60% increase in R&D for E-Therapeutics

E-Therapeutics, a UK-based drug development spin-out from Newcastle University, expects to make big advances in the coming year after having upped its research and development budget to more than £8m ($12m) in the previous year.

The company’s spend in research and development increased by 60%, moving from £5.367m in the company’s year end in January 2014 to £8.549m in January 2015. However operating losses have widened from £6.719m to £10.175m in the same period.

In March 2009 the company raised £2m from UK-based venture capital firm Octopus Investments. This was followed by a £40m round in February 2013 by selling new shares. E-Therapeutics is listed on London’s alternative stock exchange, Aim.

Currently two drugs developed by the company are in the trial phase. ETS6103 is a drug for major depressive disorder while ETS2101 is being trialled in both the UK and US in a variety of solid tumour and brain cancer patients.

The trials for ETS2101 have established a maximum tolerated dose and this year the drug will be rolled out to phase 1b trials.

Malcolm Young, chief executive and acting chairman of e-Therapeutics, said: “Most exciting has been the striking productivity of our drug discovery engine. The investment and enhancements we have made over the past two years are paying dividends, not only with the number of molecules we can now screen, but in the groundbreaking yields we are observing.”