Merrion Pharma to cut 20 Dublin jobs

Friday 02 September 2011 17.32
Merrion cuts as losses widen
Merrion cuts as losses widen

Dublin-listed Merrion Pharmaceuticals has announced plans for 20 redundancies at its Citywest headquarters in Dublin before the end of the year.

The lay-offs are part of a continuing review of its business. Merrion says it plans to focus on research and development and outsource some other activities.

The company said it made a loss of just over €2m in the first half of this year, compared with an €800,000 loss in the same period a year earlier.

Revenue dropped by more than €1.5m to €1.2m, mainly due to the completion of some development work for Danish pharmaceutical company Novo Nordisk.

Shares in the company closed down 14.3% today at 60 ccents a share.