AGI cuts 2008 loss as it focuses on Rezular
AGI Therapeutics, an Irish speciality pharmaceutical development company focused on gastrointestinal drug products, has cut its 2008 loss by 12%, year-on-year.
The firm generated $577,000 in revenue, flat on the year before, from an ongoing licensing agreement with the Canadian company Axcan. R&D costs were reduced by 18% to $15.9 million, in a bid to reduce costs and lower recurring net loss.
The company's net loss fell to $18.2 million, or 27 pence loss per share, versus a loss of $20.7 million, or 30.7 pence loss per share. As of December 31, 2008, the firm had $23.6 million in cash and cash equivalents, down 48% on the same point of the year before.
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