Wednesday 22 August 2018

Pharma firm Amryt's board spends €200,000 on shares

Joe Wiley, CEO of Amryt, which is working on new treatment
Joe Wiley, CEO of Amryt, which is working on new treatment
Ellie Donnelly

Ellie Donnelly

Irish-listed Amryt Pharma, which is focused on finding treatments for rare and orphan diseases, has announced that the majority of its board of directors have purchased shares in the company.

With the exception of non-executive director Ray Stafford, the board bought a total of 947,731 ordinary shares, paying an aggregate price of £189,546 (€211,410) for the shares.

Earlier this week shareholders of the company granted the company's directors the authority to allot and issue, 66,477,651 ordinary shares of 1 pence each in the capital of the company.

The news comes after it announced last month that it was looking to raise €15m to fund the company's ongoing Phase III clinical trial for AP101, a potential treatment for Epidermolysis Bullosa, a rare, genetic skin disorder.

The funding will also be used for the pre-launch costs of AP101 in anticipation of a successful Phase III trial, and an increase in existing manufacturing capacity for the production of AP101.

Funds raised will also go towards the further commercialisation of Lojuxta, the company's revenue generating drug treatment for Homozygous Familial Hypercholesterolemia, a rare and life-threatening cholesterol disorder.

Amryt said that funds raised would be allocated towards the further development of AP102, the company's early stage treatment for Cushing's Disease, as well as for working capital and future research and development activities within the company.

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