Amryt reports strong 2017 as revenues rise to almost €13m

Biopharmaceutical firm Amryt said it had a strong year in 2017 as revenue rose to almost €13 million.

The company, which focuses on rare and orphan diseases, also said it has signed a deal with UCD for a gene therapy platform that could offer a treatment for patients with rare genetic skin condition Epidermolysis bullosa (EB).

Revenue for the 12 months to December 31st 2017 was €12.8 million, up from €1.48 million in 2016. The increase was mainly down to the sales of Lojuxta, which treats a rare life-threatening disorder that causes abnormally high levels of “bad” cholesterol. It accounted for €11.9 million of the total for the year, a rise of 65 per cent in sales compared with the prior year. Amryt has signed a number of agreements since November 2017 that significantly broaden potential sales for the drug.

The company said its unaudited cash balance was €20.5 million at the end of December, with €10 million undrawn from the EIB facility.

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"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," said chief executive Joe Wiley. "We have ambitious plans for the remainder of 2018 and we look forward to announcing a series of agreements in the months to come. 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."

The company said it will conduct clinical trials on the new EB gene therapy treatment in the coming months, with results expected to begin to emerge in the early part of the fourth quarter. The therapy treatment could potentially offer disease-modifying for patients with Recessive Dystrophic Epidermolysis Bullosa, which is a subset of the genetic condition.

It is also evaluating market opportunities for the treatment to be used for other skin conditions.

“This is a great opportunity for Amryt to get involved in the area of gene therapy, which is one of the most exciting and potentially transformative areas of medicine today,” Mr Wiley said. “If successful, this platform has the potential to be broadly applicable in other dermatological conditions and possibly beyond.”