Vernalis Announces Management Changes
20 February 2008
Vernalis plc [LSE:VER] announces today changes in its management organisation linked to the strategic restructuring of its business summarised in the accompanying announcement.
The key organisational changes are as follows:
- Simon Sturge will step down from his position as CEO and a Director of the Company at the end of this month, by mutual agreement with the Board.
Following this, the management organisation described below will report directly to Dr Peter Fellner, Executive Chairman.
- John Slater, currently General Counsel, with responsibility also for Business Development, is appointed as Chief Operating Officer, with immediate effect. In addition to his existing responsibilities, the Research and New Product Development functions will report to him for all operational matters. Dr Fellner will oversee the scientific and clinical elements of the R&D programmes.
- Tony Weir will continue as Chief Financial Officer.
Commenting upon these changes, Peter Fellner, Executive Chairman said:
\"I would like to thank Simon Sturge on behalf of the Board for his contribution to the development of Vernalis over the past years, and for his recent involvement in the preparations for the announced strategic reorientation and restructuring of the Company. The Board and I wish him every success in his future career. I look forward to working directly with the management team to implement this revised business strategy\".
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|Vernalis plc||+44 (0) 118 977 3133|
|Peter Fellner, Executive Chairman|
|Brunswick Group||+44 (0) 20 7404 5959|
Notes to Editors
Vernalis is a speciality bio-pharmaceutical company focused on products marketed to specialist neurologists. The company has two marketed products, Frova® and Apokyn®, and a development pipeline focused on neurology and central nervous system disorders. The company has six products in clinical development and collaborations with leading, global pharmaceutical companies including Novartis, Biogen Idec, Endo, Menarini and Chiesi:
|Product||Indication||Phase I||Phase II||Phase III||Market||Marketing Rights|
|Apokyn®||Parkinson's Disease||x||North America|
|Frova®||Menstrual Migraine Prevention||x||
World Wide (excl. Italy )
|AUY922||Cancer||x||None – royalty (Novartis)|
Forfurther information about Vernalis, please visit www.vernalis.com.
Thisnews release may contain forward-looking statements that reflect the Company'scurrent expectations regarding future events including the clinical developmentand regulatory clearance of the Company's products, the Company's ability tofind partners for the development and commercialisation of its products, aswell as the Company's future capital raising activities. Forward-lookingstatements involve risks and uncertainties. Actual events could differ materiallyfrom those projected herein and depend on a number of factors including thesuccess of the Company's research strategies, the applicability of thediscoveries made therein, the successful and timely completion of clinicalstudies, the uncertainties related to the regulatory process, the ability ofthe Company to identify and agree beneficial terms with suitable partners forthe commercialisation and/or development of its products, as well as theachievement of expected synergies from such transactions, the acceptance ofFrova® and Apokyn® and other products by consumers and medical professionals,the successful integration of completed mergers and acquisitions andachievement of expected synergies from such transactions, and the ability ofthe Company to identify and consummate suitable strategic and businesscombination transactions.