E-therapeutics Share Discussion Threads

[timbo003] 15/4/2014 06:56

My notes on last Thursday's meeting are "in progress" and they will mainly focus on the post meeting Q&As. I will however mention one thing before I forget and that is fund raising.

As we well know, the company are awash with cash at the moment, they raised £40M in March 2013 and this is enough to get them into 2019 with the current plan (see slides for details).

I did bring up the subject of fund raising however. I suggested to Malcolm, that a little extra cash would never go amiss for a pre-revenue biotech like ETX, with ongoing clinicals and that many ordinary shareholders such as myself would probably welcome a small cash call (circa a £1 - £2 million) in the form of an open offer at a modest discount, especially if it qualified for EIS tax benefits and it was timed for the beginning of a tax year.

Malcolm was not unreceptive to this suggestion and conceded that many investors who had been in since the IPO had been waiting a long time and were deserving of some sort of reward for their patience. We spent some time discussing the pros and cons of a fund raising and all the possibilities regarding timings, discounts etc. One thing to take into account, is the gross asset test. Right now the company wouldn't fit this criteria (due to their cash pile), but come mid 2015 (or 2016), gross assets could easily be under the £15M (pre fundraising) and £16M (post fundraising) limit:


I wanted to introduce myself to the new FD who was also present at the meeting (I think), but I didn't get the opportunity. It's is a pity that the AGMs (held in July) seem to be in Newcastle (not London), as I would like to go along this year and raise the subject again.

[aim_trader] 11/4/2014 16:23

E-Therapeutics Presentation April 10 2014

[127tolmers] 11/4/2014 16:05

Paid for research; but conclusion is current EV is supported by exiting clinical pipeline with clinical progress and future partnerships representing potential upside.

[timbo003] 11/4/2014 10:21

It was an interesting meeting last night:

Four companies presenting, each allocated 30 mins (to including questions)

3 baby pharmas and one hotel group (strange bed fellows), impressions of the 3 pharmas were as follows:

E-Therapeutics:
Malcolm Young (CEO) gave a very slick presentation, I will report on this in greater detail later , probably on Sunday when I should have time to do a write up, but suffice to say, I feel very comfortable with my modest investment

Valirix:
The presenter was Satu Vainikka (CEO), a diminutive Finnish lady, I was not impressed and definitely wouldn't invest here, they seem to have a well paid board of directors and they are good at burning cash, the project portfolio is a random mishmash, it looks way too big for the budget and it lacks proper focus.

Oxford Pharmascience:
Marcello Bravo (CEO) was the presenter, he has a good presenting style, but comes over as a bit of a salesman. They actually have some real sales (high margin) for a taste masked calcium supplement, chewy toffee, type product in Brazil, which we got to try. It was quite good I thought. They are trying to develop taste masked ibuprofen products (suspension and chewable tablet), which may be successful, but they are not without technical hurdles and the company may be underestimating these IMO. They then have some blue sky produduct develpoments: GI safe NSAIDs and safer statins, these are no hopers in my opinion and I have documented the reasons on the OXP thread. This company should stick to what it does best, i.e. taste masking and not waste shareholders funds on white elephant projects, which stand almost a zero chance of success.

[127tolmers] 10/4/2014 10:33

Timbo, I look forward to your report.

The new FD is toeing the party line on funds for 4 years.

httx://www.proactiveinvestors.co.uk/companies/stocktube/2687/e-therapeutics-new-cfo-says-company-may-not-need-to-raise-cash-for-4-years-2687.html

It will interesting to get a view of forward cash burn and how dependent on licensing deals they are to mitigate it to stay within current funding.

It will also be good to get a view on whether current testing plans may need some supplementing to get to real inflection points.

In my view any drift off these plans looks like more fund raising in 2016.

[timbo003] 10/4/2014 08:24

Fortune favours the brave Tolmers, you have seen a nice 40% plus rise in the few weeks since your last purchase. I intend to go along this evening to the proactiveinvestor event and hear what Malcolm et al they have to say. Will report back in due course.

[sportbilly1976] 07/4/2014 16:09

GECR report just released re-iterating their 84p target

[aim_trader] 04/4/2014 15:00

The directors of ValiRx (AIM: VAL), e-Therapeutics plc (AIM: ETX), Oxford Pharmascience (AIM: OXP) and Action Hotels (AIM: AHCG) will be presenting on
Thursday the 10th April 2014 at the Chesterfield Mayfair Hotel, 35 Charles Street, Mayfair, W1J 5EB

REGISTER HERE:

[timbo003] 31/3/2014 20:45

A couple of things

Summary details of the study referred to in todays's RNS can be found at the US clinical trials register (even though it is a UK based study):



I note that the study looked at only 3 patients per dose, so that explains the cautiously optimistic wording in the RNS.

There is some commentary on the study results with sound bites from the lead investigator, R&D director and the Panmure equity analyst here:

[blueball] 31/3/2014 15:15

Proactive presentation 10th April.

[timbo003] 31/3/2014 08:47

That is undoubtedly an encouraging update, the fact that it was seen at two higher doses, suggests to me that there could be a trend, so increasing the dose further may very well have a larger effect than already seen at the current doses.

[dynoport] 31/3/2014 07:44

the product seems to work! affect on share price?

[timbo003] 26/3/2014 09:27

The ETS2101 IV study seems to be back on track, so I suspect it was just a cold temperature storage problem, which they have resolved by ensuring that they keep the product outside of the fridge, in a temperature controlled room and label accordingly.

Well done bottom fishers who bought down at 20.5p or thereabouts.

[timbo003] 10/2/2014 08:00

News today about an oral formulation of the same drug (ETS2101).

Obviously oral administration is preferable to IV administration (if its feasible). The questions they are trying to address in this study are: is the drug absorbed by the oral route? and how much gets through the liver to the systemic circulation.

There are not many details on the Clinical trial register, but it looks like it may be a dose escalation study in healthy volunteers (not patients), assuming they are using different doses, it will also give an initial indication of whether the pharmacokinetics is linear, within the dose range studied. This will be essential information, if they are to develop the drug by the oral delivery route.

[127tolmers] 27/1/2014 13:04

Timbo, thanks for the write up.

I think I was just lucky to call the bottom and was helped by the use of a good broker.

[timbo003] 24/1/2014 21:52

Thanks steffy

My first reaction to that video, was why are they dosing ETS2101 as a liquid and not a tablet. Tablets are generally easier to formulate and administer than liquids, so it prompted me to look the study up in the US clinical trials register:


I didn't realise that ETS2101 is being administered as an intravenous dose, I had previously assumed that it was administered orally.

So they definitely have a bit of a problem, you clearly cannot infuse an intravenous liquid which is exhibiting crystal growth.

It could be that the crystal growth is occurring at one of the more extreme storage conditions, which will not be encountered during the study.

The stability storage tests will have been conducted according to ICH guidelines

Which give guidance for additional storage conditions for liquid formulations:

For some dosage forms, especially liquid and semi-solid dosage forms, the study design may also need to consider low temperatures, e.g. below zero -10C to -20C (freezer), freeze thaw cycles and temperatures between 2C to 8C (refrigerator).

The crystal growth will almost certainly have occurred at the lower temperature(s) employed in the storage tests (rather than higher temperatures) and it may be that the product is perfectly stable at ambient temperature, in which case it may be possible to continue using the current clinical trial batch, with a protocol amendment stipulating modified labelling, for example, to include instructions such as: "do not refrigerate", or "do not store in freezer".

Needless to say, before they could get to that stage, they would need to establish the nature of the crystallisation. Is it the active? is it an excipient? Is it the preservatives? Is the product still mirobiologically and chemically stable? Do the crystals redissolve when the product is returned to ambient temperatures.....etc. It is difficult to put a timeline on achieving resolution at this stage, more information is definitely required.

Tolmers, I think you did well buying at 20.5p, for how long were they at that price, a microsecond?

[127tolmers] 24/1/2014 17:38

Steffy, thanks for the postings.

While a temporary setback it has not yet undermined my view on the company. I topped up at 20.5p

[steffyloveshares] 24/1/2014 15:51

video interview

e-Therapeutics looking at 'quickest possible way' to restore drug supply

Dr Daniel Elger, CFO of e-Therapeutics (LON:ETX), tells Proactiveinvestors that the company is doing all it can to restore the drug supply of ETS2101 to allow the clinical trials of the cancer treatment to continue.

[steffyloveshares] 16/1/2014 09:12

video interview

E-Therapeutics CFO Elger hails progress with cancer drug trials

Dr Daniel Elger, the chief financial officer of drug development company e-Therapeutics (LON:ETX), explains the significance of its brain cancer treatment ETS2101 being given the all-clear so far in phase I trials.

[127tolmers] 10/1/2014 23:10

An Edison report (not totally independent of ETX) suggests current enterprise value is fully supported with sufficient funding through to end of 2018 to complete trials of ETS2101 and ETS6103 to valuation inflection points which, if successful, represent potential upside.

hxxp://www.edisoninvestmentresearch.com/

[127tolmers] 07/1/2014 11:01

Today's announcement seemed positive for a share at a 3 year low, so I dipped my toe in the water here for the first time at 25.25p.




An interesting new company presentation is on their website.

hxxp://www.etherapeutics.co.uk/userfiles/file/et_corporate_presentation.pdf

[ianbrewster] 18/10/2013 10:58

dyno

the other theory is that Invesco may not be so supportive after Neil Woodford moves on. Apparently some other companies where Invesco held large stakes have also been hit in the past days.

[ceohunter] 17/10/2013 09:26

video interview
e-Therapeutics has funds to take flagship cancer drug to a possible licencing deal

Daniel Elger, CFO of e-Therapeutics (LON:ETX), tells Proactiveinvestors that the company is making good progress with its flagship ETS2101 treatment for brain cancers with a near doubling of patients in Phase I trials. Daniel also announces that the cash ETX has, will now cover R&D into 2018 and, as a result, subject to favourable trials, on to a licencing deal.

[dynoport] 16/10/2013 10:20

market does not like the results, down 22% as I write. probably because of dropping one of the trials