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December 19th 2003. Vernalis plc (LSE: VER, NASDAQ: VNLS) announces that it has formed a research collaboration with the Novartis Institutes for BioMedical Research, Inc., (NIBRI) in Cambridge, MA, USA, to investigate inhibitors of a target implicated in the progression of a range of cancers. Under the agreement Vernalis will provide elements of its ongoing oncology research to NIBRI for an initial six-month evaluation period after which NIBRI will have the right to enter a longer-term research and development collaboration. During the evaluation period NIBRI will both conduct its own research and fund research at Vernalis’ laboratories in Cambridge, UK. Following the evaluation, if NIBRI exercises its option to enter the longer-term research and development agreement, it will make further payments to Vernalis which may include an equity investment in Vernalis. Simon Sturge, Chief Executive Officer of Vernalis, commented: 'Vernalis is pleased to work alongside Novartis Institutes in this research collaboration and we look forward to progressing the ongoing research achieved by our teams in oncology.' ----ends---- Enquiries: Vernalis plc Simon Sturge, Chief Executive Officer Tony Weir, Chief Financial Officer +44 (0)118 977 3133 Brunswick Group (for analyst, financial media enquiries) Jon Coles; Wendel Carson +44 (0)20 7404 5959 Northbank Communications (for trade media enquiries) Peter Colley +44 (0)1260 296500 Safe
Harbour statement: this news release may contain forward-looking statements that
reflect the Company’s current expectations regarding future events.
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 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.
About
Vernalis Vernalis plc was established in September 2003 following the merger of British Biotech plc and Vernalis Group plc. Operating from state-of-the-art R&D facilities at its headquarters in Reading (UK) and in Cambridge (UK), the company is equipped to undertake the full development of compounds from discovery through to product registration. Its first product – frovatriptan – is approved and marketed in the US and Europe, and is backed by an innovative research and development portfolio. Vernalis’ current market capitalisation is approximately £110 million, and it is pursuing a growth strategy based upon successful pipeline development and further consolidation within the biotechnology sector. |
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