Dublin-based drug development firm Merrion Pharmaceuticals is to list on the Nasdaq market in the United States and on the Irish Enterprise Exchange in Dublin.
The company said it has filed a registration statement with the US Securities & Exchange Commission for a proposed initial public offering of its shares.
Merrion said the proceeds of the flotation would be used to fund clinical trials, including its treatments for bone cancer, prostate cancer and deep vein thrombosis. It also said it may use a portion of the proceeds to license, acquire or invest in complementary businesses, products or technologies.
Last November, Merrion raised €8 million in a funding round it said was oversubscribed. Participation in that funding round was from previous investors in a €6 million funding round conducted in April. The principal investors included Dr Tony Ryan and Declan Ryan, chairman of Merrion. Mr Ryan, who runs Irelandia Investments, joined Merrion's board last summer.
It is understood the firm, which specialises in developing oral dosage forms of drugs that are poorly absorbed, has raised around €20 million since it was set up in 2004.
