Merrion Pharmaceuticals today started trading on Dublin's IEX market.
The company, which develops improved oral dosage forms of drugs, has raised net proceeds of €5.6m through the successful placing of almost 2 million new shares at a price of €4.05 per share.
'This is an important step in the overall development of this company,' commented John Lynch, Merrion's Chief Operating Officer.
'We look forward to developing our range of drug enhancement products and we will use the majority of the net proceeds from the IEX placing to fund clinical trials, pre-clinical testing and other research and development activities,' he added.
Shares in the company closed 10 cent higher at €4.20 in Dublin this evening.
