e-Therapeutics PLC said its "significantly strengthened" cash position will enable the expansion of its computational drug discovery platform capabilities and allow it to accelerate the development of an in-house gene silencing drug pipeline.
The group raised £22.5mln last June and exited the year ended 31 January 2022 with £26.6mln in the bank.
“I remain extremely confident in the potential of e-therapeutics and believe that your company is well placed to become a world-leading company able to compute the future of medicine,” said chief executive Ali Mortazavi.
The comment was made alongside the company’s prelims, which reprised the significant progress made. This included hitting three "pre-defined milestones" as part of its collaboration with drug development group Galapagos.
It also successfully benchmarked its gene silencing and made 11 patent applications.
In the update, e-Therapeutics reported rapid progress in the development of a liver focussed computational platform, including the generation of what it called a "hepatocyte-specific knowledge graph".
"We believe that e-therapeutics offers a differentiated strategy, with the ability to silence any gene in the liver with extremely rapid pre-clinical timelines, coupled with powerful computational capabilities, including in better understanding human hepatocyte biology,” said CEO Mortazavi.
“Importantly, the execution of our strategy is well underway and two hepatocyte targets are currently in pre-clinical research, with further feasibility work being conducted across multiple other computationally generated targets.”
The full-year results for the 12 months ended 31 January showed the company posted a £9.6mln loss after investing £6.1mln into research and development.