ADDED COMMENTS FROM DANIEL ELGER, CFO at e-Therapeutics
e-Therapeutics (LON:ETX) expects the £45mln it has on the balance sheet to last it until 2018, a year longer than first anticipated, according to chief financial officer Daniel Elger.
Earlier this year it refilled its coffers thanks to a well backed cash call that will help it achieve two significant milestones – revenue generating partnerships for its main drug candidates and new additions to the R&D pipeline.
“These funds cover us for several important points to where we could see revenues coming back into the business as a result of our activity,” Elger told Proactive Investors.
“They also cover significant ongoing investment on the drug discovery side ensuring we are in a position to come up with some new assets and have a more diverse pipeline.”
In its half-year results statement released earlier, e-Therapeutics revealed its lead drug is making steady progress through the early stages of the clinical trial process as it updated on its own financial health.
ETS2101 is currently being given to 33 patients who have brain and other solid tumours, in two studies: one in the US, and the other here in the UK.
The phase I trial is designed to assess how well tolerated the drug is as the dose is escalated.
So far there have been no drug-related adverse events, though there was one incidence of severe fatigue.
e-Therapeutics also said one cancer patient had a partial response to the drug, although phase I is not designed to assess efficacy.
“We reported back in May we had a patient that showed a partial response. But I would caution these are very preliminary findings as phase I is not about activity it is simply seeking to determine an appropriate dose of the drug,” said Elger.
The results of the trial will be reported in the fourth quarter (for brain cancer) and first quarter next year (for solid tumours).
Elsewhere, the group will take ETS6103 for depression into phase IIb trials in the ‘next few weeks’ after a delay as the UK regulator asked for more data.
ETX1153c for C.difficile won’t be taken into clinical trials, the firm said.
City firm Panmure Gordon said the ETX1153c decision was not unexpected, and it had previously removed it from its sum-of-the-parts valuation.
“We derive our 70p price target entirely from our conservative assumptions on ETS 2101 (Dexanabinol),” the broker revealed.