The U.K.'s e-Therapeutics has raised $64 million to fuel midstage clinical development of a new cancer drug, which the biotech hopes to partner on around 2017.
"This fundraising provides us with the resources needed for significant investment in new drug discovery and to take our lead cancer drug ETS2101 through efficacy-focused trials that could lead to a lucrative licensing deal," said CFO Daniel Elger. This next phase of clinical studies--a Phase II trial in brain cancer and a Phase Ib/II trial that will explore the drug's activity "in four to 6 other cancer indications"--should cost around £25 million ($39.2 million), more than half of the gross take from the share offering.
The small cap biotech has two clinical stage programs. ETS2101 is currently in Phase I trials for cancer and ETS6103 is in Phase II development for major depressive disorder. The small cap company is listed on the AIM market of the London Stock Exchange under $ETX. The shares were sold at 32 pence, or 50 cents, a slight premium.
- here's the press release