Prime Minister opens e-Therapeutics drug discovery centre

e-Therapeutics completes £40m placing e-Therapeutics plc (AIM: ETX, http://www.etherapeutics.co.uk), a spinout from Newcastle University, is a drug discovery and development company which is pioneering network pharmacology, a new approach to the discovery of medicines.
On 1st March, e-Therapeutics announced the completion of two share placings that raised £40 million in new equity (approximately £39 million net). The new shares were priced at 32p, a premium of 4% to the price on previous dealing day. Following the funding, the company has net cash and liquid resources of approximately £48 million, which together with expected receipts from R&D tax credits and interest, are intended to support all of its currently planned discovery and development activities into 2017, by which time an outlicensing deal for the company’s lead cancer drug ETS2101 should be in place.
As a result of the latest investment, Invesco Asset Management now holds 45.9% of the company’s shares, together with Henderson Global Investors (12.1%), Octopus Group (6.3%), Newcastle University (4.9%), and founder Professor Malcolm Young (14.9%), in all accounting for 84.1% of the company.

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July 28, 2013 · 9:42 pm

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