Vernalis forms cancer research collaboration with Novartis Institutes for BioMedical Research, Inc
19 December 2003
Vernalis plc (LSE: VER, NASDAQ: VNLS) announces that it has formed a research collaboration with the Novartis Institutes for BioMedical Research, Inc., (NIBRI) in Cambridge, MA, USA, to investigate inhibitors of a target implicated in the progression of a range of cancers. Under the agreement Vernalis will provide elements of its ongoing oncology research to NIBRI for an initial six-month evaluation period after which NIBRI will have the right to enter a longer-term research and development collaboration.
During the evaluation period NIBRI will both conduct its own research and fund research at Vernalis’ laboratories in Cambridge, UK. Following the evaluation, if NIBRI exercises its option to enter the longer-term research and development agreement, it will make further payments to Vernalis which may include an equity investment in Vernalis.
Simon Sturge, Chief Executive Officer of Vernalis, commented: 'Vernalis is pleased to work alongside Novartis Institutes in this research collaboration and we look forward to progressing the ongoing research achieved by our teams in oncology.'
Enquiries:
Vernalis plc
Simon Sturge, Chief Executive Officer
Tony Weir, Chief Financial Officer
+44 (0)118 977 3133
Brunswick Group (for analyst, financial media enquiries)
Jon Coles; Wendel Carson
+44 (0)20 7404 5959
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Peter Colley
+44 (0)1260 296500
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Safe Harbour statement: this news release may contain forward-looking statements that reflect the Company’s current expectations regarding future events. 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 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.
