Edison issues update on e-Therapeutics (ETX)

Edison Investment Research Limited Edison issues update on e-Therapeutics (ETX) 08-Oct-2018 / 10:42 GMT/BST 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. Click here to view the full report. All reports published by Edison are available to download free of charge from its website www.edisoninvestmentresearch.com 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 Financial Conduct Authority. 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, [phone] [e-mail] Learn more at www.edisongroup.com and connect with Edison on: LinkedInhttps://www.linkedin.com/company/edison-investment-research Twitterwww.twitter.com/Edison_Inv_Res YouTubewww.youtube.com/edisonitv Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.

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