Proactive Investors - e-Therapeutics PLC (LON:ETXP) said it has made "remarkable progress" in developing RNAi drug targets using artificial intelligence (AI) - and doing so against a tough financial backdrop for the sector and the wider economy.
Leading the update were the advancements in several major drug candidates. ETX-407, a promising treatment for dry age-related macular degeneration, stands out as a potential game-changer in patient-friendly therapeutic options, the company said.
ETX-312, meanwhile, showed "exceptional results" in the diet-induced obesity model of NASH/MASH1. Additionally, the company has completed preclinical studies for ETX-148 in haemophilia treatment and ETX-291 for cardiometabolic disease while making continued progress on ETX-258 for an undisclosed indication.
"Both ETX-407 and ETX-312 have the potential to be highly differentiated, first-on-target medicines in diseases with high unmet need and we are excited to be progressing these assets towards the clinic," said chief executive Ali Mortazavi.
"ETX is now firmly established as a leader in the emergent TechBio sector, and we look forward to 2024 with great confidence."
Parallel to these drug development achievements, the drug R&D company reported a robust financial position. As of the year-end, the company's balance sheet showed a cash position of £20.1 million, surpassing management's expectations and demonstrating resilience in a challenging economic landscape.
Looking ahead, e-therapeutics is actively seeking potential partnerships and preparing for further clinical trials of its promising drug candidates.
Under CEO Mortazavi, the company's strategy has been to integrate AI advances such as large language models transformer technology into its computational approach to identifying new drug candidates.
He told investors: "Against the backdrop of the harshest macroeconomic and sector conditions seen in decades, 2023 was a year of remarkable progress for e-therapeutics.
"We now have compelling evidence demonstrating the applicability of our computational/AI systems across our business.
"We have reproducibly and rapidly progressed multiple programs from novel target discovery to strong in vivo proof-of-concept, with an outstanding hit rate. This has all been achieved with a rigorous eye on our costs and maintaining a healthy balance sheet."