Vernalis' 2005 losses rise to L32.8M

UK biotechnology firm Vernalis says that its losses for the year ended December 31, 2005, were L32.8 million ($57.5 million), an increase on the L25.7 million it lost in 2004. In addition, the company reported a fall in its revenue to L14.1 million, compared with L15.2 million the year earlier

Despite these results, the company remains confident that it will move into profit if it follows its corporate development strategy and focuses on becoming a self-funded specialist biopharmaceutical company.

Simon Sturge, the company's chief executive, said that the group's new commercial presence in North America and specialist promotions unit which markets the Parkinson's disease drug Apokyn (apomorphine HCl injection) and co-promotes the migraine treatment Frova (frovatriptan) in the region, would continue to drive the firm towards sustained profitability.