e-therapeutics plc announces interim results with positive developments in pipeline and leadership team
From GlobeNewswire: 2024-10-31 09:00:00
e-therapeutics plc announced unaudited interim results for the six months to July 31, 2024, with a cash position of £41.0 million. CEO Ali Mortazavi highlighted progress in the GalOmic pipeline, including ETX-312 for MASH and ETX-148 for Bleeding Disorders. The company welcomed Dr. Lee Clewley as VP of Applied AI and promoted Dr. Natalie Pursell to VP of Early-stage Development.
The company’s HepNet platform is undergoing infrastructure development with Amazon Web Services to enhance Generative AI capabilities. They are leveraging cutting-edge AI technologies to improve target-indication assessment workflows. Additional corporate updates include the promotion of Dr. Natalie Pursell and the addition of Dr. Lee Clewley to the leadership team. Jeremy Punnett was appointed to the Board of Directors in July 2024.
Financial highlights show a cash position of £41.0 million as of July 31, 2024, with an operating loss of £7.5 million. Research and development expenses increased to £5.6 million, while general and administrative costs rose to £2.0 million. Headcount was at 39 as of July 31, 2024.
e-therapeutics plc uniquely combines computation and RNAi to discover life-transforming medicines. Their GalOmic platform enables the development of specific siRNA therapeutics, while the HepNet computational platform accelerates drug discovery. The company has positive proof-of-concept data on preclinical assets in various therapeutic areas and is progressing its GalOmic therapies towards the clinic.
During the six months to July 31, 2024, e-therapeutics plc issued new ordinary shares following an equity fundraise of £28.9 million. Dr. Natalie Pursell was promoted to VP, Early-stage Development, and Dr. Lee Clewley joined as VP, Head of Applied AI and Informatics. Financially, the company had a net increase in cash and cash equivalents of £20.4 million.
Read more at GlobeNewswire:: e-therapeutics Announces Business Updates and Interim