Interim results for the six months ended 30 June 2010
29 July 2010
LSE: VER
Interim results for the six months ended 30 June 2010
Vernalis plc, a leading development stage pharmaceutical company with a broad pipeline of clinical and early stage programmes, today announces its interim results for the six months ended 30 June 2010.
Highlights
Financials
- £28.5 million (net of expenses) equity financing in March
- Strong balance sheet with £33.8 million cash resources at 30 June 2010 and debt free
- Revenue £7.2 million (2009: £5.7 million), up 26%
- Rigorous attention to cost control reduces underlying operating cost base by 18% to £7.8 million (2009: £9.5 million)
- Operating loss reduced to £1.1 million (2009: £5.3 million)
- Underlying cash burn (excluding foreign exchange, tax and interest) reduced to £2.7 million (2009: £8.2 million)
Marketed products
- Regained 100% of Menarini frovatriptan royalty stream with effect from 1 January 2010
- Underlying Menarini sales through to 30 June 2010 up 9% compared to same period in 2009
Pipeline news
- AUY922 (Cancer) – Novartis initiated Phase II study, triggering $3 million milestone receipt
- Indantadol (V3381) (Neuropathic pain) – negative data from Phase IIb IN-STEP study
- Vipadenant (V2006) (Parkinson’s disease) – development switched to next generation molecule following vipadenant pre-clinical toxicology findings
- V158866 (pain) and V158411 (cancer) update – both programmes are now anticipated to enter Phase I in 2011
Research
- Oncology research collaboration with Servier extended after successful completion of initial 3-year term
Anticipated newsflow
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2010 |
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2010 |
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2010 |
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H1 2011 |
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Undisclosed |
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2011 |
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2011 |
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Undisclosed |
Ian Garland, Chief Executive Officer, commented: “Vernalis ended the first half of 2010 in a strong financial position having successfully completed an equity financing and regaining all rights to the growing Menarini royalty stream. The key medium term priority is to leverage this financial strength to expand the pipeline through in-licensing or acquisition.”
-- ends --
Enquiries:
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Vernalis Contacts
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Ian Garland, Chief Executive Officer |
+44 (0) 118 989 9360 |
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David Mackney, Chief Financial Officer
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Brunswick Group
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Jon Coles |
+44 (0) 20 7404 5959 |
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Justine McIlroy |
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Will Carnwath
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Taylor Rafferty
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Rob Newman |
+44 (0) 20 7614 2900 |
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Faisal Kanth |
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Notes to Editors
About Vernalis
Vernalis is a development stage pharmaceutical company with significant expertise in taking promising product candidates along a commercially-focused path to market. The Group has one marketed product, frovatriptan for the acute treatment of migraine, and ten candidates in development, seven of which are designated priority programmes. Five of these priority programmes are currently unpartnered and three are partnered. Pipeline programmes are derived from both our own research activities where we have significant expertise in fragment and structure based drug discovery, as well as from collaborations. Our technologies, capabilities and products are endorsed by collaborations with Biogen Idec, Chiesi, Endo, GSK, Menarini, Novartis and Servier.
Product |
Indication |
Pre-Clinical |
Phase I |
Phase II |
Phase III |
Marketed |
Marketing Rights |
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Priority Programmes |
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CNS Programmes |
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Frovatriptan |
Acute Migraine |
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X |
Menarini & Endo Pharma |
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V3381 |
Neuropathic Pain |
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X |
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Worldwide |
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V3381 CC |
Chronic Cough |
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X |
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Worldwide |
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2nd generation A2A antagonist |
Parkinson’s Disease |
X |
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Biogen Idec |
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V158866 |
Pain |
X |
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Worldwide |
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Oncology Programmes |
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AUY922 |
Cancer |
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X |
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Novartis |
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HSP990 |
Cancer |
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X |
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Novartis |
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V158411 |
Cancer |
X |
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Worldwide |
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Other Therapeutic Areas |
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V85546 |
Inflammatory Disease |
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X |
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Worldwide |
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Legacy programmes |
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V10153 |
Ischaemic Stroke |
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X |
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Worldwide |
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RPL554 |
Asthma/ Allergic Rhinitis |
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X |
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Verona Pharma |
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CHR2797 |
Cancer |
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X |
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Chroma Therapeutics |
Please click here to access the full PDF version of this press release
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.