Vernalis' 2006 loss up 29% on Apokyn costs

UK-based biopharmaceutical company Vernalis says that its net loss for the full year 2006 was L42.4 million ($82.0 million), an increase of 29.3% on the L32.8 million deficit it recorded in 2005. The firm said that costs associated with its acquisition of the Parkinson's disease treatment Apokyn (apomorphine) from US drugmaker Mylan (Marketletter February 13, 2006), as well those relating to the establishment of operations in the USA, were responsible for the mounting loss.

The company also reported that its R&D costs had grown 46.8% to L38.9 million in relation to the ongoing development of V1512 for PD and V3381 for the treatment of neuropathic pain, both of which are in Phase II trials. The firm added that the manufacture of materials for a Phase II trial of its ischemic stroke drug candidate V10153, had also increased its expenditure.

On the positive side, Vernalis said that its revenues for the year were up 15.6% to L16.3 million, largely as a result of increased sales of Apokyn and Frova (frovatriptan succinate), which contributed L2.6 million and L3.9 million, respectively. Conversely, turnover from the firm's collaboration and partnering activities was down 2% to L9.8 million.