12.02.2013 - AIM-listed cancer drug discovery specialist e-Therapeutics plc is set to
raise £40m to push its drug development.
The Oxford-based drug discovery and development company said it will issue new ordinary shares to institutional investors. The shares will be priced at 32p, a premium of 4%, to the closing mid-market price on share value of 8th February. The move was backed by the company’s shareholders in advance of its general meeting.
With the proposed issue, e-Therapeutics wants to fill its pockets – pro-forma net cash and liquid resources will total approximately £48m after the capital increase. The company announced this will be enough money to support all of the company’s current R&D activities until 2017 by which the company expects to licence its lead compound, ETS2101.
Up to then £25m will be required to push the synthetic cannabinoid dexanabinol (ETS2101) from the current Phase I dose-escalation studies to proof-of concept in glioma and four to six additional solid cancer indications. Other investments will be made into new drug discovery efforts using the company’s network pharmacology platform. The funds to be raised through the new issue will include a substantial fund by existing investor Invesco Asset Management Limited, whose shareholding will increase from 45.92% to 49.90% after completion.
20.01.2015 Ebola research projects are set to receive €215m in funding from the European Commission’s IMI2 Ebola+ programme. Among the project partners are vaccine developers Glaxosmithkline, Johnson&Johnson and Merck.
13.01.2015 Shire beefs up its rare disease portfolio after acquiring NPS Pharma with the aim of becoming a leading biotech in a US$5.2bn deal. Part of the deal is the US biotech's lead portfolio of gastrointestinal and hormone replacement therapies.
09.01.2015 The excitement surrounding CRISPR genome editing shows no sign of abating. This month, Novartis and US biotech Intellia Therapeutics became the first ever biotech-pharma collaboration to use the groundbreaking technology.
06.01.2015 With the aim to utilise Ireland’s many natural resources and keep abreast of the latest EU developments in bioeconomy, a multi-disciplinary team has been funded to maximise national income, exports and job creation related to Ireland’s bioeconomy.