E-Therapeutics Reports Loss as It Restarts Drug Discovery Unit

July 25 (Bloomberg) -- E-Therapeutics Plc, the U.K. drugmaker that issued almost 17 million pounds ($28 million) of new shares in March, lost more money for a second year as it worked to bring four medicines closer to clinical trials.

The loss for the 12 months ended Jan. 31 widened to 2.3 million pounds from 1.8 million pounds a year earlier, the Newcastle-upon-Tyne, England-based company said today in a statement. E-Therapeutics had no revenue for a second year.

The drugmaker raised 16.6 million pounds in March after shares surged 45 percent to restart its drug discovery unit near Oxford, England, and to prepare four treatments, including one to kill malignant cancer cells, for human testing next year. E-Therapeutics is also in talks with larger drugmakers, said Chief Executive Officer Malcolm Young. He declined to say which companies.

“It’s our principle priority to partner with much larger pharmaceutical companies,” said Young, who expects the discovery unit to identify a new drug in six to nine months, in a phone interview. “The sort of core financials don’t capture where we are at all.”

E-Therapeutics, which uses molecular databases to help it decide on which drugs may succeed in testing, has returned 4.3 percent in the past year. Shares were unchanged at 36.5 pence at 10:30 a.m. in London trading. The drug developer has a market value of 50 million pounds.

To contact the reporter on this story: Charles Mead in London at cmead11@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net