Vernalis to consolidate at Granta Park

Vernalis consolidation to focus at Granta Park

Vernalis is implementing a major restructuring of the company and its operations, which will substantially extend the cash runway of the business. The restructuring includes concentration of research on one site, at the company's Cambridge facility at Granta Park. 

Vernalis plc today announced that it has agreed to the early settlement of the amount due to Endo Pharmaceuticals Inc (Endo) under the loan agreement between the two companies. The outstanding balance on the Loan, which was originally due for repayment in August 2009, was approximately $56m. This loan has been discharged under the terms reported below.

In addition, Vernalis is implementing a major restructuring of the Company and its operations, which will substantially extend the cash runway of the business. The early loan settlement and the restructuring were both triggered by the FDA’s recent non-approval of the Company’s supplementary NDA submission for its product Frova for the treatment of menstrual migraine. The restructuring includes concentration of research on one site, at the company’s Cambridge facility at Granta Park.

Vernalis will continue to exploit its proven innovative research capabilities utilising its suite of structure-based drug discovery technologies which are employed in accelerating Vernalis’ internal drug discovery programmes and for third party collaboration programmes in the CNS and oncology fields.