Amryt Pharma to raise €15m to treat rare skin disorder

Biopharmaceutical company Amryt Pharma is seeking to raise €15 million to fund clinical trials for the treatment of a rare, genetic skin disorder.

The company, which focuses on rare and orphan diseasesm, said in a note to the Irish Stock Exchange on Thursday that it would seek to raise the funds by issuing 66,477,651 new ordinary shares at 20 pence per share.

The proceeds of the placing, together with existing cash, will primarily be used to fund the company’s ongoing phase three clinical trial for AP101, a potential treatment for Epidermolysis Bullosa (EB).

As well as the pre-launch costs of the treatment in anticipation of a successful trial, Amryt will also seek an increase in its existing manufacturing capacity for the production of AP101.

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Furthermore, the funds will be used for the further commercialisation of Lojuxta, the company’s existing revenue generating drug treatment for Homozygous Familial Hypercholesterolemia (HoFH), a rare and life-threatening cholesterol disorder.

Finally, Amryt said the funding was needed for the further development of AP102, its early stage asset that targets resistant acromegaly and Cushing’s Disease.

The proposed placing is conditional on shareholder approval at a general meeting to be held on October 9th. Approximately 35.5 per cent of shareholders have already undertaken to vote in favour of the placing resolutions

Amryt Pharma chief executive Joe Wiley said the company was at "exciting phase" in terms of the treatments it is trialling.

“We are at an exciting stage with AP101, our treatment for EB, a rare and distressing skin disorder which causes exceptionally fragile skin,” he said. “Our phase three clinical trial for AP101 is ongoing, with an interim read out due in the first half of 2018.

“In anticipation of its successful outcome and subsequent approval, this new money will contribute to funding the pre-launch costs and the expansion of our manufacturing capacity in readiness for the commercial launch of the treatment.

“The funds will also support our continuing investment in Lojuxta, a drug we in-licenced in December 2016, which is used to treat HoFH, a rare and life-threatening cholesterol disorder.

“We remain very positive about expanding Lojuxta’s sales, which were €5.75 million in the first half of 2017. In addition, as we reported previously, its existing commercial infrastructure can be used to support other products.”

Mr Wiley said the company plans to seek approval from the regulatory authorities to commence clinical trials of AP102 in humans in 2018.

“Amryt has achieved a tremendous amount in a relatively short space of time and we firmly believe that the company is well-positioned for future growth,” he said.

“As we develop the business further, we will consider additional in-licensing opportunities, as well as acquisitions or investments in other promising assets.”