8 March 2010: Merrion revenue up 373%

Revenue at Merrion Pharmaceuticals increased 373% from €1.340m in 2008 to €6.355m last year according to a trading statement from the Irish firm. The company reported pre-tax losses of €1.629m for the year, an improvement from the losses of €5.06m in 2008. Merrion said its revenue was boosted by meeting deadlines set out in partner programmes with Novo Nordisk and the realisation of its first development milestone from this partnership. Last year spending on its R&D programmes rose to €4.41m from €3.9m in 2008.

Merrion bought a new facility in Citywest, Co Dublin, last July, in order to expand its current research and development capabilities. It said that it is "very committed" to its internal R&D projects and to expanding its early stage pipeline. Company CEO John Lynch said that work continues on the Citywest facility as the firm seeks to obtain its Irish Medical Board Good Manufacturing Practice license to manufacture. He added that the future for Merrion is "positive". Merrion announced last week that it had been awarded a US patent for an additive that enhances drug absorption into the body.

Source – Insideireland.ie