Vernalis to take back A2A antagonist depression rights from Roche
5 June 2003
Company to seek development partners for A2A programmes
Vernalis Group plc today announced that Roche’s option over Vernalis’ adenosine A2A antagonist research programme in depression has been terminated. As a result of today’s decision, Vernalis now has complete control over its A2A antagonist research programmes, which are targeting a range of indications including Parkinson’s disease and depression.
The most advanced compound in Vernalis’ A2A portfolio is VR 2006, which is being developed as a potential treatment for Parkinson’s disease. This compound has now successfully completed its pre-clinical safety programme and, subject to the appointment of a partner, is scheduled to begin Phase I clinical trials later this year.
Commenting on today’s announcement, Peter Worrall, Finance Director, said “Our A2A antagonist programmes have made rapid progress over the last twelve months both with VR 2006 and in depression, where we are on track to select the first clinical development candidate by the end of the year. As indicated during our recent placing and open offer, we do not intend to take either of these compounds into clinical development without additional external funding. Today’s announcement clears the way for us to talk to other potential partners, a number of whom have already expressed interest in licensing all of our A2A antagonist programmes, in order to secure the funding necessary to progress these promising compounds into clinical development.”
----ends----
This press release contains forward-looking statements, including statements regarding Vernalis’ strategy and prospects. Statements that are not historical facts are based on Vernalis’ current expectations, beliefs, estimates and assumptions. Such statements are not guarantees of future performance and involve risks, uncertainties and other important factors that may cause Vernalis’ actual results, performance or achievements to be materially different from those anticipated by such forward-looking statements. Important factors which may affect Vernalis’ future operating results include the following: Vernalis may not receive royalty revenues, milestone payments or other revenues when expected or at all, Vernalis’ product candidates may not receive regulatory or marketing approval or gain market acceptance in key markets when anticipated or at all, Vernalis may be unable to conduct its clinical trials as quickly as it has predicted, Vernalis’ product candidates may not demonstrate therapeutic efficacy, Vernalis may be unable to obtain sufficient capital when needed to develop its product candidates, and other important factors described in the section entitled “Risk Factors” in Vernalis’ Registration Statement on Form 20-F filed with the US Securities and Exchange Commission.
