Vernalis Earns Milestone Payment in connection with its 2008 sale of Apokyn and its US commercial operations

Vernalis Earns Milestone Payment in connection with its 2008 sale of Apokyn and its US commercial operations

11/12/2009

Vernalis plc (LSE: VER) today announces it will receive US$700,000 as further consideration for the sale to Ipsen of Apokyn and its US Commercial Operations announced in June 2008.

Under the terms of the sale, as well as an initial cash consideration of US$6.5 million and a US$5.0 million share subscription, Vernalis was also eligible to receive up to a further US$6.0 million based upon certain milestones being achieved.

To-date milestones of $1.7 million, including that announced today, have been earned. An additional US$2.5 million milestone can still be earned if Ipsen’s future US net sales of Apokyn and Dysport exceed a certain threshold.

“The sale of Apokyn and the US Commercial Operations was a key component of the Company’s 2008 restructuring. We are pleased to have earned a further milestone from that sale.” said Ian Garland, CEO of Vernalis.

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Enquiries:

Vernalis Contacts  
   
Ian Garland, Chief Executive Officer +44 (0) 118 989 9360
David Mackney, Chief Financial Officer  
   
Brunswick Group  
   
Jon Coles +44 (0) 20 7404 5959
Justine McIlroy  

Notes to Editors

About Vernalis
Vernalis is a development stage pharmaceutical company with significant expertise both in de novo fragment and structure-based drug discovery and pre-clinical and clinical development. The Group has seven product candidates in clinical development (three of which are partnered), two programmes in pre-clinical, as well as other competitive research programmes. Our technologies, capabilities and products are endorsed by collaborations with leading, global pharmaceutical companies including GSK, Biogen Idec, Novartis, Servier, Chiesi, Menarini, and Endo.

Product Indication Pre-Clinical Phase I Phase II Phase III Marketing Rights
Priority Programmes        
V3381 Neuropathic Pain     X   Worldwide
V2006 Parkinson’s Disease     X   Biogen Idec
V85546 Inflammatory Disease   X     Worldwide
NVP-AUY922 Cancer   X     Novartis
NVP-HSP990 Cancer   X     Novartis
V3381 CC Chronic Cough   X     Worldwide
V158866 Pain X       Worldwide
V158411 (Chkl) Cancer X       Worldwide
Progress through partnering        
V1512 Parkinson’s Disease     X   Worldwide (excl. Italy)
V10153 Ischaemic Stroke     X   Worldwide

For further information about Vernalis, please visit www.vernalis.com

Vernalis Forward-Looking Statement
This news release may contain forward-looking statements that reflect the Company's current expectations regarding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its products, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of Frova® and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.

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F: 0118 938 0001

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To report SUSPECTED ADVERSE REACTIONS, contact Vernalis Therapeutics, Inc. at 1-855-705-9546 and drugsafety@propharmagroup.com or FDA at 1-800-FDA-1088 or www.fda.gov/medwatch