Drug discovery firm e-therapeutics has hailed a “pivotal year” in its mission to combine computing and biological data, despite seeing widening losses as it tries to commercialise its technology.
The Newcastle University spin-out, which has bases in Newcastle, Oxford and London, has released results for the year up to January 31 in which revenues stayed unchanged at £500,000. The company’s operating loss broadened to £10.2m, but a successful fundraise of £13.5m last September meant the firm ended the year with an improved cash position.
e-therapeutics said it was working in areas of “high unmet medical need” and had filed eight patent applications on new technology developed within the company. It also highlighted its increasing use of AI as part of its drug design work, and an increased R&D spend of £7.2m.
