Vernalis PLC Regulatory News (VER)

19 Dec 2005 07:01

Vernalis PLC19 December 2005 19 December 2005 Vernalis Achieves Milestone in Oncology Collaboration Vernalis plc (LSE: VER, Nasdaq: VNLS) today announced that a compound has beenselected as a preclinical development candidate by Novartis under the jointresearch and development collaboration on the oncology target Hsp90. Thecompound is planned to enter clinical testing in H2 2006. Under the terms of thecollaboration a milestone payment of $1.5 million is due to Vernalis fromNovartis. Simon Sturge, CEO of Vernalis said, "We are delighted that our programme withNovartis has progressed to this next stage, demonstrating the ability of ourstructure based drug design platform to deliver candidate molecules. Hsp90inhibitors are an increasingly attractive target for a number of differentcancer indications and Novartis is an acknowledged world leader in the oncologyfield. This type of collaboration enables us to advance promising compounds fromour oncology portfolio while maintaining development of our CNS pipeline." The Vernalis Hsp90 programme is the result of a collaboration established inMarch 2002 with Cancer Research Technology Ltd (CRT) (formerly Cancer ResearchVentures Ltd) and The Institute of Cancer Research, building on studies fundedby The Institute of Cancer Research, Cancer Research UK and Wellcome Trust.Under the agreement Vernalis will pay CRT and The Institute of Cancer Research aproportion of its revenues from the agreement with Novartis. -- ends -- Enquiries: Vernalis plc +44 (0) 118 977 3133Simon Sturge, Chief Executive OfficerTony Weir, Chief Financial OfficerJulia Wilson, Head of Corporate Communications Brunswick Group +44 (0) 20 7404 5959Jon ColesWendel Verbeek Notes to Editors About Hsp90In cancer, proteins called "oncogenic proteins" are responsible for uncontrolledcell division - a characteristic of tumour growth. Hsp90 is a molecularchaperone, essential for the stability and function of several oncogenicproteins. Hsp90 is known to be over expressed in human tumours and theinhibition of Hsp90 results in interference in multiple signalling pathways thatmediate cancer growth. Thus, inhibitors of Hsp90 have the potential to inhibitall six hallmark traits of cancer: limitless proliferation, growth signalself-sufficiency, insensitivity to anti-growth signals, apoptosis avoidance,angiogenesis and metastasis. About Vernalis Vernalis is a specialty pharmaceutical company focused on products marketed tospecialist neurologists. The company has two marketed products, frovatriptan andApokyn(R), and a development pipeline focused on neurology and central nervoussystem disorders. The company has five products in clinical development andcollaborations with leading, global pharmaceutical companies including Novartis,Biogen Idec and Serono. Vernalis is establishing a US commercial operation topromote Apokyn(R) and co-promote frovatriptan alongside its North Americanlicensing partner, Endo Pharmaceuticals, propelling the company towards its goalof becoming a sustainable, self-funding, R&D-driven, specialty pharmaceuticalcompany. For further information about Vernalis, please visit www.vernalis.com. About The Institute of Cancer Research The Institute of Cancer Research is Europe's leading cancer research centre withexpert scientists working on cutting edge research. It was founded in 1909 tocarry out research into the causes of cancer and to develop new strategies forits prevention, diagnosis, treatment and care. Website at: . The Institute worksin a unique partnership with The Royal Marsden NHS Foundation Trust, forming thelargest comprehensive cancer centre in Europe. This relationship enables closedaily contact with those on the frontline in the fight against cancer - theclinicians, the carers and most importantly, the patients. Safe Harbour statement: this news release may contain forward-looking statementsthat reflect the Company's current expectations regarding future events.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 successfulintegration of completed mergers and acquisitions and achievement of expectedsynergies from such transactions, and the ability of the Company to identify andconsummate suitable strategic and business combination transactions. This information is provided by RNS The company news service from the London Stock Exchange