R&D costs double AGI's 1st-half loss

Net loss for the six months ended June 30, 2007, at Ireland's AGI Therapeutics reached 5.2 million euros ($7.2 million), approximately double the 2.3 million-euro deficit it saw in the comparable half of 2006. The firm said that the result was due to costs associated with Phase III trials of its irritable bowel syndrome drug, arverapamil, which increased R&D expenditure some 182% to 4.8 million euros.

AGI chief executive John Devane, outlining the company's plans, said that, "while keeping our primary focus on the progression of arverapamil in Phase III...we continue to progress CHRONAB-omeprazole under our co-development agreement with Axcan [Marketletter October 2, 2006]."

Dr Devane added that the firm has completed plans for the further development of three additional pipeline products, including from its arbaclofen and mecamylamine programs, and will initiate Phase II trials in the next few months.