Merrion Pharma raises €5M ahead of 2007 float

6/04/06 - Irish Independent

Ailish O'Hora  

Dublin drugmaker Merrion Pharma has raised €5M in funding ahead of a dual stock market floatation in Dublin and London scheduled for the first quarter of 2007.  The company which focuses on new formulations for existing drugs and is backed by Tony Ryan's family investment vehicle Irelandia, will list on secondary markets - Dublin's IEX and AIM in London.  The recent funding was through Goodbody Stockbrokers.

Merrion is currently developing two new cancer products in multi-billion euro markets - they are oral versions of drugs that can only be injected at present. The company was spun out of Elan two years ago and has also received backing through Growcorp, European Bioscience Fund and Enterprise Ireland.

It has bases in Dublin and the US and is headed up by Michael McKenna, who has 30 years experience in the drugs market. For example, the number of IPOs on London's AIM market has grown consistently since 2003, when there were just under 200 offerings, to over 500 in 2005.According to Mr O'Donovan, while the technology market is continuing to grow since the technology bust in 2000, there are still difficulties for smaller Irish firms looking for seed capital and early stage funding because many venture capital funds are risk-averse.

"There is a gap in the market for firms looking to raise between €500,000 and €1M," he said yesterday. "When it comes to funding of between €3M and €10M, there are a lot of VCs around." He added that, in many cases, the property market has become more attractive to potential investors than technology start-ups.


 
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Office: Growcorp Group Limited, 3015 Lake Drive, Citywest Campus, Citywest, Dublin 24 | Telephone: +353 1 4661000 | Fax: +353 1 4661002
2009
Merrion’s new facility at Citywest officially opened by Minister Harney 29 October 2009. Growcorp the founding Shareholder of Merrion Pharmaceuticals the Irish Stock Exchange listed company today announced it was delighted with the opening by Merrion Pharmaceuticals of it new facility in Citywest.

Merrion Pharmaceuticals has purchased a new facility in order to expand its current research and development operations.
Merrion has acquired a 26,684 square foot pharmaceutical facility in Citywest, Co Dublin.

Merrion Lands Second $58M Deal. Irish drug development firm Merrion Pharmaceuticals has inked a second deal with Denmark-based medicine supplier Novo Nordisk that could be worth up to $58m (Eur44m) for the Dublin-headquartered company. Merrion was founded by Growcorp Group Ltd when it acquired extensive IP from Elan in early 2003 following over one years due diligence. Growcorp then developed a business plan and hired all senior management.

2008
Galway and Dublin. Wednesday, 3rd December, 2008: Growcorp Group, the Irish investment vehicle, will earn over Eur 7m following the acquisition this week of Irish theranoistic company Neutekbio by Danish biotechnology development company Merrion Pharmaceuticals has signed a multi-million euro deal with Novo Nordisk to develop oral diabetes products.

2008
DUBLIN, Ireland, Nov 5, 2008 an international specialty pharmaceutical company, today announced that it has been awarded the Frost & Sullivan 2008 Osteoporosis Technology Innovation of the Year Award

2008
DUBLIN, Ireland, Nov 5, 2008 an international specialty pharmaceutical company, today announced that it has been awarded the Frost & Sullivan 2008 Osteoporosis Technology Innovation of the Year Award

2008
Merrion Pharmaceuticals the TCD based Irish American company has confirmed that it has begun a joint feasibility study on oral drug delivery with Swiss based multinational Ferring Pharmaceuticals.

2007
Merrion Pharmaceuticals Plc was admitted to the IEX today and commenced
unconditional trading.........