Vernalis back from brink with 2008 results
UK drug developer Vernalis recovered its 2008 loss to almost break even on the settlement of a loan with US firm Endo Pharmaceuticals and a reshuffle of its business.
Revenue rocketed to GBP54.8 million ($82.0 million), versus GBP19.8 million, on a GBP44.6-million payment from Endo upon the settlement of an outstanding loan. R&D costs were down 28% to GBP27.4 million.
The company's net loss fell to just GBP49,000 vs a loss of GBP45.4 million in the year before. Earnings per share were zero vs a loss of 14.5 pence. As of December 31, 2008, the firm had GBP14.7 million in cash and cash equivalents, down 27%.
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