Vernalis plc: Interim Results for the six months ended 30 June 2007
13 September 2007
Vernalis plc (LSE: VER) today announced its interim results for the six months ended 30 June 2007.
News Today
- Striking weight loss in overweight and mildly obese volunteers treated with V24343 (see separate release)
Operational Highlights
- Global sales of Frovatriptan from Endo and Menarini increased 23% to $38.6m over the corresponding period in 2006
- Apokyn® sales grew 35% to $3.1m.Full year sales estimate reduced by 15% compared with previous mid-point to $8m
- FDA confirmed 30 September 2007 as the review date for Endo's sNDA for the use of Frova® in the short-term prevention of menstrual migraine
- V3381 Phase IIa study completed in Neuropathic pain, trial design for Phase IIb study ongoing
- V10153 Phase IIa trial expanded at 5mg/kg cohort
- V2006 entered Phase IIa with Biogen Idec
- Vernalis entered a 3-year research collaboration with Servier utilising Vernalis' proprietary structure-based design platform
- After the end of the period, Novartis paid Vernalis $1.5m as Hsp90 inhibitor entered Phase I
Financial Highlights
- Revenues increased 60% to £10.6m (2006: H1 £6.6m)
- Losses reduced 29% to £13.2m (2006: H1 £18.4m)
- Cash resources of £27.0m (31 Dec 2006: £37.6m)
Simon Sturge, CEO of Vernalis commented, “In the first six months of 2007, Vernalis has achieved substantial progress across the portfolio from research through development to our marketed products.Global Frovatriptan sales have grown by 23% and Apokyn sales by 35%.Two pipeline products have successfully progressed through their current clinical trials and the first compound from our Hsp90 collaboration with Novartis has recently started Phase I testing.We eagerly await the outcome of the FDA's review of Endo's sNDA for the use of Frova® in the short-term prevention of menstrual migraine by 30 September.”
Simon Sturge and Tony Weir, CEO and CFO of Vernalis respectively, will today host an analyst / investor presentation and conference call at 11:00 am BST to discuss the interim results.
This may be accessed by dialling: +44 (0)20 8609 0205 and enter 252741#
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Enquiries:
| Vernalis plc | +44 (0) 118 977 3133 |
| Simon Sturge, Chief Executive Officer | |
| Tony Weir, Chief Financial Officer | |
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| Brunswick Group | +44 (0) 20 7404 5959 |
| Jon Coles | |
| Justine Mcllroy | |
| Alex Tweed | |
| Lazar Partners Ltd | +1 212-867-1762 |
| Gregory Gin |
View the Interim Results for the six months ended 30 June 2007 (PDF - 81KB).
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