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Vernalis PLC (VNLPY.PK) Earns Final Milestone Payment from Ipsen



12/12/2011 8:44:08 AM

12 December 2011 -- Vernalis plc today announces it has received a US$1.9 million milestone from Ipsen as a final agreed consideration from the sale of Apokyn and Vernalis’ US Commercial Operations announced in June 2008.

Under the terms of the sale, Vernalis has subsequently earned milestones totalling US$3.6 million, including that announced today.

Ian Garland, CEO of Vernalis commented “We are pleased to have earned this further milestone from Ipsen which brings our total 2011 milestone income to over US$3.0 million. These 2011 milestone receipts, all of which have been earned since the half year, mean our year end cash will now be well ahead of market expectations”.

Enquiries:

Vernalis Contacts

Ian Garland, Chief Executive Officer

+44 (0) 118 989 9360

David Mackney, Chief Financial Officer

Brunswick Group

Jon Coles

+44 (0) 20 7404 5959

Kristin Shine

Taylor Rafferty

Rob Newman

+44 (0) 20 7614 2900

Faisal Kanth

About Vernalis

Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, and eight candidates in development, seven of which are designated priority programmes. Four of these priority development programmes are currently unpartnered and three are partnered. Pipeline programmes are derived from both our own research activities where we have significant expertise in fragment and structure based drug discovery, as well as from collaborations. Our technologies, capabilities and products are endorsed by collaborations with Endo, GSK, Lundbeck, Menarini, Novartis and Servier.

For further information about Vernalis, please visit www.vernalis.com

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 frovatriptan 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.


Read at BioSpace.com


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