Amryt Pharmaceutical, the orphan drug development business that was subject to a reverse takeover by oil and gas group Fastnet, has updated the market on an eventful nine months to the end of December last.

The business reported a net loss of €2.5 million for the period compared with a €36 million loss in the previous 12 months.

The company has cash balances of €12.6 million at year end after a €12.6 million placing of 41,673,402 new shares at 24p a share.

Fastnet Equity reversed into Amryt before spinning off its exploration assets into a separate standalone business.

Amryt is now focused on going into clinical trials on a potential therapy for a treatment for a rare, debilitating hereditary skin disorder called epidermolysis bullosa. It expects the trial to begin at the start of 2017.

Chairman Harry Stratford said the reverse takeover "was an important strategic milestone in realising the company's vision of becoming a significant player in the underserved orphan disease market".