Stock exchange debutante Jerini of Germany has reported a 47% increase in third-quarter revenues to 2.5 million euros, helped by a licensing agreement with US firm Kos Pharmaceuticals.

Operating losses expanded to 4.2 million euros from 3 million euros, as Jerini’s running costs tripled to 2.4 million euros, as it expanded its investor relations and marketing operations ahead of the initial public offering (IPO) on the Frankfurt stock exchange earlier this month. R&D expenses also increased as the company advanced its lead product, icatibant, into Phase III testing, and costs will also rise in the future as Jerini hires more staff in sales and marketing.

The IPO raised 49.6 million euros, and Jerini also received a 12 million euro licensing payment from Kos for North American rights to icatibant, which is in trials for hereditary angioedema and should see results in the middle of next year. Kos also invested 10 million in Jerini’s equity as part of the deal.

"Proceeds from the IPO further strengthen our financial position and enable us to pursue our growth strategy. We are projecting a year-end cash position of approximately 95 million euros," said Berndt Modig, Jerini’s chief financial officer.

Apart from Icatibant, Jerini has five other drug candidates in various preclinical research programs in ophthalmology and oncology. Jerini expects to begin clinical testing of JSM 6427, its drug candidate for macular degeneration, in the end of the second quarter 2006.