Vernalis receives 1.5m dollar payment through Genentech collaboration

AIM-listed pharmaceuticals company Vernalis has received a 1.5m dollar payment under its drug discovery collaboration with Genentech, a member of the Roche group.

The collaboration, which commenced in January 2012, aims to discover novel small molecules against an undisclosed target utilising Vernalis' fragment and structure-based drug discovery platform.

Ian Garland, Chief Executive Officer of Vernalis, commented: "We are delighted to have achieved this success milestone under our collaboration with Genentech which further endorses the quality of our research group's work."

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Vernalis' share price was up 1.59% to 24p at 11:38 on Monday.

Vernalis develops and commercialises low-risk late stage products for unmet medical need.

MF