Merrion Pharmaceuticals has reported pre-tax losses of €1.629m for the year ended December 2009, an improvement from the losses of €5.06m in 2008.
Revenues for the year soared by 373% to €6.36m from €1.34m as the company said it met its necessary deadlines set out in its partner programmes with Novo Nordisk and the realisation of its first development milestone from this partnership.
Last July, Merrion bought a new facility in Citywest, Co Dublin, in order to expand its current research and development capabilities. It said today that it is very committed to its internal R&D projects and to expanding its early stage pipeline.
Last year spending on its R&D programmes rose to €4.41m from €3.9m in 2008
The company's chief executive John Lynch said that work continues on the Citywest facility as the firm seeks to obtain its Irish Medical Board Good Manufacturing Practice license to manufacture.
He added that the future for Merrion is 'positive'.
Shares in the company closed up 1.8% at €3.95 in Dublin.
