Speciality pharmaceutical development firm AGI Therapeutics reduced its net losses to $10.6 million in 2009, down from $18.2 million a year earlier.
The company said it was a "difficult" year, but a new business strategy announced in September and restructuring of the business had been implemented. AGI is to concentrate on specialty niche products or "orphan" designated markets.
The firm also closed its US office, cut staff and reduced day-to-day cost by more than half.
"While 2009 proved to be a very difficult year for AGI, we have successfully resized our operations and are implementing a strategy to rebuild our pipeline," said chief executive Dr John Devane.
"While we have yet to announce the details of our new product pipeline, we have already identified a number of attractive opportunities on which we are undertaking rigorous technical and commercial due diligence, and believe this will result in a valuable pipeline of products that will re-build value in our business."
The company had cash and short-term deposits of $12.0 million at December 31st, 2009, which it said it plans to invest in new projects. This compares to $23.6 million in 2008.
Spending on research and development also fell over the year, from $15.9 million in 2008 to $8.3 million last year.
The firm said in May that it would discontinue development of its Rezular drug for irritable bowel syndrome, following "disappointing" test results. However, it said it was evaluating whether there was potential benefits of Rezular in other markets.
