Partner Article

Drug firm spreads its wings

A FIRM that develops drugs to tackle cancers, asthma and depression is to extend its coverage to degenerative diseases such as Alzheimer’s as it moves closer to its aim of becoming a £100m-a-year company.

While the UK’s biotech industry continues to stutter in the aftermath of the recession, Newcastle plc e-Therapeutics says it has the potential to become a dominant player in the sector and is edging towards entry into a multi-billion-pound global market.

The business says it is currently in a strong cash position and is continually on the hunt for assets or products of other drug-related firms that may boost its portfolio.

“Against the backdrop of ongoing development and discovery, the progress and financial position of the company continues to be in line with management targets and expectations,” says CEO Prof Malcolm Young, who has historically set out a target to create a business which turns over £100m every year.

The firm, which received a £2.5m funding boost from London-based fund mangers Gartmore in February, is currently developing oral asthma and antidepressant medications, while Prof Young says there is “a lot of excitement” around its involvement with cancer treatments.

It now plans to move into the market for products that treat degenerative diseases and expects to be selling its pioneering products across a range of markets by 2012.

Earlier this year e-Therapeutics handed over the running of its office in China to another firm as it looked to build the same presence in the West as it already enjoys in Asia.

Prof Young described the decision to target western markets after eastern ones as a de-risking strategy for the business.

This was posted in Bdaily's Members' News section by Ruth Mitchell .