JP Jenkins Ltd / GB00BYS30W00
06.06.2024 - 14:34:19Pipeline update and final results for the year ended 31 January 2024
| JP Jenkins Ltd 06-Jun-2024 / 13:34 GMT/BST The issuer is solely responsible for the content of this announcement. 6th June 2024 ISIN: GB00B2823H99 JPJ:ETX London, UK, 6 June 2024 - e-therapeutics plc, a company integrating computational power and biological data to discover life-transforming RNAi medicines, today announced its audited results for the year ended 31 January 2024 and provided an update on recent pipeline progress. “The 2023/24 financial year was an important time for e-therapeutics, marking the beginning of a period of effective execution in advancing our therapeutic pipeline. During the year we delivered solid pipeline progress, generating positive preclinical proof-of-concept data for four GalOmic™ RNAi assets discovered in-house.” commented Ali Mortazavi, Chief Executive Officer “I am pleased to say we have continued on this impressive trajectory during the first months of the new financial year, progression of ETX-258 through proof-of-concept studies in heart failure, and the addition of a new MASH program, ETX-394. The promising datasets we are generating on our pipeline programs provide the ultimate validation for our innovative AI-enhanced approach to the R&D process and showcase the strength of our enabling platforms HepNet™ and GalOmic™.” Recent pipeline progress IND-enabling studies initiated on ETX-312 for the treatment of metabolic dysfunction-associated steatohepatitis (MASH), with an IND submission anticipated during 2025 ETX-258 for the treatment of heart failure progressing through proof-of-concept studies New program added to our pipeline: ETX-394 for the treatment of MASH. ETX-394 targets different disease biology to ETX-312, silencing another novel and differentiated target gene. Preclinical proof-of-concept studies are underway. FY2023/24 operational highlights Completed positive preclinical proof-of-concept data packages for four GalOmic™ assets Selected two assets for progression towards the clinic: ETX-312 for the treatment of metabolic dysfunction-associated steatohepatitis (MASH) and ETX-407 for dry age-related macular degeneration Expansion of data on metabolic dysfunction and associated fatty liver disease through strategic collaboration with Arcturis Data (Arcturis) to integrate Arcturis’ high quality, clinically rich real-world evidence (RWE) patient data within HepNet™ Generation of a wealth of in-house experimental data significantly expanding the proprietary datasets that feed into HepNet™ Advanced projects developing and implementing large language models (LLMs) across ETX processes and systems, further enhancing computational capabilities Continued to leverage our HepNet™ computational platform, including network analytics, a hepatocyte-specific knowledge graph, and predictive short interfering RNA (siRNA) construct design capabilities to rapidly develop life-transforming RNAi therapies Last near-term milestone successfully achieved in collaboration with iTeos Therapeutics in immuno-oncology, resulting in an additional payment to the Company and further validating its computational approach to identifying novel targets Sustained intellectual property (IP) activity with priority patent applications filed on nine further inventions, and international patent applications filed for eight inventions arising from the Company’s proprietary GalNAc-siRNA technology, GalOmic™ Continued investment in leading industry talent, including new hires on the East Coast of the USA, a major biotech hub Effective 20 September 2023, Timothy Bretherton assumed the role of Chief Financial Officer (CFO, non-Board) Post period operational highlights Successful fundraise of £28.9 million announced in April 2024 by way of a subscription by funds managed by M&G Investment Management Limited and Richard Griffiths, both existing shareholders of the Company Completed cancellation of admission of our Ordinary Shares to trading on AIM as of 9 May 2024 Strengthened the Board of Directors with the appointment of Lord David Prior as Chair, as of 23 May 2024 FY2023/24 financial highlights Cash and short-term investment bank deposits at 31 January 2024 of £20.7 million (2023: £31.7 million) Revenues of £0.3 million (2023: £0.5 million) R&D spend of £10.2 million (2023: £7.2 million) Operating loss of £13.8 million (2023: £10.2 million) Loss for the year of £11.2 million (2023: £8.3 million) £1.9 million R&D tax credit receivable (2023: £1.5 million) Please find additional information in the e-therapeutics’ Annual Report and Accounts 2024, which includes the Notice of Annual General Meeting. This was published today on the Company’s website at www.etherapeutics.co.uk/investors/financials-company-documents/ and will be posted to shareholders next week. The Annual General Meeting will be held at 12:30 p.m. on Tuesday, 16 July 2024, at the Company's registered office at 4 Kingdom Street, Paddington, London W2 6BD. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
