AGI's losses soar as it invests heavily in R&D
Dublin-headquartered AGI Therapeutics saw full-year losses soar to €14.1m as it boosted spending on R&D to €13.2m during the period.
The company, which is developing products used to treat bowel disorders, also said that it remains confident of signing up a partner for its Rezular treatment, despite the failure of other irritable-bowel products that were marketed by larger competitors such as Novartis.
Rezular is in the final stages of clinical testing and AGI chief John Devane believes it could achieve peak sales of between $600m and $800m if it comes to market. He added that the company had held what he described as a "positive" meeting with the US Food and Drug Administration in relation to the drug, and said he is determined to have new data available mid-year in order to entice partners to the drug development project.
AGI is also developing other drugs such as mecamylamine, planned to treat chemotherapy-induced diarrhoea. Mr Devane said that Phase II clinical trials for the drug have commenced.
- John Mulligan
