Listed Irish drug firm Merrion Pharmaceuticals recorded a €2.3 million loss in the first six months of 2009, despite significant growth in revenues.
Interim results for the six-month period ended June 30th revealed that the firm's loss increased from €2.1 million in the same period a year earlier as spending rose.
Revenue rose 378 per cent to €1.69 million from €354,000 the year before.
Merrion increased its spending on research and development in the six-month period, rising from €1.6 million in 2008 to €2.5 million this year. The company acquired a new purpose-built facility as part of its move to expand its R&D and develop more products.
Day to day expenses also rose.
"These results reflect the strong performance of our team during the first half of the year. We worked hard at maintaining positive and productive partner programmes and our success is evidenced by the signing of a second development and licence agreement with Novo Nordisk in January 2009," said chief executive John Lynch.
The company had some successes during the period, with positive results from its phase II study on cancer drug Orazol, and Merrion is now seeking a partner to complete the next phase of development and to market the product.