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Courting commercialisation partners

Outlook | Pharmaceuticals & healthcare | 19 May 2016

e-Therapeutics' strategy has evolved, shifting from investment into its proprietary discovery platform to commercialisation of its 12 preclinical assets and the platform itself. Out-licensing and collaborations, potentially in the next 12-24 months, should validate the platform and fund future discovery work and identification of the next wave of lead candidates.


Rewards for keeping the faith

Outlook | Pharmaceuticals & healthcare | 12 Dec 2018

e-Therapeutics (ETX) has announced a long-awaited research collaboration with Novo Nordisk (Novo) on early target discovery in diabetes. This is the first commercial collaboration in ETX’s history and will last for at least a year. The financial terms of the transaction were not disclosed but the deal should be recognised for its validation of ETX’s disease-aware network-driven drug discovery (NDD) platform. This is expected to be the first in an expected series of deals on the NDD platform and the assets generated from it.


Releasing hidden value

Update | Pharmaceuticals & healthcare | 06 Dec 2018

e-Therapeutics (ETX) has announced an update on its collaboration with C4X Discovery (C4XD) on novel interventions in Parkinson’s disease (PD). The PD collaboration started in May 2018 and combines the network-driven drug discovery (NDD) platform at ETX with the genetic information from C4XD’s platform. This has already resulted in a number of avenues for novel drug target generation in PD.


Keeping the faith

Update | Pharmaceuticals & healthcare | 08 Oct 2018

e-Therapeutics’ (ETX) H118 results were a routine financial update highlighting its continuing focus on partnering the Network-driven Drug Discovery (NDD) platform, out-licensing its NDD-derived preclinical immunoncology (I/O) assets and financial prudence. The H118 operating loss was GBP 2.8m. Cash outflow was GBP 2.0m, resulting in a cash balance of GBP 7.6m at the end of H118. Both R&D and administrative expenses had been reduced from H117.


A matter of time until prime time

Update | Pharmaceuticals & healthcare | 23 Apr 2018

With the refocusing of the business and the new CEO's strategic review now implemented, e-Therapeutics (ETX) finds itself with the NDD platform and at least two lead preclinical small molecule immuno-oncology (I/O) assets at a time when big pharma partners are clamouring for those assets. This is because Merck and BMS's marketed anti-PD-1 antibodies need synergistic mechanisms to broaden and extend the number and duration of their responses. ETX's first partnership announcement will be a value inflection point.


Nearing prime time validation

Update | Pharmaceuticals & healthcare | 05 Jan 2018

e-Therapeutics’ (ETX) Network-Driven Drug Discovery (NDD) platform has begun to deliver encouraging data that should support out-licensing of its immuno-oncology and hedgehog (Hh) projects with potential partners. Securing deals on the pipeline and the NDD platform are clear priorities for the company and having strong data in important new therapeutic areas will raise its profile. Although these are early-stage data, the company is moving in the right direction and meeting its targets. Our comparative venture capital (VC) methodology suggests an indicative value of GBP 41.9m.


Sailing a steady course

Update | Pharmaceuticals & healthcare | 04 Oct 2017

e-Therapeutics’ (ETX) interim numbers demonstrate tight cost control and focus on the rationalised pipeline, with continued investment into the Network-Driven Drug Discovery platform. In the near term, we should see positive data to support out-licensing of its immuno-oncology projects. The company is well-positioned in the ‘big data’ space and has initiated a robust business development plan, which we expect to bear fruit in the coming year.


Executive interview - e-Therapeutics

Edison TV: | Pharmaceuticals & healthcare | 09 Aug 2017

e-Therapeutics (ETX) is a UK-based drug discovery company that has developed a proprietary, computer-based discovery platform based on network biology. In this interview Dr Ray Barlow, CEO of e-Therapeutics, provides an overview of the company, and outlines the output of its recent strategic review and its focus moving forward.


Strategic review complete: focus on deal-making

Update | Pharmaceuticals & healthcare | 27 Jul 2017

New CEO Dr Ray Barlow, who joined e-Therapeutics (ETX) in April, has undertaken a business and strategic review, assisted by an independent industry-wide expert panel. The portfolio has been rationalised from six to two preclinical immuno-oncology programmes; two programmes are available for out-licensing, while data will be published on two others to showcase and validate the proprietary network pharmacology discovery platform. This will secure ETX's cash runway comfortably to the end of 2019, free capacity to add new programmes in H217 and enable further investment in the platform. The management team is now focused on external collaborations and partnerships to provide validation and generate revenue. ETX's attendance at industry conferences, including one in Boston this week, will help to raise its profile.


Embarking on the next phase: Deals and data

Update | Pharmaceuticals & healthcare | 16 Jan 2017

e-Therapeutics (ETX) has appointed a new CEO, Dr Raymond Barlow, who will join the company by 1 May 2017. He brings significant R&D and business development experience, which will be invaluable in driving ETX to the next stage of its evolution. Following its 2016 strategic review, ETX’s near- to mid-term focus is on deriving value from its proprietary network pharmacology discovery platform. Potential deals from late 2017 would provide external validation for the platform and differentiated discovery approach, and generate revenues. Portfolio rationalisation secures ETX’s funding runway into early 2019; deal flow would extend this. Preclinical data on the five core discovery assets should stimulate interest from potential partners/collaborators. Deals and data are the next key catalysts.


Focused on value creation

Update | Pharmaceuticals & healthcare | 20 Sep 2016

e-Therapeutics (ETX) is focused on driving value in its discovery platform. Costs will be reduced as the 17 product candidates in discovery as of July 2016 have been cut to a core five. Cash of £19.9m and future tax credits of c £6m, along with a reduction in cash burn, should fund ETX through to 2019. Legacy assets ETS6103 and ETS2101 will continue to be wound down with reduced costs; the company will look to out-license both. Validation of the platform is key to driving value and wider recognition; future deals, potentially in 2017, would enable this.


Light at the end of the funnel

Update | Pharmaceuticals & healthcare | 18 Feb 2016

e-Therapeutics' (ETX) share price fell c 30% on news that the ETS6103 Phase IIb trial as a second-line therapy for major depressive disorder (MDD) failed to meet its primary efficacy endpoint. However, this does not necessarily equate to a negative read-across for the network pharmacology platform and remaining pipeline (ETS2101 in cancer). Significant investment in expansion of discovery capabilities and infrastructure has generated 10 active discovery projects, with potential for early-stage out-licensing deals or discovery collaborations in the near term. Deal execution would provide robust validation to this approach, and unlocking valuation upside.