Correction: Merrion Pharmaceuticals

An article in yesterday's edition on Merrion Pharmaceuticals contained a number of inaccuracies.

The article stated that the company had allocated $4.4 million of the proceeds of its forthcoming public offering for drug trials. This is incorrect; the prospectus states that $29.4 million will be spent on drug trials with additional spending on research, scientific staff and laboratories.

The article also stated that the terms under which the company's executives could sell shares had been changed in a revision to the IPO prospectus. This was incorrect.

Merrion has also pointed out that contrary to an assertion in the article, no funds raised in the IPO will be used to "cash out investors or reward the management team". The existing shareholders will be net investors in the IPO.

We have also been asked to clarify that the share awards detailed in the prospectus are not contingent on a price of $11 per share being achieved at the IPO as stated in the article.

The errors are regretted.