Irish drug development company Merrion Pharmaceuticals said today its first-half loss had narrowed on reduced finance costs.
The Dublin-based company reported a net loss for the six months to June 30th of €2.17 million, or 13 cents a share, from €4.87 million, or 70 cents.
Sales rose to €353,516 from €13,490.
"This progress keeps us on track to achieve our operational and commercial goals for the year,'' Merrion said in a statement. The reduced finance costs were due to the "elimination of interest expense".
Merrion spent marginally more - €1.69 million – on research and development than the €1.6 million during the same period in 2007.
John Lynch, Merrion ceo said over the short-term the company was focused on completing Phase II clinical trials for Orazol, an oral bisphosphonate. These are used to treat osteoporosis or to repair bone damage in cancer patients.
He said work on developing a tablet formulation for its deep vein thrombosis treatment, known as Mer 102, was continuing ahead of its use in a clinical trial.
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