Amryt Pharma has been granted a US patent for its lead drug, Episalvan, in the treatment of Epidermolysis Bullosa.
EB is a rare and distressing hereditary skin disorder, which leads to mechanical fragility of skin.
All forms are considered serious and the most severe are disfiguring and cause intense suffering. Children with this disorder are frequently referred to as 'Butterfly Children'.
Amryt's lead drug, Episalvan, has already successfully demonstrated significantly faster healing in both recent wounds and chronic wounds compared with standard care therapy. The Company is now in the process of preparing for a pivotal phase III study for the drug's use in EB treatment. This US patent follows the grant of a patent in January 2016 by the European Medicines Agency for the use of Episalvan in the European Union for the treatment of all partial thickness wounds. Amryt estimates that the global EB market is worth c. US$1.5 billion per annum. Separately, the group announced first half revenues in line with expectations.
evenues for the period of €161,000 are from the sales of Imlan, the company's derma-cosmetics range of products which have been relatively constant in recent years. As anticipated, the loss for the period amounted to €4,114,000 (2015: loss of €1,194,000). This includes an operating loss before one-off items associated with the RTO and acquisitions of €2,141,000.
Of this amount €321,000 relates to the pre-RTO period to 18 April and €1,820,000 to the period post 18 April. The post-acquisition operating loss of €1,820,000 also includes non-cash intangible amortisation of €461,000 and share based payments of €71,000. The post-acquisition EBITDA excluding once off RTO related costs is €1,288,000. In April 2016, as part of the reverse takeover, the Company successfully raised £10 million (c.€12.6 million) before costs.
After the 8 for 1 share reorganisation and the issue of new shares on the re-admission to trading on AIM and ESM the Company now has 208,339,632 new ordinary shares of 1p in issue.
As at 30 June 2016 the Company had a strong balance sheet with €11.7 million in cash reserves (2015: €171,000). As at 31 August the Company had cash reserves of €10.7 million.
At 9:40am: (LON:AMYT) Amryt Pharma share price was +0.75p at 21p