(1888PressRelease)
June 08, 2009 - Key Events
* On 27 March 2009 Vernalis announced that Biogen Idec (NASDAQ: BIIB), presented headline data at its 25 March 2009 R&D Day from two Phase IIa studies of BIIB014 (Vernalis' V2006), an oral compound for the treatment of Parkinson's disease which was well tolerated and showed dose dependent clinically relevant effects in patients with both early and late stage Parkinson's disease. Interim results from the Phase IIa studies of BIIB014 were favourable and support continued development of BIIB014. Biogen Idec also announced that it is currently in discussions with regulators surrounding the design of a registration program of BIIB014 in this patient population. Biogen Idec is conducting and funding all development of this programme and will pay milestones and royalties to Vernalis on the successful development and commercialisation of the product.
* On 28 April 2009, Vernalis announced that it proposed to raise approximately £22.1m (net of expenses) through a fully underwritten Placing and Open Offer together with a share capital reorganisation. All the proposed resolutions were passed at the General Meeting held on 18 May 2009 and the Company's issued share capital as at 19 May 2009 consisted of 58,117,245 Ordinary Shares of 20 pence each with voting rights.
* Also on 28 April 2009, as part of the results for the year ended 31 December 2008, the Company announced that it had selected a pre clinical candidate V158866 targeting FAAH (Fatty Acid Amide Hydrolase) for the management of pain. V158866 advanced into pre-clinical development in March 2009. Inhibition of the enzyme FAAH results in elevated anandamide, a substance that acts centrally to relieve pain.
* On 7 May 2009 Vernalis announced a new three-year joint oncology research collaboration with Servier, France's largest privately-owned pharmaceutical company, focused on the discovery of drugs for a new undisclosed target. Under the terms of the collaboration, which uses Vernalis' proprietary fragment and structure-based drug discovery platform, Vernalis will receive fees together with milestones and royalties on future sales of the product. Vernalis and Servier already have an existing collaborative agreement to develop two promising oncology targets involved in protein-protein interactions.
* On 2nd June 2009 Vernalis announced marketing approval for frovatriptan in South Korea had been received from the Korean FDA on 29th May 2009. Frovatriptan will be marketed in South Korea by SK Chemicals and under the terms of their agreement Vernalis will receive a milestone payment.
Outlook
The outlook for the Group in 2009 is transformed from that faced at the end of 2008 following the arrival of a new management team, together with the proceeds of the successful fundraising. The proceeds from this equity financing, coupled with cost containment efforts provide the Group with cash resources through the first half of 2011. We will make further investment in V3381 and aim to complete recruitment of the Phase IIb neuropathic pain study by the end of year with data available in 2010. Other key programmes earmarked for investment are V158866 a novel pain compound targeting FAAH and a late stage Chk1 oncology research programme for which a pre-clinical development candidate is expected to be announced during this year. We will focus our 2009 partnering efforts on V85546 for inflammatory disease and V1512 for Parkinson's disease where we see the greatest potential to secure deals.
Vernalis Contacts
Ian Garland, Chief Executive Officer
David Mackney, Chief Financial Officer
+44 (0) 118 977 3133
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