London, UK, 8 October 2018

Edison issues update on e-Therapeutics (ETX)

e-Therapeutics' (ETX:LN) H118 results were a routine financial update highlighting its continuing focus on partnering the Network-driven Drug Discovery (NDD) platform, out-licensing its NDD-derived preclinical immunoncology (I/O) assets and financial prudence. The H118 operating loss was £2.8m. Cash outflow was £2.0m, resulting in a cash balance of £7.6m at the end of H118. Both R&D and administrative expenses had been reduced from H117.

In our last note, we changed our preclinical valuation methodology from Lerner's VC method to one where we added the value of a single, median, preclinical transaction to ETX's market capitalisation. The latter represents a market valuation of ETX's NDD platform, while the former represents the value of only one of two possible preclinical licensing transactions. We have maintained this valuation methodology, which has only increased slightly due to transaction values being in dollars or euros. Our valuation is £63.5m or 24p per share.

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