WINNERSH, UK I December 19, 2014 I Vernalis plc today announces that Novartis has informed Vernalis that it is has ceased all development work on AUY922, the novel intravenous Hsp90 inhibitor and rights from the programme will now revert to Vernalis. This programme was out-licensed to Novartis in 2004 and since then Vernalis has made no further investment. Novartis has been investigating AUY922 for the treatment of a range of solid cancer tumours.
The process to hand back programme data will take place in early 2015. When completed, Vernalis will review the data and decide on next steps and how best to take the programme forward.
Ian Garland, CEO of Vernalis commented, “This is disappointing news, but illustrates the risks involved in new chemical entity drug development and supports our strategic shift to lower risk later stage programmes. This programme had potential to add future value, if it had successfully progressed through development but was not a driver of near term value for Vernalis”.
About Vernalis
Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough cold market as well as seven programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company’s technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including AKP, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.
SOURCE: Vernalis
Post Views: 17
WINNERSH, UK I December 19, 2014 I Vernalis plc today announces that Novartis has informed Vernalis that it is has ceased all development work on AUY922, the novel intravenous Hsp90 inhibitor and rights from the programme will now revert to Vernalis. This programme was out-licensed to Novartis in 2004 and since then Vernalis has made no further investment. Novartis has been investigating AUY922 for the treatment of a range of solid cancer tumours.
The process to hand back programme data will take place in early 2015. When completed, Vernalis will review the data and decide on next steps and how best to take the programme forward.
Ian Garland, CEO of Vernalis commented, “This is disappointing news, but illustrates the risks involved in new chemical entity drug development and supports our strategic shift to lower risk later stage programmes. This programme had potential to add future value, if it had successfully progressed through development but was not a driver of near term value for Vernalis”.
About Vernalis
Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough cold market as well as seven programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company’s technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including AKP, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.
SOURCE: Vernalis
Post Views: 17
