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Vernalis receives milestone payment in Hsp90 inhibitor collaboration

3 September 2007

WINNERSH, U.K., 3 September 2007 -- Vernalis plc (LSE: VER) today announced the achievement of a milestone under the company’s joint research and development collaboration with Novartis on the oncology target Hsp90.  The milestone payment of $1.5 million was triggered by the start of Phase I clinical trials of a Vernalis compound in a range of solid tumours and liquid cancers.

Simon Sturge, CEO of Vernalis said “We are delighted that our programme with Novartis has progressed to the next stage with the first compound from the collaboration entering human testing.  Inhibition of Hsp90 is receiving increasing attention in the fight against cancer and our collaboration with Novartis continues to deliver exciting new treatment opportunities.”

The Vernalis Hsp90 programme is the result of a collaboration established in March 2002 with Cancer Research Technology Ltd (CRT) - formerly Cancer Research Ventures Ltd - and The Institute of Cancer Research (The Institute), building on studies funded by The Institute, Cancer Research UK and Wellcome Trust.  Under the agreement Vernalis will pay CRT and The Institute a proportion of its revenues from the agreement with Novartis.

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Notes to Editors

About Hsp90

Inhibition of Hsp90 is believed to have significant potential in the treatment of a broad range of cancers.  The scientific rationale for Hsp90 as a therapeutic cancer target is based on the hypothesis that many of the signalling proteins that behave aberrantly in cancer cells require Hsp90 as a chaperone molecule to ensure that they are maintained in an active form.  In addition, many of the proteins stabilised by Hsp90 are oncoproteins and cell-signalling proteins important in cancer cell proliferation and cancer cell survival. Thus Hsp90, a single molecular target that is a central integrator of multiple pathways important to cancer, is an ideal novel target for oncologic therapy.

About Vernalis

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 eight products in clinical development and collaborations with leading, global pharmaceutical companies including Novartis, Biogen Idec and Serono. Vernalis has established a US commercial operation to promote Apokyn® and co-promote Frova® alongside its North American licensing partner, Endo Pharmaceuticals, progressing the company towards its goal of becoming a sustainable, self-funding, R&D-driven, speciality bio-pharmaceutical company. For further information about Vernalis, please visit: www.vernalis.com

Vernalis has significant product development milestones during 2007

Frova®                   MM PDUFA date

V10153                  Phase IIa data

V24343                  Phase I data

V1512                    Start Phase III

Vernalis’ Structure Based Discovery Capabilities

Vernalis has a strong research capability focussed on the discovery of drug development candidates to treat diseases of the central nervous system (CNS) and cancer.  The company uses and develops structure-based drug discovery methods for its programmes in order to increase the quality and discovery rate of drug candidate compounds. The Company’s approach is to generate as much 3 dimensional protein-molecule structural information as possible in the hit identification phase using virtual screening, a distinctive fragment (small parts of molecules) based discovery process, and molecular modeling.  In turn, this structural information is used to design novel hit compounds, often combining key interaction features from a number of fragments and compounds together.  These hits are then optimised using structure-guided medicinal chemistry.  Drug candidate compounds emerging from this discovery process in both therapeutic areas are regularly reviewed and considered for partnering or internal development.

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 Apokyn® 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.

Cancer Research Technology

Cancer Research Technology Limited (CRT) is a specialist commercialisation and development company, which aims to develop new discoveries in cancer research for the benefit of cancer patients. CRT works closely with leading international cancer scientists and their institutes to protect intellectual property arising from their research and to establish links with commercial partners. CRT facilitates the discovery, development and marketing of new cancer therapeutics, vaccines, diagnostics and enabling technologies. CRT is wholly owned by Cancer Research UK, the largest independent funder of cancer research in the world.  Further information about CRT can be found at www.cancertechnology.com

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