Vernalis slumps after disappointing Phase II results

20th Aug 2015 10:10

(ShareCast News) - Vernalis said results of the phase II proof-of-concept study of its fatty acid amide hydrolase inhibitor, which is being investigated as a treatment for neuropathic pain, failed to meet its pain-reduction primary endpoint.The biopharmaceutical research and development company said that consistent with its strategy of becoming a commercial business, it is not planning to make any further investment in this programme and will seek to realise its potential value through partnering.Chief executive officer Ian Garland said: "The goal of this study was to identify a therapeutic setting for this programme. Its completion ends the investment in our NCE pipeline and we aim to partner the remaining unpartnered programmes to realise value where possible."The key focus of the organisation remains the transition of Vernalis to a commercial company, with the forthcoming launch of Tuzistra XR, our extended release cough cold product for the US prescription market, which is progressing as planned."At 1021 BST, Vernalis shares were down 2.2% at 79p.