5th Mar 2019 11:50
LONDON (Alliance News) - e-Therapeutics PLC on Tuesday said its annual loss narrowed as research and development costs were significantly cut.
For the year ended January, the drug discovery company posted a pretax loss of GBP5.1 million compared to GBP6.7 million a year prior.
Research and development costs amounted to GBP3.7 million compared to GBP5.0 million a year ago.
Meanwhile, the company generated GBP44,000 in revenue, compared to nothing in the prior year.
"During the year we continued to make good operational progress and began to realise the full potential of our NDD platform and approach. We secured our first commercial deal with Novo Nordisk in type 2-diabetes, continued to develop and invent new assets and programmes in commercially-relevant areas and we generated new NDD-based innovation in the highly attractive field of functional genomics," Chief Executive Officer Ray Barlow said.
"We remain focused on our extensive business development efforts and are in a number of detailed discussions with potential partners. Confident in the broad versatility and utility of the NDD platform, we remain focused on translating this into value for our shareholders."
e-Therapeutics shares were trading down 4.3% at 4.50 pence each on Tuesday.
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