Pharma Firm Merrion Hires Funding Adviser, 5/03/06 - The Sunday Times

MERRION Pharmaceuticals, an Irish drug company that was spun out of Elan two years ago by Growcorp Group Limited, will this week begin a fundraising roadshow in Dublin to help pay for the development of four cancer drugs. The company is also expected to seek a stock market flotation on secondary markets in Dublin and London within 12 months.

The pharma group has hired Goodbody stockbrokers to act as its adviser and broker and is seeking to raise funds from private and institutional investors. It is understood that the drugs will cost €10m each to develop. Based in Trinity College, Merrion was one of a number of subsidiaries sold by Elan in recent years as it restructured its global operations. The others included Amarin, which is listed on Nasdaq and AGI Therapeutics which last week listed in Dublin and London. A number of former Elan staff still work for the company.

Merrion is developing two key products in multi-billion euro markets. One treats bone cancer and the other prostate cancer. Both are expected to enter phase three human clinical trials in 2007. It is developing oral versions of drugs that can only be injected at present. The company is headed by Michael McKenna, who is based in America, has 30 years experience and has brought eight drugs to market. He is supported by the chief operating officer, John Lynch, who held senior positions with Abbott, Ernst & Young and Bayer Diagnostics; and Thomas Leonard, the chief scientific officer, who held management positions with Wyeth-Ayerst, aaiPharma and Endeavor Pharmaceuticals.

The most recent addition to the management team was Jonathan O'Connell, who has joined as chief financial officer. O'Connell was CFO of Trinity Biotech when it floated on the Nasdaq and the Irish Stock Exchange. He held the same position with Spectel, which pulled a flotation in 2001 before being sold to Avaya in 2004 for more than $100m. Elan will enjoy a windfall from any Merrion success. Part of the sale agreement includes a stipulation that it receive royalities and a licence fee. The Dublin investment community is showing a healthy appetite for pharmaceutical companies. AGI last week rose 10% on its first day trading on the London Alternative Investment Market and Dublin's IEX, valuing the firm at more than €100m. Another Elan spin-off, Azur Pharma, last year raised more than €20m from clients of Davy Stockbrokers.

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.........

2006

Merrion Pharmaceuticals Ltd, Dublin, announced the successful......

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Pharma Firm Merrion Hires Funding Adviser Merrion Pharmaceuticals.........

2004

Maher appointed MD at bioscience investment specialist Growcorp.........

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