e-Therapeutics 'well positioned' in big data space, says Edison
Edison Investment Research issued an update on UK-based drug discovery and development firm e-Therapeutics (ETX) on Thursday in which it said the company was "well positioned in the 'big data' space" after initiating its "robust business development plan."
e-Therapeutics
9.60p
17:15 25/04/24
FTSE AIM All-Share
753.12
16:50 25/04/24
Pharmaceuticals & Biotechnology
22,750.48
17:09 25/04/24
Edison said ETX had demonstrated tight cost control as the group focused on its rationalised pipeline by continued investment into the network-driven drug discovery platform, expecting e-Therapeutics efforts to bear fruit "in the coming year."
The investment research and advisory company said that because ETX had cut its research and development spending from £6.5m to £2.7m as a result of cutting back several discovery phase projects and winding down all but two clinical studies ceasing the firm managed to narrow operating losses by more than half, from £7.6m to £3.7m.
As of 1230 BST, shares had dropped 1.18% to 10.50p.