Announcement of Interim results for the six months ended 30 June 2009

06 August 2009

Announcement of Interim results for the six months ended 30 June 2009

Vernalis plc (LSE: VER) today announces its interim results for the six months ended 30 June 2009.

Highlights
Announced today

  • Collaboration, option and licence agreement with GSK over an oncology target signed with a $6 million up-front payment. Over $200 million potential milestones and up to double digit royalties for oncology indication, with further equivalent milestones and royalties if developed outside oncology.

Financial

  • £22.1 million (net of expenses) equity financing
  • £27.8 million of cash at 30 June 2009

Pipeline news

  • NVP-HSP990 (Cancer) – Novartis initiated a Phase I study with an oral Hsp90 inhibitor triggering a $1.5 million milestone on first dosing in man
  • V158411 (Cancer) – development candidate targeting Chk1 entered pre-clinical testing
  • NVP-AUY922 (Cancer) – Novartis published interim Phase I/II data at ASCO
  • V158866 (Chronic pain) – development candidate targeting FAAH entered pre-clinical testing
  • V2006 (Parkinson’s) – headline data presented by Biogen Idec from two Phase IIa studies
  • Frovatriptan approved in South Korea for acute migraine

Partnering

  • New Servier research collaboration on an undisclosed oncology target

Anticipated Newsflow

  • V3381 – complete Phase IIb recruitment Q4 2009
  • V1512 – possible partnering H2 2009
  • NVP-AUY922 – start Phase II (Novartis) Undisclosed
  • V85546 – possible partnering 2009-2010
  • V3381 – Phase IIb results & possible partnering 2010
  • V158866 – file IND / start Phase I 2010
  • V158411 – file IND / start Phase I 2010
  • V2006 – start registrational studies (Biogen Idec) Undisclosed

Peter Fellner, Chairman, commented, “Vernalis has been transformed during the first half of 2009 following the appointment of Ian Garland as CEO and David Mackney as CFO. The successful equity fundraising, that closed in May provides cash which will enable further advances in Vernalis’ broad clinical pipeline. There has already been great progress during the first half of 2009 on both the pipeline and in research where we have secured new external collaborations with GSK and Servier that endorse both the quality of our work and our research capabilities. The Company ended the half year with £27.8 million in cash and has secured a further $7.5 million since the end of the period from Novartis and GSK. The Company is positioned well to continue rebuilding substantial shareholder value.”

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Enquiries:

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

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