Shares in Irish pharmaceutical company Alltracel rose by more than 56 per cent yesterday on the back of improved sales figures for its product m.doc. M.doc is an ingredient that stops bleeding.

The company is listed on London's Alternative Investment Market (AIM) and, after trading in strong volume yesterday, the stock rose from 8 pence to 12.50 pence sterling.

The company confirmed that year-on-year first-quarter sales were up 44 per cent on the back of increased demand in Europe for m.doc. Sales for the quarter were £252,000 (€355,000) compared with £173,000 in the first quarter of 2002.

Particularly strong demand was recorded in Scandinavia and Italy.

In Italy, one of Alltracel's partners, Bouty, is now including m.doc in all its consumer woundcare products following significant market share gains last year in the Italian pharmacy sector.

Alltracel told the market that major progress was being made in signing up new partners. In particular, new brand partners were signed in Spain, with Distrex Iberica.

Alltracel chief executive Mr Gerry Brandon said the next few months would see the company focus on further deals in Europe and new business in the US consumer market.

M.doc is being introduced across a number of consumer markets in Europe and Asia this quarter. The first US market introduction is planned for next quarter.

Alltracel has its headquarters in Dublin and a research and development operation in the Czech Republic. It was founded in 1996 and listed on AIM in July 2001.

Last September, it secured a revolving corporate bank loan worth €2 million. This development gives it sufficient funding to take the company beyond 2004.

While the company's main product is m.doc, Alltracel hopes it may have applications beyond just wound-care, primarily in the dermatological and nutritional food areas.