Irish-listed Amryt Pharma posted operating losses before tax of €7.8m following a number of strategic acquisitions over the course of 2016.
The company said that it had signed an exclusive licensing agreement with Aegerion Pharmaceuticals in December, which it said could have a transformational effect on the business.
Amryt specialises in creating drugs to treat extremely rare skin conditions. The company said it had made significant progress over the past 12 months, having secured patents in the US, Europe, and in Japan for its Episalvan drug which could provide a treatment for the genetic skin condition Epidermolysis Bullos (EB).
EB makes the skin of those afflicted extremely delicate.
Children suffering from the disease are known as ‘butterfly children’.
The company’s final-year results reveal that purchases of Birken AG and Som Pharmaceuticals in April cost just over €10m.
The company said it was in a strong position following the acquisitions. Revenues for the year totalled €1.35m, in line with management expectations.
“It has been a tremendously exciting year for the company,” said Joe Wiley, CEO of Amryt Pharma. “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.
“The agreement has provided us with a cash-generative product, with untapped sales potential, as well as a pan-European infrastructure which we can use for other drug assets,” Mr Wiley added.
Amryt said it would be focusing on building sale of Lojuxta in the year ahead.The company added it had secured an agreement with the European Investment Bank for a €20m loan facility.
Earlier this week, Amryt announced the appointment of David Allmond as the firm’s new chief commercial officer (CCO).
Allmond worked for Aegerion Pharmaceuticals, where he was President of EMEA and involved in the commercialisation of Lojuxta.
CEO Joe Wiley said that Allmond’s extensive commercial experience and his knowledge of Lojuxta is welcome.
“David will resume control of the Lojuxta team and is the ideal person to take on responsibility for the commercial development of this business,” Mr Wiley said.
“We remain very excited about the potential to increase the numbers of patients on treatment in existing markets and also to open new markets within our territories.”
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