ARTICLE | Company News

VER falls on earnings release

September 18, 2001 7:00 AM UTC

Vernalis (LSE:VER) fell 54p (32%) to 112.5p on Tuesday after announcing in its 6 month earnings report that the company's short-term financial prospects are dependent on the FDA's review of its frovatriptan for acute migraines. VER said if the approval or launch of frovatriptan is delayed beyond early 2002, the company may need to reduce its expenditure and R&D activities until it has secured further financing. In 2000, VER and partner Elan (ELN) received an approvable letter from the FDA, and said that final U.S. marketing approval is dependent on FDA review of data from an ongoing preclinical study requested by the agency (see BioCentury, May 8, 2000). ...