Vernalis plc today announces its results for the year ended 31 December 2009.
Under the guidance of new executive management, the last 15 months’ activities have created a robust platform for growth, supported by two successful equity financings. These were important steps in ensuring that value could be realised from the Group’s broad portfolio of assets.
Operationally 2009 was a highly successful year. All three of our partnered clinical stage programmes advanced, and we
secured two new discovery collaborations with GSK and Servier. We also progressed two in-house programmes into preclinical
testing and fully recruited into the V3381 IN-STEP study. Unfortunately, the Phase II IN-STEP study results in
patients with diabetic neuropathy, announced in March 2010, were disappointing which reflects the high risk nature of
studies in this patient population.
Nonetheless, with a priority development pipeline of eight programmes in clinical and pre-clinical development, 100% of the
Menarini frovatriptan royalty stream restored, and the extended cash runway, the Directors believe that they have the
resources to create substantial value for Vernalis shareholders.
About Vernalis
Vernalis is a development stage pharmaceutical company with significant expertise in taking promising product
candidates along a commercially-focused path to market. The Group has one marketed product, frovatriptan for
the acute treatment of migraine, and eleven candidates in development, eight of which are designated priority
programmes. Five of these priority 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 Biogen Idec, Chiesi, Endo, GSK, Menarini, Novartis and Servier.
