Irish company focused on bad cholesterol treatment sees revenue increase to €13m
Irish-listed Amryt Pharma, which is focused on finding treatments for rare and orphan diseases, has reported a 'strong' 2017 and an 'encouraging' start to 2018.
Revenue at the company, which has developed Lojuxta, a treatment for Homozygous Familial Hypercholesterolaemia ("HoFH"), a rare, life-limiting disease, which impairs the body's ability to remove bad cholesterol from the blood, was €12.8m in 2017, an increase on the €1.5m recorded in 2016.
Revenue from Lojuxta accounted for €11.9m of the €12.8m in revenue, the company said in its trading update today.
This is a growth rate of 65pc compared to the annualised sales of Lojuxta in 2016.
"2017 was a very strong year for Amryt and we are encouraged by the start to 2018, which places us in a good position to be able to drive further expansion through this year and beyond,” Joe Wiley, CEO of Amryt, said.
"We have grown our Lojuxta business significantly since we in-licensed it in December 2016, and our recent distribution agreements throughout Europe and the Middle-East mean that we now are able to reach more people living with the ultra-rare and life-threatening condition, HoFH, than ever before."
The management of Amrty expects sustained revenue growth momentum for Lojuxta to continue, complemented by the signing of five new distributors to broaden reach across its key territories.
Cash as at December 31st was €20.5m, with €10m debt undrawn from an EIB debt facility, the company said.
The company also highlighted data insights gained from Amicus Therapeutics, which it said enable it to refine its ongoing global Phase III EASE study of AP101 in Epidermolysis Bullosa (a genetic skin disorder) - with the potential to increase the probability of success for the study.
Meanwhile yesterday it completed a licensing agreement with University College Dublin for a non-viral gene therapy platform technology, which offers a potential treatment for patients with EB.
"We have ambitious plans for the remainder of 2018 and we look forward to announcing a series of agreements in the months to come," Mr Wiley said.
"This is a pivotal year for Amryt and our focus continues to be on ensuring that we are delivering real change for people with rare diseases across the world. I am proud to say we are delivering on our promise."