Dublin-listed pharmaceutical company Merrion has reported a net loss of €2.5m for last year, compared with a loss of €1.6m a year earlier.
Revenue fell from €6.3m to €4.7m. Chief executive officer John Lynch said the fall in revenue was due to the completion of product development work for Danish pharmaceutical company Novo Nordisk.
Late last year, Merrion announced collaboration agreements with Novo Nordisk, under which the companies would examine the ability of Merrion's GIPET technology to improve the delivery of some of the Danish company's treatments.
Mr Lynch said the additional capacity of its new facility in Citywest in Dublin, which received a licence last year, allowed it to enter three new agreements to work on six new compounds. He said this was providing the company with new revenue sources for 2011.
Shares in the company had slumped 16% to stand at €2.10 in Dublin this evening.
