Vernalis PLC Regulatory News (VER)

20 Feb 2008 07:00

Vernalis PLC20 February 2008 20 February 2008 Vernalis Announces Management Changes Vernalis plc (LSE:VER) announces today changes in its management organisationlinked to the strategic restructuring of its business summarised in theaccompanying announcement. The key organisational changes are as follows: • Simon Sturge will step down from his position as CEO and a Director of the Company at the end of this month, by mutual agreement with the Board. Following this, the management organisation described below will report directly to Dr Peter Fellner, Executive Chairman. • John Slater, currently General Counsel, with responsibility also for Business Development, is appointed as Chief Operating Officer, with immediate effect. In addition to his existing responsibilities, the Research and New Product Development functions will report to him for all operational matters. Dr Fellner will oversee the scientific and clinical elements of the R&D programmes. • Tony Weir will continue as Chief Financial Officer. Commenting upon these changes, Peter Fellner, Executive Chairman said: "I would like to thank Simon Sturge on behalf of the Board for his contribution to the development of Vernalis over the past years, and for his recent involvement in the preparations for the announced strategic reorientation and restructuring of the Company. The Board and I wish him every success in his future career. I look forward to working directly with the management team to implement this revised business strategy". -- ends -- Enquiries: Vernalis plc +44 (0) 118 977 3133 Peter Fellner, Executive Chairman Brunswick Group +44 (0) 20 7404 5959 Jon Coles Justine McIlroy Alex Tweed Notes to Editors About Vernalis Vernalis is a speciality bio-pharmaceutical company focused on products marketedto specialist neurologists. The company has two marketed products, Frova(R) andApokyn(R), and a development pipeline focused on neurology and central nervoussystem disorders. The company has six products in clinical development andcollaborations with leading, global pharmaceutical companies including Novartis,Biogen Idec, Endo, Menarini and Chiesi: Product Indication Phase I Phase Phase Market Marketing Rights II IIIApokyn(R) Parkinson's X North America DiseaseFrova(R) Migraine X Menarini (EU-royalties)Frova(R) Menstrual X Menarini Migraine (EU-royalties) PreventionV1512 Parkinson's X World Wide (excl. Disease Italy)V10153 Thrombotic X World Wide DisordersV3381 Neuropathic X World Wide PainV2006 Parkinson's X US Co-promotion Disease Biogen IdecV24343 Obesity X World WideAUY922 Cancer X None - royalty (Novartis) For further information about Vernalis, please visit www.vernalis.com. Forward-Looking Statement This news release may contain forward-looking statements that reflect theCompany's current expectations regarding future events including the clinicaldevelopment and regulatory clearance of the Company's products, the Company'sability to find partners for the development and commercialisation of itsproducts, as well as the Company's future capital raising activities.Forward-looking statements involve risks and uncertainties. Actual events coulddiffer materially from those projected herein and depend on a number of factorsincluding the success of the Company's research strategies, the applicability ofthe discoveries made therein, the successful and timely completion of clinicalstudies, the uncertainties related to the regulatory process, the ability of theCompany to identify and agree beneficial terms with suitable partners for thecommercialisation and/or development of its products, as well as the achievementof expected synergies from such transactions, the acceptance of Frova(R) andApokyn(R) and other products by consumers and medical professionals, thesuccessful integration of completed mergers and acquisitions and achievement ofexpected synergies from such transactions, and the ability of the Company toidentify and consummate suitable strategic and business combinationtransactions. This information is provided by RNS The company news service from the London Stock Exchange