Vernalis of the UK has posted a very healthy set of financials for the first six months.
The Cambridge-based firm says that its loss fell to £3.2 million from £7 million in the like, year-earlier period. Revenues leapt 36% to £5.9 million, which was “driven by a significant increase in collaboration income”; the company gets royalties from Menarini for the migraine drug frovatriptan.
Vernalis made special mention of its partnership with Tris Pharma signed in February, which saw the firm gain exclusive rights to the latter’s extended-release liquid technology for use in the US prescription cough/cold market. Progress is being made on three of the combination products and feasibility work is underway at Tris on another three, while plans are being made to establish a US commercial infrastructure.
Vernalis ended the period with £84.5 million in cash and is also debt free. Chief executive Ian Garland said that “the outlook for the remainder of 2012 and beyond is positive, underpinned by our Tris collaboration, strong balance sheet, royalty stream, new chemical entity pipeline and research platform”.
