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Vernalis Raises $58m To Close Potential Funding Gap

 
• By John Davis

Slower than expected US sales of its first long-acting liquid cough-and-cold formulation, and improved visibility on its future US infrastructure costs, has prompted UK-based Vernalis to raise funds from existing investors to support further product launches and to reach the goal of sustainable profitability.

Vernalis PLC, the former UK biotech that has re-invented itself as a US-operating, UK-based, cough-and-cold speciality company, is raising an extra £40m ($58m) in a capital placing with its institutional investors and certain directors to help it achieve its long-held aim of becoming a sustainable, profitable, pharmaceutical company.

The drastic and unique change in business strategy made by Vernalis in 2012 with the help of a six-product deal with formulation experts Tris Pharma Inc., and the raising...

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