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N+1 Singer upgrades valuation on e-Therapeutics ahead of cancer trials

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House broker N+1 Singer has lifted its valuation of e-Therapeutics (LON:ETX) ahead of the start of phase Ib trials for the life science firm's flagship cancer treatment as the firm's discovery efforts have accelerated.

The trials for pancreatic and liver cancer are due to start this month (April) to investigate the efficacy of ETS2101, said analyst Dr Jens Lindqvist.

Meanwhile, the Phase IIb trial of ETS6103 in major depressive disorder is expected to complete in the second half of 2015 with 160 patients having been recruited to date.

After the trial, the firm plans to out-license the programme.

The analyst has pushed the risk-adjusted net present value per share up to 51p from 41p previously. The current share price stands unchanged at 39.25p.

In the lab,  e-Therapeutics, which is a pioneer of what's called network pharmacology to discover medicines, also delivered a “dramatic acceleration of molecule selection and testing” during the year, with around 2,200 molecules, across six discovery projects, being assessed. This compares to about 100 molecules in the previous year.

The company plans to analyse at least ten programmes in 2015, with the aim to commence pre-IND (investigational new drug) studies on the highest-potential programmes by mid-2016 and clinical trials during 2017, noted the broker.

Financial results for the year to end January revealed that e-Therapeutics is well-funded with £33.8mln in the bank as at the end of the year.

The loss for 2014, largely an irrelevance for an emerging drugs developer, was £9.8mln.

Quick facts: e-Therapeutics plc

Price: 3.34 GBX

AIM:ETX
Market: AIM
Market Cap: £8.98 m
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