1st Dec 2016 12:18
LONDON (Alliance News) - Vernalis PLC on Thursday said it was progressing in line with its expectations, noting the week-on-week prescription growth acceleration for its Tuzistra XR cough cold treatment in the four weeks through to November 18.
At a statement to be made at the group's annual general meeting on Thursday, Vernalis noted "positive developments" since the end of its financial year in September.
The pharmaceutical company said unrestricted insurance coverage for its Tuzistra XR product has expanded to around 75% of US commercial lives from 60%, having recently secured coverage at an unnamed large insurer. The group did not say in what time frame this expansion was achieved.
Pharmacy stocking is building and discussions are ongoing with multiple national and regional pharmacy chains, Vernalis said. Samples have been deployed to the field to encourage prescribing, and shipments to physicians started in October the group said.
Its sales force has been fully recruited, and the team is currently promoting the new 2016-17 marketing campaign to target physicians, which has helped accelerate prescription growth in recent weeks.
Vernalis said the pipeline of cough products in development was progressing to plan, along with its project to identify a replacement source of supply for its once-a-day antibiotic Moxatag.
Vernalis said its cash position remained strong and on October 31 was GBP78.6 million. This position continues to be helped by the strength of the dollar, the group added, as a significant proportion of its cash is denominated in that currency.
Shares in Vernalis were up 1.2% at 33.66 pence on Thursday.
By Hannah Boland; [email protected]; @Hannaheboland
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