9th Jun 2016 09:55
LONDON (Alliance News) - Amryt Pharma PLC on Thursday posted a loss for the nine months to the end of December as it said it expects to initiate a study on its epidermolysis bullosa treatment candidate around the end of 2016.
Amryt started trading in London in April following its reserve takeover by Fastnet Equity PLC, an AIM-listed investment company. Amryt is an orphan drug development firm which recently acquired German pharmaceutical firm Birken AG and Swiss biopharmaceutical company SomPharmaceuticals.
Birkin has developed a recently approved drug for partial thickness wounds and has a promising drug on its books for epidermolysis bullosa. SomPharmaceuticals is focused on developing medicines for patients with rare neuroendocrine diseases, including acromegaly and Cushing's disease.
The results for the nine months to the end of 2016, covering Fastnet, show a pretax loss of GBP1.3 million, driven by administrative expenses as the company generated no revenue. No comparative figures are available as the group changed its financial year to the calendar year from the end of March previously.
For the 12 months to the end of March 2015, the company made a GBP1.9 million pretax loss.
Amryt Non-Executive Chairman Harry Stratford said the group is planning to initiate a pivotal study on Episalvan, its epidermolysis bullosa treatment, around the end of 2016. The product secured European approval earlier this year for the treatment of partial thickness wounds, which Stratford said has "meaningfully de-risked" Episalvan.
"Amryt is focused on building a diversified portfolio of commercially attractive, propriety new drugs targeting best in class performance to help address some of these rare and debilitating illnesses for which there are currently no available treatments," he added.
Amryt shares were down 3.9% to 18.03 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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