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."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
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.
BoE: Millions of mortgage borrowers will be hit with higher repayments next year
News Higher interest rates are yet to fully hit households and monthly mortgage repayments will rise between £200 and £1,000 – how much will your home loan go up by?
By Marc Shoffman Published
Halifax: House prices rise for the second consecutive month
UK house prices rose again in November, suggesting a resilient property market amid economic turmoil in the past year- are we heading for a crash?
By Vaishali Varu Published