Vernalis up on restructuring plans, settlement

Vernalis (LSE:VER) gained 1.03p (14%) to 8.35p on Wednesday after announcing plans to restructure and settle a $56 million loan with Endo (NASDAQ:ENDP). Vernalis said it made the moves due to a September FDA not approvable letter for an sNDA for Frova frovatriptan tablets for the short-term prevention of menstrual migraine. Approval of the sNDA would have triggered a $40 million milestone payment to the company.

Vernalis said it will reduce headcount by 57% to 90 from 210. It also said Simon Sturge resigned as CEO and a director. John Slater becomes COO while remaining general counsel. ...