Vernalis' losses for 1st-half 2006 down slightly

UK biotechnology firm Vernalis says that its losses for the six months ended June 30, 2006, were L19.4 million ($24.6 million), down slightly on the L20.0 million it lost in the comparable period last year. The firm said that the reduction had been driven by its revenue which increased L718,000 to L6.6 million in the reported period.

Vernalis added that its North American business has become fully operational, and is currently marketing the firm's Parkinson's disease treatment Apokyn (apomorphine HCl injection), as well as co-promoting the migraine drug Frova (fovatriptan succinate) alongside its partner Endo Pharmaceuticals. The company added, however, that sales of Apokyn, which was relaunched earlier this year following its acquisition from Mylan Laboratories in 2005, were below initial expectations, The firm said that, as a result, it expects revenues for the full year to be at the lower end of the $6.0 million-$7.5 million range that it forecast earlier this year.

In May, the firm completed the final Phase III trial of its menstrual migraine treatment Frova (frovatriptan succinate). The drug is already approved for acute migraine, and is being considered by the US Food and Drug Administration for approval in MM, with a decision expected mid-2007.