| CATEGORY: SMALL CAPS NEWS SECTOR: PHARMACEUTICALS & BIOTECHNOLOGY |
Vernalis may require additional financing, study results |
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Thu 13 Sep 2007
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LONDON (SHARECAST) - Drug developer Vernalis said it is likely to require additional financing in the future as it announced the results of a successful study and reduced losses in the first half.
“Vernalis' existing cash balances are unlikely to be sufficient to fund its future planned net losses and the company is likely to require additional equity finance at some point in the future,” said the group.
Of particular significance is the potential $40m milestone from its partner Endo Pharmaceuticals.
“If this milestone does not become due Vernalis has identified a number of steps that could be taken to manage its cash resources and ensure that it can continue in operation for the foreseeable future,” added the group.
The group also said that a Phase I trial of its V24343 treatment for obesity has helped patients achieve "striking weight loss".
Losses reduced 29% to £13.2m for the six month to 30 June on revenues up by 60% to £10.6m, helped by a 23% increase in global Frovatriptan sales and a 35% in Apokyn sales.
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