e-therapeutics PLC (LON:ETX) saw its operating loss significantly reduced in the year ended 31 January 2018, having undertaken a systematic review of its operations under new CEO Ray Barlow.
The AIM-listed drug discovery company saw its full-year operating loss reduced to £6.8mln, down from a £16.3mln loss a year earlier, with an R&D tax credit of £1.4mln lower than the £3.1mln in the previous year.
The firm’s cash and deposits at its year-end were £9.6mln, down from £14.0mln a year earlier, but with the cash and deposits reduction of £4.4mln less than the £10.8mln reduction the year before.
Barlow, who joined as e-therapeutics CEO on 6 April 2017 commented: "During the course of the year, we have continued the turnaround of the business. We are now focused on the right activities. With prudent cost control, we are creating as many opportunities for value creation as our current resources allow.”
He added: Our business development efforts are beginning to bear fruit and we are now viewed as a serious and credible innovator with a unique set of technologies and assets.
"In the coming year, we will continue to take a pragmatic approach to explore all avenues of value creation for our Shareholders. We are increasingly optimistic about our future."