Amryt Pharma losses widen as R&D continues
Amryt Pharma
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16:55 10/01/22
Rare and orphan disease-focussed pharmaceutical company Amryt Pharma posted its final results for the year to 31 December on Thursday - a year in which it raised £10m through a placing and reverse takeover in April.
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The AIM-traded company’s revenues totalled €1.35m, in line with management expectations, which included one month's revenue from Lojuxta which was in-licenced in December, and eight and a half months of contribution from Imlan following the acquisition of Birken.
Its operating loss before reverse takeover and acquisition-related expenses was €5.85m, including €0.23m of non-cash share based payments, widening from €0.6m in 2015.
Cash balances stood at €8.3m on 31 December, up from €0.2m, and the board said it viewed the prospects for the company's ongoing development very positively.
“It has been a tremendously exciting year for the company,” said CEO Joe Wiley.
“Amryt has made significant progress, both strategically and operationally.
“A landmark point came in December 2016 when we reached an agreement to in-license the drug, Lojuxta, which treats a rare, life-threatening disorder, HoFH.”
Wiley said the agreement had provided the company with a cash generative product, with untapped sales potential, as well as a pan-European infrastructure which it could use for other drug assets.
He said building Lojuxta sales would be a major focus for the firm over 2017.
“We also made very good progress with our drug candidates - AP101, a potential treatment for EB, a rare and distressing skin disorder with no approved treatment, and AP102, an earlier stage asset with the potential to treat acromegaly.
“In December we secured a favourable funding facility from the EIB which will support our continuing development.”
Amryt started the new financial year in “excellent shape”, Wiley said.
“Very encouragingly, since the year end we have continued to experience strong sales of Lojuxta and this week we announced the commencement of our pivotal trial, EASE.
“We expect to initiate the first patient imminently and anticipate the results of an interim analysis of this study in EB in early 2018.
“We view prospects for the company's ongoing development very positively and look forward to providing further updates.”