Merrion H1 profits down despite revenue increase
ISEQ-quoted Merrion Pharmaceuticals today reported a net loss of €2.3m for the six months to end June, compared to a loss of €2.1m for H1 2008.
The decrease came despite a 378% increase in revenues to €1.7m from €354,000 in the same period of the previous year.
The company reported a loss per share of 14c.
Merrion CEO John Lynch said the results represented a "strong performance" for the first half of the year.
Mr Lynch said the company was "particularly pleased with the very positive results" from its phase 2 patient study of cancer drug Orazol.
"Based on the results obtained, Orazol has been shown to be effective, safe and it has the potential to improve the quality of life for users."
"We will now work towards identifying a partner to complete Phase III development and market the product," Mr Lynch said.
Looking forward, Mr Lynch said the company was preparing its newly-acquired facility at Citywest in Dublin for future Merrion operations.
