 also continue to evaluate broader potential corporate development opportunities.”