16th Jul 2009 07:00
16 July 2009
Vernalis receives milestone payment in Hsp90 inhibitor collaboration
Vernalis plc (LSE: VER) today announces the achievement of a milestone under the company's collaboration with Novartis on the oncology target Hsp90. The $1.5 million milestone was triggered by the start of Phase I clinical trials of an oral Hsp90 inhibitor in a range of solid tumours.
Ian Garland, CEO of Vernalis said "We are delighted that Novartis is now progressing two Hsp90 inhibitors in human clinical studies. Milestones and royalties are receivable on both programmes as they progress through development and into commercialisation."
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Enquiries: Vernalis Contacts Ian Garland, Chief Executive Officer +44 (0) 118 989 9360David Mackney, Chief Financial Officer Brunswick Group Jon Coles +44 (0) 20 7404 5959Justine McIlroy Notes to Editors About Vernalis Vernalis is a development stage pharmaceutical company with significant expertise both in de novo fragment and structure-based drug discovery and pre-clinical and clinical development. The Group has seven product candidates in clinical development (three of which are partnered), one programme in pre-clinical and one in late research as well as other competitive research programmes. Our collaborations with leading, global pharmaceutical companies include Biogen Idec, Novartis, Servier, Chiesi, Menarini and Endo.
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Product
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Indication
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Late Research
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Pre-Clinical
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Phase I
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Phase II
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Phase III
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Marketing Rights
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Priority Programmes
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V3381
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Neuropathic Pain
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X
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Worldwide
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V2006
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Parkinson’s Disease
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X
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Biogen Idec
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V85546
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Inflammatory Disease
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X
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Worldwide
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NVP-AUY922
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Cancer
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X
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Novartis
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NVP-HSP990
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Cancer
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X
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Novartis
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V158866
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Pain
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X
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Worldwide
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Chk1
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Cancer
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X
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Worldwide
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Progress through partnering
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V1512
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Parkinson’s Disease
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X
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Worldwide (excl. Italy)
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V10153
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Ischaemic Stroke
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X
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Worldwide
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For further information about Vernalis, please visit www.vernalis.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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