Merrion revenue surges by 186%

DUBLIN-based drug-making firm, Merrion Pharmaceuticals has reported a solid set of results for 2008; showing a marked reduction in net losses and a 186% surge in revenue to €1.34 million.

The company’s net loss was narrowed by as much 58% to just over €5m. In real monetary terms, this was down from a net loss — in 2007 — of €12.07m.

Merrion’s loss per share levels also fell over the course of the year, down from €1.60 to 30c. It also currently has no debt. The revenue figure of €1.34m was up from €469,000 in the previous year.

Merrion chief executive John Lynch said that all operational and commercial goals for 208 were achieved and that the current year has started “very positively.”

Late last year, the company signed a multi-million euro development and licensing agreement with Danish firm Novo Nordisk.

“We are also working on adding other partner projects to the pipeline over the next number of months. In essence, we are looking forward to 2009, which we expect will be another year of substantial progress for Merrion,” Mr Lynch added.

In the short-term, the company’s primary focus will be on completing the Phase 2 clinical trials of its bone mastastasis and bone cancer drug treatment, Orazol. Currently, the company’s management is confident of the commercial opportunities surrounding the drug and are hopeful data from the current trials — for which enrolment is now complete — will be available before the end of June.

Mr Lynch said: “We remain committed to advancing all of our remaining internal projects and partner programmes and we are expanding our early-stage pipeline and expect to add a further new internal project in the coming months.”