TIDMETX
RNS Number : 2021Q
e-Therapeutics plc
26 October 2021
e-therapeutics plc
("e-therapeutics" or the "Company")
Interim results for six months ended 31 July 2021
Significantly strengthened cash position to facilitate a number
of initiatives, expanding the Company's platform capabilities and
acceleration of the development of in-house RNAi pipeline
Oxford, UK, 26 October 2021 - e-therapeutics plc (AIM: ETX;
OTCQX; ETXPF), a specialist in computational drug discovery with a
focus on developing RNA interference ("RNAi") therapeutics,
announces its unaudited interim results for the six months ended 31
July 2021.
Operational Highlights
-- The Company has undergone a number of Board and leadership
changes in addition to a significant increase in scientific staff.
The roles of Executive Chairman and CEO were split, and Professor
Trevor Jones was appointed Non-Executive Chairman, Ali Mortazavi
continued in his role as CEO and two leadership appointments were
made; Dr Karl Keegan as CFO and Dr Alison Gallafent as Head of IP.
Staff numbers rose from 27 (31 January 2021) to 33 (31 July
2021)
-- In February 2021, the Company announced it had:
o Filed a patent application related to its innovative
GaINAc-conjugated siRNAs (short interfering RNA) construct designs,
an important element of its RNAi platform technology
o Commenced multiple in vitro and in vivo studies to test newly
designed siRNA constructs with potentially beneficial safety and
potency profiles. Headline results of these experiments have been
separately announced today and show at least equivalent performance
and safety to industry-leading RNAi platforms
-- In April 2021, the Company received two key milestone
payments from Galapagos NV ("Galapagos") as part of its
collaboration to identify new therapeutic approaches to modulate a
specific mechanism involved in idiopathic pulmonary fibrosis
("IPF") and other fibrotic indications. In July 2021, the Company
received an additional milestone payment from Galapagos
-- In June 2021, a GBP22.5 million gross fundraise was
successfully completed securing investment from new and existing
shareholders. This raise enables further expansion of the Company's
computational platform and the acceleration of the development of
RNAi therapeutics
-- During the period, the Company has continued to advance its
computational platform, with an increased focus on network-aware
novel target identification, mode of action elucidation and target
deconvolution
Post Period Highlights:
Additional patent applications
In October 2021, the Company announced it had filed five new
patent applications relating to its innovative GalNAc-conjugated
siRNA construct designs, including around stabilising chemical
modifications enabling specific hepatocyte (liver cell) targeting
and a further six new patent applications have now also been filed.
The relevant summary dataset will be presented at the Company's
R&D Day in 2022 and headline non-human primate data can be
found in the interim results presentation at
http://www.rns-pdf.londonstockexchange.com/rns/2021Q_1-2021-10-25.pdf
Positive progress on RNAi platform; GaINAc-siRNA constructs
successfully characterised
-- In a separate announcement today, e-therapeutics announced
positive headline results from in vivo characterisation studies in
non-human primates, testing the Company's proprietary GaINAc-siRNA
constructs:
o Constructs demonstrated equivalence performance to leading
competitor platforms, showing deep and durable target gene
knock-down
o GaINAc-siRNA constructs successfully characterised and show
reproducible performance across three target genes
o The Company anticipates offering early-stage RNAi business
development opportunities to potential partners in the coming
months
-- The Company is building the most complete hepatocyte
Knowledge Graph ("KG"), integrating numerous data sources and its
newly created AI-enhanced, hepatocyte protein-protein interactome.
Proprietary omics data from experimental studies will be included
in due course and will enhance the computer-laboratory
interface
Commencement of trading on the OTCQX Best Market
-- In September 2021, e-therapeutics commenced trading on the
OTCQX market in the U.S. which was an important step for the
Company to broaden its shareholder base
Financial highlights
During the period, the Company strengthened its financial
position following the successful equity fund raise which was
completed in June 2021.
-- Revenues of GBP0.5 million (H1 2020: GBP0.04 million)
-- Operating loss for the period of GBP3.5 million (HY20 loss: GBP2.7 million)
-- GBP22.5 million before expenses, from Placing, Subscription and Retail Offer in May 2021
-- Cash and cash equivalents at 31 July 2021 GBP31.6 million (31
January 2021: GBP13.0 million)
-- R&D spend GBP2.5 million (HY20: GBP1.2 million)
Ali Mortazavi, Chief Executive Officer of e-therapeutics,
commented: "I am extremely pleased with the progress the Company
has made in the period. In particular, with further milestone
achievements in our partnership with Galapagos and the completion
of a successful equity fund raise. The raise enables enhanced
investment for the Company to accelerate the development of RNAi
therapeutics and to further develop our computational capabilities.
Since the fund raise, we have made excellent progress in all areas
of the Company and we are building on this positive momentum.
"We are delighted to announce top-line positive results from in
vivo studies in non-human primates, confirming the Company's
proprietary GaINAc-siRNA platform has been successfully benchmarked
against leading competitor RNAi platforms. These excellent results
show that our proprietary delivery system and siRNA chemistries are
competitive relative to peer platforms. This is a material step in
the Company's ultimate goal of developing an in-house RNAi pipeline
with future scope for early-stage partnering. Eleven new patent
applications have been filed to protect these innovations . In
parallel, we are developing the world's largest data resource in
hepatocyte biology which will enable the identification and
prosecution of novel therapeutic targets, both internally and with
collaborators.
"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 hepatocyte biology. We
look forward to the future with great excitement."
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside information is now
considered to be in the public domain.
Enquiries :
e-therapeutics plc Tel: +44 (0)1993 883
125
Ali Mortazavi, CEO www.etherapeutics.co.uk
Karl Keegan, CFO
SP Angel Corporate Finance LLP Tel: +44(0)20 3470
0470
Nominated Adviser and Broker
Matthew Johnson/Caroline Rowe (Corporate
Finance)
Vadim Alexandre/Rob Rees (Corporate
Broking)
About e-therapeutics plc
e-therapeutics plc is an Oxford, UK-based company integrating
computational power and biology to accelerate the discovery of
life-transforming medicines. The Company has developed and
validated a powerful, disease and modality agnostic computational
approach to drug discovery, leveraging its industry-leading
expertise in network biology to fully capture and interrogate human
disease complexity.
The Company's multi-disciplinary team builds computational
models of biological functions to transform the search for new
medicines, interventions, mechanisms and genetic support. Its
biology-led in silico laboratory enables rapid hypothesis
generation and phenotypic screening of millions of compounds
leading to 100-1000x higher hit rates in the wet lab and successful
mode of action elucidation. Novel targets can also be identified,
prioritised and assessed. Harnessing internal target gene
discoveries, e-therapeutics is currently building an in-house
pipeline of RNAi based medicines, using its proprietary
GalNAc-siRNA technology.
e-therapeutics has deployed and validated its disease-agnostic
computational drug discovery platform both in house and with
partners, including Novo Nordisk, Galapagos NV and a US-based, top
5 pharmaceutical company.
Chief Executive's Statement
I am pleased to report a strong and productive six months for
the Company where we have successfully achieved numerous
milestones. e-therapeutics' ambition is to successfully integrate
computational power and biology to discover life-transforming
medicines and enable all diseases to be treated. For this to
happen, we believe that the traditional drug discovery process
needs to be transformed and we are in a position to significantly
contribute to, and be leaders in, this transformation.
RNAi liver platform
A key component of our strategy was to establish a therapeutic
technology platform which is reproducible and would give us the
ability to design potential drug candidates as quickly as possible.
This would put us in a position of being able to rapidly prosecute
novel target genes identified using our computational engine.
Our modality of choice is RNAi. GalNAc
(N-Acetylgalactosamine)-conjugated siRNA is a powerful and well
validated commercial-stage technology, which enables specific
delivery to hepatocytes in the liver, patient-friendly subcutaneous
administration and a long duration of therapeutic action. There is
a high barrier to entry in GalNAc-siRNA as it is a highly
sophisticated and advanced therapeutic modality, with unique
advantages. As reflected in today's separate announcement, which
includes headline data on our proprietary RNAi platform, we now
have the ability to inhibit any of the c.10,000 genes expressed in
hepatocytes (liver cells) and design candidates in 3-6 months and
at a cost of c.$500,000. By way of comparison, the average time and
cost of discovering a small molecule drug is over 4 years and with
a cost of c.$4 million.
A further example of the speed and cost of so called
"information molecules" (drug agents which are based on genetic
sequences) is the remarkable timelines of mRNA (messenger RNA)
COVID-19 vaccines. By way of our own example, in February 2021, we
designed 24 of these GalNAc-siRNA information molecules against 3
gene targets in the liver. By October 2021, we successfully tested
these molecules in cell-based assays, rodents and non-human
primates. The capability of a platform such as GalNAc-siRNA, with
remarkable specificity (both in terms of delivery and target gene
inhibition) and the above timelines will be a critical competitive
advantage to test the outputs from our computational biology
platform.
Target identification is currently the biggest limitation in
GalNAc-siRNA and there is a high degree of overlap in competitive
pipelines. An important differentiator for the Company relative to
RNAi peers is the ability to leverage its computational platform to
identify better, novel therapeutic targets. Our computational
platform is also an enabler in the discovery of mechanistic
insights, assessment of genetic support and in silico evaluation of
target hypothesis ahead of wet lab experiments.
Computational drug discovery
To complement our GalNAc-siRNA capabilities and feed our
in-house pipeline, the Company has created a hepatocyte-focused
specialisation within its core computational platform.
e-therapeutics is also executing on an ambitious data strategy to
create the most comprehensive and integrated hepatocyte-centric
data resource in the world, tailored to our computational biology
approach to drug discovery. We are compiling experimental data at
genome-wide scale using bespoke human hepatocyte assays and
combining it with our existing state-of-the-art network analytics
and artificial intelligence/machine learning ("AI/ML") approaches
to create a seamless connection between the computer and the
laboratory. Our assays are guided by our in silico work and our in
vitro experimental data feed back into making better and better
models of biology. In addition, the Company is building the most
complete hepatocyte KG, integrating its experimental data and its
newly created AI/ML enhanced, hepatocyte protein-protein
interactome. The KG already includes data derived from natural
language processing of hundreds of thousands of documents and data
sources, patient-derived information, patent mining and human
expertise.
The Company's KG is structured in such a way as to allow it to
perform ML-driven mechanistic inference to impute missing links and
uncover hidden knowledge. This integrated resource will provide the
Company with an unprecedented foundation from which to derive
disease intervention hypotheses, support network model
construction, carry out target identification, support target
validation and discover genetic support for targets. It will also
provide data and insights to feed into its AI-driven siRNA design
workflows, which are another addition to our tool kit. The
foundations for this data strategy are already in place and
providing insights as we continue to grow and enhance our
capabilities. Furthermore, the KG and tailored computational tools
we have developed in hepatocytes can be replicated in additional
cell types of interest.
Importantly, the Company has expanded its network-aware target
identification, MoA (mode of action) elucidation and target
deconvolution capabilities. This has been possible via the
augmentation of network-based analysis with a suite of proprietary
AI/ML approaches.
The enhanced applications of the Company's computational
platform that have been achieved to date will be a key enabler both
internally and for partners and will complement the Company's
phenotypic focused approaches. In addition, e-therapeutics
continues to streamline its computational platform via increased
automation and cloud computing.
Partnerships and Collaborations
During the period, the Company made further progress on its
collaboration with Galapagos to identify new therapeutic approaches
to modulate a specific mechanism involved in IPF and potentially in
other fibrotic indications with high unmet need.
The Company met three key pre-defined milestones in the period,
receiving three payments from Galapagos. e-therapeutics
successfully identified hit compounds for Galapagos, which were
experimentally validated. In keeping with previous validation of
the Company's computational platform, experimental testing of
compounds predicted by e-therapeutics in several relevant assays,
yielded a hit rate several orders of magnitude higher than industry
standards. The collaboration is on track and these hits are
currently being characterised further, including target
deconvolution (identification of targets). Under the terms of the
agreement, the Company is eligible to receive additional milestone
payments through pre-clinical and clinical development as well as
commercial milestones.
Additional discussions are in progress with other biopharma
companies in diverse therapeutic areas including CNS disorders,
oncology and rare disease.
Additional patent applications
Post period in October 2021, the Company announced it had filed
five new patent applications relating to its innovative
GalNAc-conjugated siRNA construct designs, including around
stabilising chemical modifications enabling specific hepatocyte
(liver cell) targeting. A further six new patent applications have
now also been filed.
These patent applications will protect the Company's inventions
in GalNAc-siRNA and its position in the field. Further filings are
anticipated as we continue to make progress.
Outlook
We expect to continue progressing our GalNAc-RNAi platform and
to populate our in-house liver centric RNAi pipeline, spanning both
complex disease (e.g. cardiovascular, metabolic) and systems
biology approaches to mono- and oligogenic diseases. Based on
recent progress, we also anticipate offering our RNAi platform to
potential business development partners over the coming months.
The Company continues to look to maximise the value of its
computational biology platform, both applying all its functionality
to its RNAi platform, from novel target identification to siRNA
sequence design and beyond, as well as through collaborations
around network biology approaches to drug discovery outside
RNAi.
We look forward to presenting further details on the
GalNAc-siRNA and computational platforms and our strategy as part
of an R&D Day in 2022. The Company is firmly of the belief that
e-therapeutics will be at the forefront in the emerging field of
Pharmatech.
Financial Review
Period end cash of GBP31.6m and an operating loss of GBP3.5m in
H1 2022.
In the first half of the financial year, the Company has
continued to carefully manage the underlying cash burn whilst
focusing on generating income and achieving external commercial
validation with our partners as well as investing in a new RNAi
platform. In addition, we completed a significant fund raise of
GBP22.5 million gross in June 2021.
Revenue
The Company's on-going collaboration with Galapagos continued to
progress resulting in recognition of GBP0.5 million of revenue, a
significant increase on the prior year (H1 2020: GBP0.04 million),
driven primarily by receipt of payments associated with
milestones.
Research & development
The research and development expenditure in H1 2021 increased to
GBP2.5 million (H1 2020: GBP1.2m). The increase reflects a doubling
in salaries in line with the enlarged scientific headcount and the
significant additional investment, both in-house and outsourced, in
our computational and RNAi platforms.
We are expecting the R&D in H2 2022 to continue to increase
significantly as we accelerate investment in our RNAi platform. We
intend to progress further with scaling the existing platform
capabilities in H2 2022.
General & Administrative expenses
Administrative expenses in the first half of the financial year
of GBP1.5m were in line with the same period in the prior year (H1
2020: GBP1.5m).
Loss for the period
The Net Loss for the period was GBP2.8m (H1 2020: GBP2.4m).
Cash flow
Cash as at 31 July 2021 stood at GBP31.6m, an increase of
GBP18.6m when compared to the start of the current financial year
(cash as at 31 January 2021: GBP13.0m). The net income from the
fundraise accounts for GBP21.6m and we received R&D tax credits
in relation to the prior year of GBP780k, leaving an underlying net
cash outflow of GBP3.8m attributable to the operating loss, cash
receipts from the Galapagos collaboration and working capital
movements.
Financial outlook
Our current expectations for underlying cash burn in the second
half of the current financial year will be higher than that
incurred in H1 as we further progress our R&D activities and
build administrative infrastructure capable of supporting the
scaling of the business.
CONSOLIDATED INCOME STATEMENT FOR THE PERIODED 31 JULY 2021
--------------------------------------------------------------------------------
6 months
ended Year ended
6 months ended 31 July 31 January
31 July 2021 2020 2021
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Revenue 477 37 317
Cost of sales - - 0
---------------------------------- --------------- ------------- ------------
Gross profit 477 37 317
Research and development
expenditure (2,512) (1,242) (2,705)
Administrative expenses (1,470) (1,539) (2,097)
---------------------------------- --------------- ------------- ------------
Operating loss (3,505) (2,744) (4,485)
Investment income 44 7 17
---------------------------------- --------------- ------------- ------------
Loss before tax (3,461) (2,737) (4,468)
Taxation 673 387 784
---------------------------------- --------------- ------------- ------------
Loss for the period/year
attributable to equity holders
of the Company (2,788) (2,350) (3,684)
---------------------------------- --------------- ------------- ------------
Loss per share: basic and
diluted (0.54)p (0.56)p (0.99)p
---------------------------------- --------------- ------------- ------------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHSED 31 JULY 2021
-----------------------------------------------------------------------------------
6 months Year ended
6 months ended ended 31 January
31 July 2021 31 July 2020 2021
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Loss for the period (2,788) (2,350) (3,684)
Other comprehensive income - - -
----------------------------------- --------------- -------------- ------------
Total comprehensive income
for the period/year attributable
to equity holders of the
Company (2,788) (2,350) (3,684)
------------------------------------ --------------- -------------- ------------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE PERIODED 31 JULY 2021
-----------------------------------------------------------------------------
Share Share Retained
capital premium earnings Total
GBP000 GBP000 GBP000 GBP000
As at 1 February 2020 269 65,176 (60,943) 4,502
Total comprehensive income
for the period
Loss for the period - - (2,350) (2,350)
--------------------------------- ---------
Total comprehensive income
for the period - - (2,350) (2,350)
Transactions with owners,
recorded directly in equity
Issue of ordinary shares 152 12,492 - 13,196
Equity-settled share-based
payment transactions - - 261 261
--------------------------------- --------- --------- ---------- --------
Total contributions by
and distribution to owners 152 12,492 261 13,457
--------------------------------- --------- --------- ---------- --------
As at 31 July 2020 421 77,668 (63,032) 15,609
Total comprehensive income
for the period
Loss for the period - - (1,334) (1,334)
--------------------------------- ---------
Total comprehensive income
for the period - - (1,334) (1,334)
Transactions with owners,
recorded directly in equity
Issue of ordinary shares - - - (552)
Equity-settled share-based
payment transactions - - 161 161
--------------------------------- --------- --------- ---------- --------
Total contributions by
and distribution to owners - - 161 (391)
--------------------------------- --------- --------- ---------- --------
As at 31 January 2021 421 77,668 (64,205) 13,884
Total comprehensive income
for the period
Loss for the period - - (2,788) (2,788)
---------------------------------
Total comprehensive income
for the period - - (2,788) (2,788)
Transactions with owners,
recorded directly in equity
Issue of ordinary shares 94 21,562 - 21,656
Equity-settled share-based
payment transactions - - 251 251
---------------------------------
Total contributions by
and distribution to owners 94 21,562 251 21,907
---------------------------------
As at 31 July 2021 515 99,230 (66,742) 33,003
--------------------------------- --------- --------- ---------- --------
CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2021
---------------------------------------------------------------------------------
31 July 31 July 31 January
2021 2020 2021
Note (un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Non-current assets
Intangible assets 88 104 82
Property, plant and equipment 74 83 80
------------------------------- -----
162 187 162
------------------------------- ----- ------------- ------------- -----------
Current assets
Tax receivable 1,442 355 769
Trade and other receivables 229 94 57
Prepayments 416 340 296
Cash and cash equivalents 31,605 15,065 13,027
------------------------------- -----
33,692 15,854 14,149
------------------------------- ----- ------------- ------------- -----------
Total assets 33,854 16,041 14,311
------------------------------- ----- ------------- ------------- -----------
Current liabilities
Trade and other payables 851 192 327
Lease Liability - 46 23
Contract liabilities - 194 77
------------------------------- ----- ------------- ------------- -----------
851 432 427
------------------------------- ----- ------------- ------------- -----------
Non-current liabilities
Lease Liability - - -
------------------------------- ----- ------------- ------------- -----------
Total liabilities 851 432 427
------------------------------- ----- ------------- ------------- -----------
Net assets 33,003 15,609 13,884
------------------------------- ----- ------------- ------------- -----------
Equity
Share capital 2 515 419 421
Share premium 99,230 78,222 77,668
Retained earnings (66,742) (63,032) (64,205)
------------------------------- -----
Total equity attributable
to equity holders of the
Company 33,003 15,609 13,884
------------------------------- ----- ------------- ------------- -----------
CONSOLIDATED CASH FLOW STATEMENT FOR THE PERIODED 31 JULY 2021
----------------------------------------------------------------------------------------
6 months Year ended
6 months ended ended 31 January
31 July 2021 31 July 2020 2021
(un-audited) (un-audited) (audited)
GBP000 GBP000 GBP000
Loss for the period/year (2,788) (2,350) (3,684)
Adjustments for:
Depreciation, amortisation
and impairment 44 41 112
Investment income (44) (7) (17)
Equity-settled share-based
payment expenses 251 267 422
Taxation (673) (387) (802)
--------------------------------------- --------------- -------------- ------------
Operating cash flows before
movements in working capital (3,210) (2,436) (3,969)
(Increase)/Decrease in trade
and other receivables (292) (250) (168)
Increase/(Decrease) in trade
and other payables 425 172 189
Tax received - 589 590
--------------------------------------- ---------------
Net cash from operating activities (3,077) (1,925) (3,358)
--------------------------------------- --------------- -------------- ------------
Interest received 44 7 17
Acquisition of property, plant
and equipment (30) (23) (53)
Acquisition of other intangible
assets (15) (2) (18)
---------------------------------------
Net cash from investing activities (1) (18) (54)
--------------------------------------- --------------- -------------- ------------
Net proceeds from issue of
share capital 21,656 13,190 12,644
Payments under lease liabilities - (23) (46)
---------------------------------------
Net cash from financing activities 21,656 13,167 12,598
--------------------------------------- --------------- -------------- ------------
Net decrease in cash and cash
equivalents 13,027 11,224 9,186
Cash and cash equivalents
at the beginning of the period/year 18,578 3,841 3,841
---------------------------------------
Cash and cash equivalents
at the end of the period/year 31,605 15,065 13,027
--------------------------------------- --------------- -------------- ------------
Notes
1. Basis of Preparation
These unaudited interim financial statements do not comprise
statutory accounts as defined within section 434 of the Companies
Act 2006. The Company is a public limited company; it is listed on
the London Stock Exchange's AIM market and is incorporated and
domiciled in the United Kingdom. The address of its registered
office is 17 Blenheim Office Park, Long Hanborough, Oxfordshire,
OX29 8LN, UK.
Statutory accounts for the year ended 31 January 2021 were
approved by the Board of Directors on 12 May 2021 and delivered to
the Registrar of Companies. The report of the Auditor on the
accounts was unqualified, did not contain an emphasis of matter
paragraph and did not contain any statement under section 498 of
the Companies Act 2006.
While this interim statement, which is neither audited nor
reviewed, has been prepared in accordance with the recognition and
measurement criteria of International accounting standards in
conformity with the requirements of the Companies Act 2006 this
announcement does not in itself contain sufficient information to
comply with IFRS. It does not include all the information required
for the full annual financial statements and should be read in
conjunction with the financial statements of the Group as at, and
for the year ended, 31 January 2021. It does not comply with
International Accounting Standard ("IAS") 34 'Interim Financial
Reporting' as is permissible under the rules of AIM.
The accounting policies applied in preparing these interim
financial statements are the same as those applied in the
preparation of the annual financial statements for the year ended
31 January 2021 (as defined therein) other than standards,
amendments and interpretations which became effective after
1 February 2021 and were adopted by the Group.
New standards, amendments and interpretations not adopted in the
current financial year have not been disclosed as they are not
expected to have a material impact on the Group's financial
statements.
2. Share Capital
31 January
31 July 2021 31 July 2020 2021
(un-audited) (un-audited) (audited)
In issue - fully paid
Ordinary shares of GBP0.001
each (number) 514,553,598 419,056,706 420,774,000
------------------------------- ------------- ------------- ------------
Allotted, called up and fully
paid
Ordinary shares of GBP0.001
each (GBP'000) 515 419 152
------------------------------- ------------- ------------- ------------
On 17 June 2021 a new placing of 93,750,000 new ordinary shares
of 0.1p each was completed at a price of 24p each to raise gross
proceeds of GBP22.5m to be used to facilitate a number of
initiatives, with a focus on expanding its proprietary,
disease-agnostic, drug discovery and development platform
capabilities and asset pipeline.
Additionally, during the period, 30,052 new ordinary shares of
0.1p each were issued at a price of 22.88p each in lieu of fees
payable to a non-executive director in accordance with his service
agreement.
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