NEW YORK and WINNERSH, England, April 21 /PRNewswire/ -- Paul Capital Healthcare and Vernalis plc (LSE: VER) today announced that they have signed a financing agreement relating to frovatriptan, Vernalis' product for the treatment of migraine. Under the agreement, Vernalis will receive approximately euro 18.4 million in cash from Paul Capital Healthcare and, in return, Paul Capital Healthcare will receive approximately 90 per cent of Menarini's payments to Vernalis under their exclusive license and supply agreement for the commercialization of frovatriptan in Europe and certain other territories. Vernalis will continue to supply Menarini with frovatriptan active pharmaceutical ingredient.
Frovatriptan is currently approved for the acute treatment of migraine in Europe, the United States, Canada and seven Central American countries.
"Earlier this year, Vernalis restructured its operations to focus on its innovative discovery programs and to advance its promising pipeline of development stage products to the point at which they can be partnered. This transaction with Paul Capital Healthcare secures significant, non-dilutive funds for Vernalis, giving us the platform to rebuild new shareholder value in the medium term," said Tony Weir, CFO, Vernalis.
Dr. Ken Macleod, a partner at Paul Capital Healthcare, said: "Migraine affects about 10 percent of people and leads to billions of dollars in lost productivity each year. After extensively evaluating both the clinical and commercial data for frovatriptan, we believe this drug is positioned to capture a growing share of the market for migraine therapies. Growth capital is the hallmark of the companies and products in which Paul Capital Healthcare invests, and provides a compelling rationale for adding our investment in Vernalis and frovatriptan to our portfolio of investments."
About Paul Capital Partners and Paul Capital Healthcare
Through its funds, Paul Capital Healthcare is one of the largest dedicated healthcare investors globally, with more than $1.4 billion in equity capital commitments and debt facilities under management. Combined, the Paul Capital Healthcare funds have invested more than $925 million in the pharmaceutical, biotechnology, and medical device sectors. These investments are focused on commercial stage companies and products, and consist of investments in the form of royalties, revenue interests, debt and equity. Additional information on Paul Capital Healthcare can be found at http://www.paulcapitalhealthcare.com. Paul Capital Partners manages nearly $5 billion in equity capital commitments for its three investment platforms, which include Paul Capital Healthcare, Private Equity Secondaries and Top Tier Fund-of-Funds. The firm has offices in New York, San Francisco, Paris, London, Hong Kong, and Sao Paolo.
Vernalis is a specialty bio-pharmaceutical company focused on products
marketed to specialist neurologists. The company has two marketed products,
Frova(R) and Apokyn(R), and a development pipeline focused on neurology and
central nervous system disorders. The company has six products in clinical
development and collaborations with leading, global pharmaceutical
companies including Novartis, Biogen Idec, Endo, Menarini and Chiesi:
Product Indication Phase Phase Phase Registration Market Marketing
I II III Rights
Apokyn(R) Parkinson's X North
Frova(R) Migraine X Menarini
Frova(R) Migraine X (EU-royalties)
V1512 Parkinson's X World Wide
Disease (excl. Italy)
V10153 Thrombotic X World Wide
V3381 Neuropathic X World Wide
V2006 Parkinson's X US
V24343 Obesity X World Wide
AUY922 Cancer X None - royalty
Vernalis plc Tel: +44 (0) 118 977 3133
Tony Weir, Chief Financial Officer
Brunswick Group (Vernalis inquiries) Tel: +44 (0) 20 7404 5959
Paul Capital Healthcare Tel: +44 (0) 20 7514 0754
Ken Macleod, Partner
Lazar Partners (Paul Capital Healthcare Tel: +1-646-871-8487
Stephanie Seiler Tel: +1-206-713-0124
|SOURCE Paul Capital Healthcare|
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