2nd Jun 2009 14:36
2 June 2009
Vernalis' partner secures approval for Frovatriptan in Korea
Vernalis plc (LSE: VER) announces the Korean FDA granted approval to market frovatriptan in South Korea to its partner SK Chemicals on 29th May 2009.
Vernalis signed an agreement with SK Chemicals to distribute frovatriptan in South Korea in September 2004. The approval triggers an undisclosed milestone payment to Vernalis.
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Enquiries:
Vernalis Contacts
Ian Garland, Chief Executive Officer +44 (0) 118 977 3133David Mackney, Chief Financial Officer
Brunswick Group
Jon Coles +44 (0) 20 7404 5959 Justine McIlroy
Notes to Editors
About Vernalis
Vernalis is a development stage pharmaceutical company developing a pipeline of clinical and early stage programmes. The company currently has seven product candidates in clinical development (two of which are partnered) and two programmes in pre-clinical trials (one with a partner) and other competitive research programmes. Our collaborations are with leading, global pharmaceutical companies including Biogen Idec, Novartis, Servier, Chiesi, Menarini and Endo.
For further information about Vernalis, please visit www.vernalis.com.
About SK Chemicals
SK Chemicals is an affiliate company of SK group, one of the top 3 groups in Korea, and expands Green Chemicals Business (eco-friendly chemistry) and Life Sciences Business (total health care), etc., employing 1,543 people with 2008 sales of 1,086 billion Korean won.
The Life Science business, one of the core businesses of SK Chemicals is aiming to be a total health care company including synthetic new drugs, bio medicines, medical devices and medical services.
For further information about SK Chemicals, please visit www.skchemicals.com.
Vernalis Forward-Looking Statement
This news release may contain forward-looking statements that reflect the Company's current expectations regarding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its products, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of Frova® and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.
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