Network pharmacology specialist e-Therapeutics (AIM:ETX) confirmed this morning it is “exploring funding options” to finance its ambitious clinical programme.
The company has selected drug candidates for multiple metastatic cancers, depression and C. difficile to go into phase II trials, which are expected to be complete by 2012.
At the same time the group continues to evaluate the potential of compounds targeting MRSA and asthma where it will undertake further phase I trials or progress them to phase II.
The company said it is in discussions with “multiple prospective partners” interested in its network pharmacology platform used to evaluate drug candidates for efficacy and side-effects.
Chairman Oliver James, said: "We are increasingly pleased with the progress of our efforts in drug discovery using our unique network pharmacology platform.
“Following extensive internal planning on its clinical program, e-Therapeutics is excited at the prospect of reporting phase II data for four or possibly five drug candidates in 2012.
“This is a significant programme which we believe is testimony to the productivity of our discovery technology and to the hard work involved in creating a development capability of such scale.
"Worldwide interest in network pharmacology and its application in improved drug discovery we believe is growing fast and as a result of this increasing interest and e-Therapeutics' patented discovery platform, we hope to be able to announce collaborations with pharmaceutical companies, with whom discussions are currently active.
“Moreover, armed with the phase II results from our drug candidates, we anticipate a number of licensing agreements during 2012.
“The company is exploring opportunities for further funding, principally to meet the costs of gaining specialist high quality data on some of its lead candidates.
“With development results expected from its drug portfolio and further validation of its platform technology through partnerships, the e-Therapeutics board feels that the Company is well positioned to capitalise on the success of its unique platform over the coming years."
The comments were made alongside interim results, which showed the e-Therapeutics made an operating loss of £1.22 million. It has £1.8 million of cash.