In the first half of 2008, Vernalis implemented a major change in its business strategy and is now focused on pursuing its R&D programmes up to and including proof of concept clinical studies whilst seeking partnerships for later-phase clinical development and commercialisation. Vernalis has completed a major restructuring to provide a stable financial platform for this R&D based strategy. Vernalis also today announces the successful completion of a Phase IIa study with V10153, a potential treatment for ischaemic stroke.
Peter Fellner, Executive Chairman, Vernalis commented, “In the first half of 2008, we have completed the restructuring of Vernalis, as planned and on schedule. The divestment of Apokyn® and the US operations together with utilisation of frovatriptan revenues to raise cash and cancel debt has strengthened the balance sheet and provided the financial platform to invest in our product pipeline and discovery programmes. I am also very pleased to announce today that we have successfully completed our Phase IIa ischaemic stroke study with V10153, and have identified a safe dose to take through to efficacy studies next year in this very underserved market. ”
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