Irish listed Amryt Pharma posted operating losses before tax of €7.8m last year following a number of strategic purchases over the course 2016.
Amryt signed an exclusive licensing agreement with Aegerion Pharmaceuticals which it said could have a transformational effect on the business.
Amryt secured the rights to distribute Lojuxta- a drug therapy used to treat a very rare life-threatening disease called Homozygous Familial Hypercholesterolemia ("HoFH"), which causes excessive levels cholesterol-from Aegerion in Decemeber of last year.
Amryt specialises in creating drugs to treat extremely rare skin conditions. The company said it had made significant progress over the past twelve months, having secured patents in the US, Europe, and in Japan for its Episalvan drug which could provide a treatment for the genetic skin condition Epidermolysis Bullos.
The company’s final year results show that the company purchased Birken AG and Som Pharmaceuticals in April for just over €10m.
Amryt said it was in a strong position following the acquisitions. Revenues for the year totalled €1.35m, in line with management expectations.
“It has been a tremendously exciting year for the company. Amryt has made significant progress, both strategically and operationally,” said Joe Wiley, CEO of Amryt Pharma.
“A landmark point came in December 2016 when we reached an agreement to in-license the drug, Lojuxta, which treats a rare, life-threatening disorder, HoFH.
“The agreement has provided us with a cash generative product, with untapped sales potential, as well as a pan-European infrastructure which we can use for other drug assets. Building Lojuxta sales will be a major focus for us over 2017,” Mr Wiley added.
The company added it had secured an agreement with the European Investment Bank for a €20m loan facility.