MERRION PHARMACEUTICALS said yesterday the outlook for the company was positive after it pared its losses and secured major revenue gains during 2009.
The product-development company, which is listed on the Irish Stock Exchange’s IEX index, revealed a net loss of €1.6 million compared with a net loss of more than €5 million in the previous year. However, Merrion saw a 373 per cent increase in revenue to €6.3 million for the year, compared with €1.3 million the previous year. Merrion also posted net finance income of €178,000 compared to €363,000 in 2008; research and development expenses of €4.4 million; and administration expenses of €2.4 million.
Commenting, chief executive John Lynch said: “We are pleased with the strong operating results for 2009. The significant growth in revenue during the year is an indication of our commitment to meet necessary deadlines set out in our partner programmes with Novo Nordisk and the realisation of our first development milestone from this collaboration.”
Mr Lynch said the company had the capacity it needed to continue its alliances with other firms following the acquisition of a new facility in Citywest, Co Dublin.
He said the company was focused on building on the success of its recent cancer patient study for the company’s Orazol drug.
Goodbody said the Merrion results were a strong set of figures, beating its expectations for the company’s performance.
“Management has successfully met the development goals it set out at the beginning of the year and, with sufficient cash in hand, is well placed to make significant progress in 2010, including the out-licensing of Orazol, progress of oral insulin through clinical trials and the possibility of further licensing deals for its drug-delivery technology,” said Goodbody analyst Ian Hunter.
:quality(70)/s3.amazonaws.com/arc-authors/irishtimes/f20d5c24-63d4-4695-af0b-810d00c65b6d.png)
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/irishtimes/VR3765MFOBH2NMV2QNICYDF67M.png)