14th Dec 2005 08:23
Vernalis PLC14 December 2005 Date: 14 December 2005 Vernalis plc Vernalis completes the acquisition of Cita NeuroPharmaceuticals Inc NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO ORFROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Vernalis plc (LSE: VER, NASDAQ: VNLS) ("Vernalis" or the "Company") announcesthat it has completed the acquisition of the privately held Canadian company,Cita NeuroPharmaceuticals Inc. ("Cita"). In consideration for Vernalis acquiring the entire issued share capital of Cita,Vernalis has today issued as initial consideration 26,915,831 new VernalisOrdinary Shares. Of these shares, 2,630,847 Ordinary Shares have been issued tocertain Cita shareholders and the remaining 24,284,984 Ordinary Shares have beenplaced by Piper Jaffray pursuant to a Vendor Placing, which also completedtoday, to realise cash proceeds payable to certain Cita shareholders of £15.3million (before expenses). As a result of the acquisition of Cita (including the Vendor Placing) and aPlacing and Open Offer by the Company, which also completed today, the enlargedissued share capital of Vernalis is 311,463,549 Ordinary Shares. - ends - Enquiries: Vernalis plc +44 (0) 118 977 3133 Simon Sturge, Chief ExecutiveTony Weir, Chief Financial OfficerJulia Wilson, Head of Corporate Communications Brunswick Group +44 (0) 20 7404 5959 Jon ColesWendel Verbeek Notes for Editors: About Vernalis Vernalis is a specialty pharmaceutical company primarily focused on drugs forthe treatment of neurology and central nervous system disorders. The company hastwo marketed products, frovatriptan and Apokyn(R), and five products in clinicaldevelopment. Vernalis has collaborations with leading, global pharmaceuticalcompanies including Novartis, Biogen Idec and Serono and is establishing a NorthAmerican commercial operation to promote Apokyn(R) and co-promote frovatriptanalongside its North American licensing partner, Endo Pharmaceuticals, propellingthe company towards its goal of becoming a sustainable, self-funding, R&D-driven, specialty pharmaceutical company primarily focused on drugs for thetreatment of neurology and central nervous system disorders. For furtherinformation about Vernalis, please visit www.vernalis.com About Cita NeuroPharmaceuticals Inc. Cita is a privately owned, neuropharmaceutical company based and incorporated inthe province of Ontario, Canada, focused on the development andcommercialization of small molecule drug candidates. Cita's current clinicaldrug portfolio primarily consists of drugs for Parkinson's disease (CNP1512expected to enter Phase III clinical trials in H2 2006) and neuropathic pain(CNP3381 expected to enter Phase II clinical trials in H1 2006). For furtherinformation about Cita, please visit www.citaneuro.com Safe Harbour statement: this announcement may contain forward-looking statementsthat reflect the Group's current expectations regarding future events, includingthe clinical development and regulatory clearance of the Group's products andincluding that of frovatriptan for menstrually related migraine, the Group'sability to find partners for the development and commercialisation of itsproducts, the benefits of reacquiring the rights to frovatriptan in NorthAmerica and the partnership with Endo Pharmaceuticals Inc. on the Group'sliquidity and results of operations, as well as the Group's future capitalraising activities. Forward-looking statements involve risks and uncertainties.Actual events could differ materially from those projected herein and depend ona number of factors, including the success of the Group's research strategies,the applicability of the discoveries made therein, the successful and timelycompletion of clinical studies, including with respect to frovatriptan and theGroup's other products, the uncertainties related to the regulatory process, theability of the Group to identify and agree beneficial terms with suitablepartners for the commercialisation and/or development of frovatriptan and otherproducts, as well as the achievement of expected synergies from suchtransactions, the acceptance of frovatriptan and other products by consumers andmedical professionals, the successful integration of completed mergers andacquisitions and achievement of expected synergies from such transactions, theability of the Group to identify and consummate suitable strategic and businesscombination transactions. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Vernalis PLC