LONDON (ShareCast) - Drug group Vernalis is to get a cash injection of €18.4m from Paul Capital Healthcare in a financing agreement relating to frovatriptan, Vernalis' product for the treatment of migraine.
Under the agreement, Paul Capital Healthcare will receive approximately 90% of Menarini's payments to Vernalis under their exclusive license and supply agreement for the commercialisation of frovatriptan in Europe and certain other territories.
Vernalis lost more than half of its value last October when frovatriptan received a "not approvable" letter from the US Food and Drug Administration over its use in short-term prevention of menstrual migraine.
Tadpole Technology was today's biggest faller after the group said it has issued a further £500,000 nominal value convertible loan notes to provide working capital for the company.
If the loan notes are converted in full it will result in the issue of 50m new shares, equivalent to 11.7% of the current issued share capital of the company.
Tadpole said it will announce details of a larger fundraising shortly which will provide it with working capital for at least the next twelve months.
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