Merrion signs deal with pharma firm to test its technology
Published 07/12/2010 | 05:00
Merrion Pharmaceuticals says it has reached an agreement with an unnamed foreign pharmaceutical company to test the Irish company's technology.
The agreement will evaluate the ability of Merrion's patented technology to improve three of the 'big pharma' company's compounds.
Following the feasibility studies, the unnamed company will have the option to enter into a licensing agreement for Merrion's GIPET technology.
Dublin-listed Merrion makes the technology that improves the absorption of some drugs by as much as 200 times.
"This agreement is further validation of the broad applicability of our GIPET technology and the high level of interest in using the power of GIPET in the pharmaceutical industry," Merrion chief executive John Lynch said yesterday.
The company, which is a spin-off of Elan, develops oral versions of medicines that are usually given by injection. Among its products are an oral insulin treatment.
The company is closely linked with the Denmark-based medicine supplier Novo Nordisk which uses the GIPET technology in its insulin treatment.
The study will be paid for by the unnamed company and further studies may be announced later this year or next year.
Shares in company were unchanged at €3.27 in Dublin yesterday.
Merrion said last month that it had first-half sales of €2.75m and reduced its net loss by 65pc to €810,000.