Vernalis ends first half of 2006 with £50.9 million

By Lisa Kerner

Charlotte, N.C., Sept. 12 - Vernalis plc said it ended the first half of 2006 with cash resources totaling £50.9 million.

Revenues for the six-month period ended June 30 increased to £6.6 million, from £5.9 million in the same period of 2005.

The company reduced its loss before taxes to £19.4 million for the period, compared to £20.0 million in the same period of 2005.

"Vernalis is continuing to show substantial progress toward becoming a self-funding, sustainable research and development-driven commercial business," chief executive officer Simor Sturge said in a company news release.

"Establishing our U.S. operation with the successful launch of Apokyn and completing the Frova clinical trials for the short-term prevention of menstrual migraine were significant achievements."

Vernalis is a specialty biopharmaceutical company based in Winnersh, United Kingdom.

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