E-therapeutics PLC (LON:ETX) reported a narrower pre-tax loss in the first half of the year, while also filing a new patent for its network-driven drug discovery (NDD) platform after the end of the period.
The biotech and pharmaceuticals firm reported a pre-tax loss of £2.7mln for the period, almost £1mln less than the £3.6mln loss reported a year ago, while it ended the period with cash and cash equivalents of £5.6mln, compared to £7.9mln previously.
In its outlook, the company said it was likely there would be a further reduction in its operating losses in the second half of the year, reflecting an ongoing cost reduction plan and anticipated lower spend on two core drug discovery projects.
The firm added that based on financial projections and current funding, it would remain financed into 2020.
Post-period, e-therapeutics said it had filed a new patent covering breakthroughs in the computational approach of its NDD platform.
The NDD is a computer platform that uses data mining and artificial intelligence (AI) to identify compounds that could potentially disrupt the progression of a disease, helping to develop better treatments.
The firm added that during the period it had also been shortlisted as a preferred partner by a number of biopharma companies as part of their AI/machine learning technology selection exercises.
Ray Barlow, chief executive of e-therapeutics, said that the company had also made progress with two existing immuno-oncology drug discovery programmes which had used the NDD platform to generate new projects in “industry-relevant and potentially high-value discovery areas”.