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.

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