08 March 2010: Kernel Capital is delighted to confirm that Bank of Ireland Kernel Capital Investee Merrion Pharmaceuticals' revenues for the year soared by 373% to €6.36m from €1.34m as the company said it met its necessary deadlines set out in its partner programmes with Novo Nordisk and the realisation of its first development milestone from this partnership.

The company reported pre-tax losses of €1.629m for the year ended December 2009, an improvement from the losses of €5.06m in 2008.

Last July, Merrion bought a new facility in Citywest, Co Dublin, in order to expand its current research and development capabilities. It said today that it is very committed to its internal R&D projects and to expanding its early stage pipeline.

Last year spending on its R&D programmes rose to €4.41m from €3.9m in 2008 The company's chief executive John Lynch said that work continues on the Citywest facility as the firm seeks to obtain its Irish Medical Board Good Manufacturing Practice license to manufacture. He added that the future for Merrion is 'positive'.

Shares in the company were trading at €3.95 in Dublin by mid-morning.

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For further information please contact:

Orla Rimmington, Operations Manager, Kernel Capital.
Tel: +353 21 4928974 / Fax: +353 21 4928977

Source:
www.rte.ie/business/2010/0308/merrion.html