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|Year-End Trading Update and Notice of Results|
RNS Number : 2825L
Year-End Trading Update and Notice of Full Year Results
Continued steady growth of Tuzistra® XR annualised prescription run rate through drug's second cough cold season; similar growth rate expected for 2017/18 season
Plan to resume full promotion of Moxatag® in September
Continued to advance cough cold development pipeline
Total revenues are expected to be ahead of current market expectations, principally as a result of larger than expected research collaboration milestones, already announced to the market. With better than expected total operating costs due to careful cost control, the resulting operating loss is expected to be smaller than consensus.
The Company's unaudited cash position (including cash and cash equivalents and held-to-maturity assets), at
Tuzistra® XR and the cough cold franchise
Tuzistra® XR prescriptions grew three-fold in the year to
Growing the number of Tuzistra XR prescriptions and improving the level of performance across the whole salesforce remain top priorities. In
The US prescription narcotic cough cold market remains significant with 13.1 million codeine or hydrocodone-based prescriptions in the year to
Since the closure in 2016 of Moxatag® supplier Suir Pharma, our commercial promotion of this product has been limited. Based on levels of in-house inventories and progress in securing a new supplier, which is expected to come on-stream in 2018, Vernalis plans to begin active promotion of Moxatag® in
There is no further information to announce on the resubmission of CCP-07 to
Total revenues include income from research collaborations with partners. As previously announced during the year, the Company received a number of milestones from its collaborators. A new, additional research collaboration with Servier was also initiated just prior to the financial year end.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement this inside information is now considered to be in the public domain.
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Notes to Editors
Vernalis is a revenue generating, commercial stage pharmaceutical company with significant expertise in drug development. The Group has three approved products: Tuzistra® XR targeting the US prescription cough cold market; Moxatag®, a once-daily formulation of the antibiotic, amoxicillin, indicated for the treatment of tonsillitis and/or pharyngitis secondary to Streptococcus pyogenes in adults and pediatric patients 12 years and older; and frovatriptan for the acute treatment of migraine. It has an exclusive licensing agreement to develop and commercialise multiple novel products focused on the US prescription cough cold market as well as eight programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company's technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including Asahi Kasei Pharma, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.
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 NCE pipeline, the Company's ability to successfully commercialise its cough cold products and Moxatag® through its own sales force, 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 Tuzistra® XR, Moxatag®, frovatriptan 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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