7th Jul 2016 13:03
LONDON (Alliance News) - Vernalis PLC on Thursday said it traded in line with management expectations in the financial year ended June 30.
The pharmaceutical company said its cash position was ahead of market expectations at GBP84 million, reflecting the "favourable impact" of the recent strengthening of the US dollar since the UK's EU referendum vote.
Vernalis said the majority of the GBP39 million raised in its placing in May was converted into US dollars to hedge its US commercial and development milestone costs, which are payable in that currency.
At the year-end, 73% of the company's cash was held in US dollars.
Vernalis will release its annual results in late September.
Shares in Vernalis were trading up 4.9% at 37.75 pence on Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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