Vernalis Group plc: interim results for the six months ended 30 June 2002

27 September 2002

Successful launch of frovatriptan brings forward prospect of profitability

Vernalis Group plc (LSE: VER) ("Vernalis" or "the Company") today announced its interim results for the six months ended 30 June 2002.

Update on the year to date:

Frovatriptan:

  • Successful US launch - encouraging early prescription data
  • Compelling results from a Phase IV study in the prophylaxis (prevention) of menstrually-associated migraine
  • UCB Pharma appointed to co-promote FrovaTM in the US
  • First major European launch planned for Q4 2002
  • Marketing approval obtained in 15 European countries

Sexual dysfunction:

  • Phase II programme underway

Depression and anxiety:

  • agreement signed with Roche for a new strategic collaboration

Obesity:

  • new agreement signed with Roche on improved financial terms

Financials:

  • Managing towards sustainable profitability in 2004
  • £9.51 million of first half revenues deferred under revenue recognition policy
  • $10 million loan waived by Elan
  • New £7 million convertible loan from Roche
  • £20 million in cash and short-term investments at 30 June 2002

View the financial results (PDF file - 120KB).

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