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Edison Investment Research Limited London, UK, 5 March 2019 Edison issues update on e-Therapeutics (ETX) e-Therapeutics' (ETX) FY19 results demonstrated continued financial prudence and its focus on partnering, out-licensing and non-dilutive financing. The FY19 operating loss was £5.1m, which is the same as our estimate. The cash outflow was £3.7m, resulting in a cash balance of £5.9m at the end of FY19. Both R&D and administrative expenses had been reduced from FY18 and the recently announced Novo collaboration generated £0.04m in FY19. We have updated our valuation to £69.4m or 26p/share, from £63.5m (24p/share), due to the impact of a stronger dollar on the dollar-based comparative transactions. All underlying assumptions remain unchanged. ETX expects more collaborations, and more visible transactions than the Novo collaboration and we would expect these to be incorporated into ETX's valuation when they occur. All reports published by Edison are available to download free of charge from its website About Edison: Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world-renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisers and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting. Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities. For more information please contact Edison: Andy Smith, +44 (0)20 3077 5700
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