Stomach drug developer AGI Therapeutics, saw losses increase to €5.2 million from €2.3 million in the first half of the year.

However, the group reported first half revenues of €196,000, compared to nil for the same period last year.

The company, which focuses on gastrointestinal drug products, said it had started the first of three pivotal studies of Arverapamil, a drug for treating irritable bowel syndrome.

AGI added that the highlights of the first six months included achieving proof of concept for arbaclofen and mecamylaminea drugs for the treatment of gastroparesis, ulcerative colitis and chemotherapy-induced diarrhoea. Further clinical studies of these drugs commence next year.

According to the group cash and short term deposits at the end of June were €37.4 million, down from €40.4 million, last year.

Spending on research & development rose to €4.8 million from €1.7 million. And the loss per ordinary share was €0.08 cent compared to €0.04 cent last time.