Vernalis PLC Announces CTI Becomes Worldwide Licensee for Tosedostat
WINNERSH, UNITED KINGDOM--(Marketwired - Oct 27, 2014) - Vernalis PLC (LSE: VER); (PINKSHEETS: VNLPY)
27 October 2014
CTI BioPharma Corp. becomes Vernalis' worldwide licensee for tosedostat
Vernalis plc today announces that CTI BioPharma Corp. (CTI), a US corporation publicly listed on NASDAQ, replaces the UK venture capital backed Chroma Therapeutics (Chroma) as worldwide licensee of tosedostat. CTI previously held rights to tosedostat in the Americas under a Licence Agreement with Chroma. Chroma no longer retains any ongoing rights or financial interest in tosedostat.
The financial terms of the Licence Agreement with CTI, which are the same as those in the prior agreement with Chroma, provide for Vernalis to receive tiered single digit percentage royalties.
Tosedostat is in Phase II studies to treat acute myeloid leukemia (AML) and myelodysplastic syndromes (MDS).
Commenting on the new relationship, Ian Garland, CEO of Vernalis said "We look forward to having CTI as a partner and to the progress of tosedostat into Phase III studies for the potential benefit of AML and MDS patients worldwide"
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|Ian Garland, Chief Executive Officer||+44 (0) 118 938 0015|
|David Mackney, Chief Financial Officer|
|Canaccord Genuity Limited (Nominated Adviser):||+44 (0) 20 7523 8350|
|Dr Julian Feneley|
|Shore Capital (Joint Broker):||+44 (0)20 7408 4090|
|Brunswick Group:||+44 (0) 20 7404 5959|
Notes to Editors
Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough cold market as well as seven 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 AKP, 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 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 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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