Vernalis FY 2007 income reaches $39.5M

In full-year 2007, UK drugmaker Vernalis says revenues from continuing operations increased to L19.8 million ($39.5 million) versus L12.4 million the year before, as its operating loss from continuing operations before exceptional items narrowed to L13.8 million from L29.1 million. In its preliminary results, the neurology-focused pharmaceutical firm said total operating loss improved to L31.7 million vs L40.8 million, while utilization of cash resources fell to L17.1 million from L30.7 million in 2006, although cash reserves amounted to L20.5 million vs L37.6 million.

During 2007, Vernalis says both marketed products, the migraine drug Frova (frovatriptan succinate) and the Parkinson's disease treatment Apokyn (apomorphine), showed strong sales growth. However, the firm announced plans to halve its current workforce as part of a major restructuring program, after Frova failed to gain US Food and Drug Administration approval for the treatment of menstrual migraine last year (Marketletter October 8, 2007).

Reverts to R&D-based biotech firm