Merrion set for €35m flotation

MERRION Pharmaceuticals, the Dublin-based drug development company, is to launch a €35 million flotation on the Irish and Nasdaq stock markets.

The company said the proceeds of the flotation, which is expected to happen next month, will be used to fund clinical trials and testing of its potential products.

Merrion was founded in 2004 by Mike McKenna and bought its drug delivery patents from Elan. The company has undergone a number of funding rounds and its major shareholder is family of Ryanair founder Tony Ryan.