Vernalis and Asahi Kasei Pharma Achieve Milestone

Vernalis and Asahi Kasei Pharma Achieve Milestone  WINNERSH, UK -- (Marketwired) -- 03/27/14 --  *T  27 March 2014  LSE: VER  Vernalis and Asahi Kasei Pharma Achieve Research Milestone  Vernalis is pleased to announce the achievement of the first milestone in its research collaboration with Asahi Kasei Pharma (AKP). Vernalis will receive a payment of GBP0.3m in recognition of this achievement.  This drug discovery collaboration, initiated in October 2013, utilises Vernalis' fragment and structure-based drug discovery platform against an undisclosed target for rheumatoid arthritis and other autoimmune diseases. As previously announced, the overall financial terms of the collaboration have not been disclosed.  -- ends --  Enquiries:  Vernalis plc: Ian Garland, Chief Executive Officer           +44 (0) 118 938 0015 David Mackney, Chief Financial Officer  Canaccord Genuity Limited (Nominated Adviser): +44 (0) 20 7523 8350 Lucy Tilley Dr Julian Feneley Henry Fitzgerald-O'Connor  Shore Capital (Joint Broker):                  +44 (0)20 7408 4090 Bidhi Bhoma Toby Gibbs  Brunswick Group:                               +44 (0) 20 7404 5959 Jon Coles  Notes to Editors  About Vernalis  Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development. The Group has one marketed product, frovatriptan for the acute treatment of migraine, an exclusive licensing agreement to develop and commercialise multiple novel products focussed on the US prescription cough cold market as well as seven programmes in its NCE development pipeline. Vernalis has also significant expertise in fragment and structure based drug discovery which it leverages to enter into collaborations with larger pharmaceutical companies. The Company's technologies, capabilities and products have been endorsed over the last five years by collaborations with leading pharmaceutical companies, including AKP, Biogen Idec, Endo, GSK, Genentech, Lundbeck, Menarini, Novartis, Servier and Tris.  For further information about Vernalis, please visit www.vernalis.com  Vernalis Forward-Looking Statement  This news release may contain forward-looking statements that reflect the Company's current expectations regar ding future events including the clinical development and regulatory clearance of the Company's products, the Company's ability to find partners for the development and commercialisation of its products, as well as the Company's future capital raising activities. Forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein and depend on a number of factors including the success of the Company's research strategies, the applicability of the discoveries made therein, the successful and timely completion of clinical studies, the uncertainties related to the regulatory process, the ability of the Company to identify and agree beneficial terms with suitable partners for the commercialisation and/or development of its products, as well as the achievement of expected synergies from such transactions, the acceptance of frovatriptan and other products by consumers and medical professionals, the successful integration of completed mergers and acquisitions and achievement of expected synergies from such transactions, and the ability of the Company to identify and consummate suitable strategic and business combination transactions.  This information is provided by RNS  The company news service from the London Stock Exchange  END          Contacts: RNS Customer Services 0044-207797-4400 rns@londonstockexchange.com http://www.rns.com