ARTICLE | Company News
Endo, Vernalis cancer, cardiovascular, neurology news
February 25, 2008 8:00 AM UTC
Vernalis plans to restructure and settle a $56 million loan with Endo as a result of a September not approvable letter for Frova frovatriptan tablets to prevent menstrual migraine. Approval of the sNDA would have triggered a $40 million milestone payment to the company from Endo under a 2004 marketing deal (see BioCentury, July 19, 2004).
Vernalis said it will reduce headcount by 120 (57%) to 90. It also said Simon Sturge resigned as CEO and a director. John Slater becomes COO while remaining general counsel. ...