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First milestone for Vernalis' cancer drug

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Date: Monday 13 Oct 2008

LONDON (ShareCast) - Financially troubled drug firm Vernalis said it has achieved the first milestone in their three-year oncology drug discovery collaboration initiated in May 2007.

"The milestone will result in a payment of €500,000 from Servier to Vernalis and marks the solving of the novel crystal structure of an undisclosed oncology target," Vernalis said in a statement.

It added, "The joint research programme, in which Servier provides funding for Vernalis' scientists, applies Vernalis' proprietary structure-based discovery capabilities to two promising oncology targets involved in protein-protein interactions."

"We look forward to progressing the collaboration with Servier further to develop exciting new cancer therapies".

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