SOURCE: Vernalis PLC

October 09, 2014 02:00 ET

Vernalis Licenses V2006 to RedoxTherapies Inc for Use in Immuno-Oncology

WINNERSH, UNITED KINGDOM--(Marketwired - Oct 9, 2014) - Vernalis plc (LSE: VER) (PINKSHEETS: VNLPY)

Vernalis licenses V2006 to RedoxTherapies Inc for use in immuno-oncology

Vernalis plc today announces that it has licensed worldwide rights in vipadenant (V2006), a small molecule A2A receptor antagonist, to RedoxTherapies Inc (Redox). Vipadenant has the potential to disrupt an immunosuppressive mechanism of tumor protection, generating improved efficacy for immunotherapies of certain cancers when used in combination.

Redox is a private, Boston-based start-up company that is the exclusive licensee of National Institute of Health (USA) intellectual property in the field of using extracellular adenosine receptor inhibitors in combination with immuno-oncology therapies.

The detailed financial terms of the Licence Agreement with Redox are not disclosed, but Vernalis can earn milestones and royalties on successful clinical, regulatory and commercial advancement.

Commenting on the new relationship, Ian Garland, CEO of Vernalis said "We look forward to having Redox as a partner and to the progress of vipadenant into clinical studies in this exciting new setting for the potential benefit of cancer patients worldwide"

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Notes to Editors

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, an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough cold market as well as seven programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company's technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including AKP, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.

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.

Contact Information

  • Enquiries:

    Vernalis plc:
    Ian Garland, Chief Executive Officer
    David Mackney, Chief Financial Officer
    +44 (0) 118 938 0015

    Canaccord Genuity Limited (Nominated Adviser):
    Lucy Tilley
    Dr Julian Feneley
    Henry Fitzgerald-O'Connor
    +44 (0) 20 7523 8350

    Shore Capital (Joint Broker):
    Bidhi Bhoma
    Toby Gibbs
    +44 (0)20 7408 4090

    Brunswick Group:
    Jon Coles
    +44 (0) 20 7404 5959