Merrion's first-half revenue up 63pc to €2.7m
IRISH drug firm Merrion Pharmaceuticals posted a 63pc rise in revenue to €2.75m for the first half of the year and reduced its net loss by 65pc to €810,000, according to figures released yesterday.
The drug-development company, which is a spin-off of Elan, develops oral versions of medicines that are usually given by injection. It is closely linked with the Denmark-based medicine supplier Novo Nordisk.
Last year, the pair signed a deal to commercialise oral drug formulations, including an oral insulin product.
Virtually all of Merrion's revenue for the first six months of the year was derived from Novo Nordisk, with a substantial portion of that related to the manufacture of clinical trial batches for phase-one clinical trials of the oral insulin treatment.
Merrion noted that as that manufacture was now complete and products were in phase-one trials, it was expected development revenue would decrease in the second half of this year.
Research and development expenses at Merrion fell 35pc to €1.7m, primarily due to reduced clinical trial costs, offset by an increase in headcount.
The company had cash and cash equivalents of €5.9m at the end of June, down 18pc compared to the end of last December. This was mainly due to outflows related to the acquisition of property, plant and equipment and the repayment of loans and finance leases at its facility in Citywest, Dublin.
Chief executive John Lynch said the results showed "significant progress". Within the next six months, the company will expand its early stage pipeline and develop its technology base.