22nd Jul 2014 09:49
LONDON (Alliance News) - Vernalis PLC announced Tuesday that the third product in its cough-cold pipeline with Tris Pharma Inc has achieved an internal proof-of-concept milestone.
The proof-of-concept included a human pilot comparative study against a reference product. As a result of meeting this milestone, Vernalis will make a payment to Tris.
The two companies signed a deal in February 2012, under which Tris will develop up to six unique equivalents to existing cough cold treatments. The financial terms of the deal have not been disclosed.
Vernalis said that the most advanced of its cough cold programmes has already had a new drug application submitted to the US Food and Drug Administration.
"We are delighted with the momentum building in our Tris collaboration, and are looking forward to continuing success over the remainder of the year," said Chief Executive Ian Garland in a statement.
Shares in Vernalis were trading up 3.1% at 33.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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