Vernalis PLC Regulatory News (VER)

31 Mar 2005 07:00

Vernalis PLC31 March 2005 31 March 2005 Vernalis broadens its oncology research Vernalis plc (LSE: VER, NASDAQ: VNLS) announces that it has acquired theintellectual property rights, know-how and associated assets related to anemerging oncology target Pin1 from Pintex Pharmaceuticals Inc., a privately heldUS Company. Pin1 over expression is observed in a number of oncologyindications and Vernalis will aim to capitalise on its success with Hsp90through utilising its structure based drug discovery suite of technologies todiscover development candidates against this target. Pintex will receive initial cash payments on signature and transfer of know-how.Vernalis will issue Pintex with a maximum of 1.5 million new ordinary sharesshould a drug candidate progress into human clinical trials, which is notexpected before 2008. Vernalis will make an additional cash milestone paymentto Pintex on marketing approval, bringing total cash payments to $6.5m, but hasno royalty obligations to Pintex for any resultant products. ----ends---- Enquiries:Vernalis plc +44 (0) 118 977 3133Simon Sturge, Chief ExecutiveTony Weir, Chief Financial OfficerJulia Wilson, Head of Corporate Communications Brunswick Group +44 (0) 20 7404 5959Jon ColesWendel Verbeek 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