AGI Therapeutics records losses of €4.3m
IEX-listed gastrointestinal drug products company AGI Therapeutics has announced net losses of €4.3m.
AGI was listed last year on the IEX Market in Dublin and on London's AIM market, raising gross proceeds of €42.5m.
Company CEO John Devane said: "In line with our stated objectives, we have advanced all of our product candidates through key clinical proof of concept trials.
"The proceeds from our successful IPO in February 2006 provide us with the financial resources to advance our chosen programmes to the next stage of their development. In particular, we are now getting ready to move arverapamil, our lead programme for IBS (Irritable Bowel Syndrome), into Phase III, and are delighted with the outcome of our discussions with the FDA in this regard.
"We continue to make progress in the development of omeprazole for nocturnal acid breakthrough in GERD (gastro-esophageal reflux disease) and plan to progress a number of our other pipeline products into further Phase II clinical evaluation."
