DUBLIN-BASED pharmaceutical firm AGI Therapeutics has sufficient funding in place to invest in a new product for its lead programme, chief executive John Devane said yesterday.

AGI announced last year that it was carrying out a fundamental review of its business strategy, after deciding to discontinue the development of its lead product Rezular as a treatment for irritable bowel syndrome, following disappointing clinical trial results.

Speaking after AGI’s annual general meeting yesterday, Mr Devane said a lot of progress has been made in identifying new products on which to focus its activities. Products within its own pipeline have been considered, as well as a number of “outside opportunities”.

“Our goal . . . once we’ve identified publicly what our lead programme [will be], is to be able to invest in that product and . . . create significant value over the next few years and the funds are there to do that,” he said.