Vernalis updates investors on outlook

The UK's Vernalis has published its interim management statement for the period from January to June 2009. On May 29, Vernalis announced that  marketing approval for frovatriptan had been received in South Korea.  Frovatriptan will be commercialized there by SK Chemicals and, under the  terms of their agreement, Vernalis will receive a milestone payment .

The outlook for the company in 2009 is transformed from that faced at  the end of 2008 following the arrival of a new management team, together  with the proceeds of the successful fundraising. The proceeds from the  financing, coupled with cost-containment efforts, provide the firm with  cash resources through the first half of 2011, it says.