Vernalis Announces Corvus Pharmaceuticals, Inc. as its Worldwide Licensee for their Adenosine Antagonist Program
Adenosine antagonists under development for use in immuno-oncology
Vernalis plc ("Vernalis" or the "Company") today announces Corvus Pharmaceuticals, Inc. ("Corvus") as its licensee for their adenosine antagonist program.
In February 2015, the Company licensed exclusive, worldwide rights in its adenosine receptor antagonist programme for use in all therapeutic applications to Corvus, a U.S.-based biotechnology company. At the time the name of the company was not disclosed and nor was the initial therapeutic focus.
Corvus was launched through a $33.5 million Series A fundraising in 2014 by the founder and former senior management at Pharmacyclics Inc. and it raised a further $75m (Series B) in September 2015.
The lead molecule, CPI-444 is a patented small molecule that has been evaluated in Phase I and II clinical trials under an IND in the U.S. Corvus brings a wealth of clinical and commercial expertise and experience and is looking to develop CPI-444 for immuno-oncology, with clinical studies expected in 2016.
Ian Garland, CEO of Vernalis commented "We are pleased to make public that Corvus is our licensee and we are excited about the development of CPI-444 in an immuno-oncology setting."
Vernalis antibiotic buy 'sensible' says broker Share 09:50 02 Oct 2015 “It enables Vernalis to make more efficient use of its sales team" Vernalis antibiotic buy 'sensible' says broker Canaccord expects Moxatag to be launched early in 2016. Vernalis’ (LON:VER) acquisition of Moxatag, the only approved once-daily formulation of the antibiotic amoxicillin, is a smart move, brokers said today.
In consideration Vernalis has paid owner Pragma an undisclosed up-front cash payment with a further payment with a finished dose product.
Vernalis will also take over its sale and pay Pragma royalties on net sales and further potential sales related milestones.
Approved in the US in 2008, Moxatag is used in the treatment of tonsillitis and other throat infections. It is protected by six Orange Book listed patents, the last of which expires in 2027.
Ian Garland, Vernalis’s chief executive, said Moxatag was another important step towards its transition to a commercial specialty pharmaceutical company.
The drug had not been actively marketed since 2010 and its acquisition enables Vernalis to make better use of the infrastructure put in place with the US launch of cough and cold treatment Tuzistra XR.
Canaccord added it expects Moxatag to be launched in early 2016.
“As antibiotics can be prescribed in combination with cough-cold products during flu season it is a sensible companion product for Tuzistra XR.
“It enables Vernalis to make more efficient use of its sales team, and having two products in the portfolio should make getting sales time to with a doctor simpler.
Vernalis plc (LON:VER) had its target price upped by equities researchers at Canaccord Genuity from GBX 92 ($1.40) to GBX 98 ($1.49) in a report issued on Tuesday, Market Beat reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity’s price target would suggest a potential upside of 25.04% from the stock’s previous close. Shares of Vernalis plc (LON:VER) opened at 72.920 on Tuesday. Vernalis plc has a 1-year low of GBX 44.45 and a 1-year high of GBX 88.29. The stock’s market capitalization is GBX 322.54 million. The firm’s 50-day moving average is GBX 80.79 and its 200 day moving average is GBX 66.39.
Other research analysts also recently issued research reports about the company. N+1 Singer restated a “buy” rating on shares of Vernalis plc in a research note on Tuesday. Stifel Nicolaus reiterated a “buy” rating and set a GBX 103 ($1.57) target price on shares of Vernalis plc in a research note on Thursday, June 11th. Vernalis plc is a United Kingdom-based research and development- stage pharmaceutical company. Vernalis has one marketed product along with a portfolio of development and drug discovery programmes. Vernalis has nine active cooperation, four covering programmes in preclinical through to Phase II development and four active drug discovery cooperation. Its commercial pipeline contains CCP-01, CCP-05, CCP-06, CCP-07 and CCP-08. The Company operates in the UK, Rest of Europe, North America and Rest of the
First and only approved once-a-day formulation of the antibiotic, amoxicillin
Exemplifies strategy for further expanding product portfolio
Vernalis plc today announces that it has acquired the US rights to MOXATAG(R) (amoxicillin extended-release tablets) from Pragma Pharmaceuticals, LLC ("Pragma"). MOXATAG(R) is the first and only approved once-daily formulation of the antibiotic, amoxicillin.
In consideration for the acquisition, Vernalis has paid to Pragma an undisclosed up-front cash payment and will make a further payment upon successful manufacture of re-launch finished dose product, expected to be by the end of 2015. The consideration payable does not materially impact the Group's cash resources. Under the terms of the transaction, Vernalis will take over supply chain responsibility and will pay Pragma royalties on net sales and further potential sales related milestones.
Approved by the FDA in 2008, MOXATAG(R) is a penicillin-class antibacterial indicated for the treatment of tonsillitis and/or pharyngitis secondary to streptococcus pyogenes in adults and paediatric patients 12 years of age or older. It was approved based on a Phase III efficacy study and is protected by six Orange Book listed patents, the last of which expires in 2027. It has not been actively promoted since 2010.
Ian Garland, CEO of Vernalis commented, "The acquisition of MOXATAG(R) is another important step in our transition to a commercial specialty pharmaceutical company. We are delighted that we have been able to quickly expand our primary care product portfolio and leverage our newly established US commercial infrastructure following the recent US launch of TUZISTRA(TM) XR, our extended-release cough cold oral suspension. MOXATAG(R) has a strong fit with our target physician audience for TUZISTRA(TM) XR and we look forward to re-launching the product in early 2016 and to its contribution to our commercial business".
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