Drug development group AGI Therapeutics has reported a loss before tax of $9.28 million (€6.27 million) for the six months to the end of June, while revenues were flat at $0.3 million.

Announcing its first-half results, the stomach drug specialist, which announced that its lead drug Rezular had failed in large-scale tests, said it spent $7.8 million on research and development in the six-month period.