SOURCE: Vernalis PLC

December 02, 2015 02:00 ET

Vernalis plc ("Vernalis" or the "Company") AGM Statement

WINNERSH, UNITED KINGDOM--(Marketwired - Dec 2, 2015) - Vernalis plc (LSE: VER) (OTC PINK: VNLPY) will hold its Annual General Meeting ("AGM") in London at 10.30am today. The Company issues the following statement ahead of the AGM:

"The US launch of Tuzistra™ XR in September 2015 was a significant milestone for Vernalis and validated the Company's low development risk, fast path to market, commercial strategy in the US prescription cough cold market. Tuzistra™ XR is targeting a market worth over $1.8 billion at current brand pricing, where there is little competition.

The Company has a further four cough cold programmes in active development with Tris, that should follow the same approval route with the FDA. Tris has completed stability batches for CCP-07 and CCP-08 and, as previously disclosed, Vernalis expects NDA submissions for both programmes to be made during the 2016 calendar year. Tris also continues to work on achieving proof of concept for CCP-05 and CCP-06, which could be achieved by the end of the 2016 calendar year.

The Company believes the primary care market offers a significant commercial opportunity and on 2 October 2015, expanded its primary care product portfolio with the acquisition of Moxatag®. This is a complementary product which will be re-launched during the first half of 2016, and will leverage the Company's newly established US commercial infrastructure.

The Company has completed investment in its in-house NCE programmes and is looking to realise value from its unpartnered programmes.

The research business continues to perform well and remains self-funding." 

Notes to Editors

About Vernalis
Vernalis is a revenue generating, commercial stage pharmaceutical company with significant expertise in drug development. The Group has three approved products: Tuzistra™ XR targeting the US prescription cough cold market; MOXATAG®, a once-a-day formulation of the antibiotic, amoxicillin, indicated for the treatment of tonsillitis and/or pharyngitis secondary to Streptococcus pyogenes in adult and paediatric patients 12 years of age or older; and frovatriptan for the acute treatment of migraine. It has an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough cold market as well as eight 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 Taisho and Tris.

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Contact Information

  • Enquiries:

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

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

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

    FTI Consulting:
    Ben Atwell
    Simon Conway
    Stephanie Cuthbert
    +44 (0) 20 3727 1000