Merrion Pharmaceuticals has said that non-executive director Michael Donnelly will not run for re-election at the company's AGM next month.

Mr Donnelly will, however, continue to be associated with the company he co-founded in 2003 in a consultancy capacity. He will also keep his significant shareholding in the company through options and warrants.

Merrion listed on the Enterprise Securities Market of the Dublin Stock Exchange in 2007 and after a number of restructurings, Michael Donnelly assumed the role of executive chairman at the company in 2012.

A statement from the company said that Mr Donnelly believes that the company's recent progress means it is an appropriate time for him to step back from his involvement with it.

It will also give him the opportunity to pursue his law career.