Vernalis in $58 million share issue; funds will pay for product launches
UK-based commercial stage pharmaceutical company Vernalis (LSE: VER) is set to raise more than $58 million in a share issue to help pay for its roll-out of new products.
In issuing 80 million new ordinary shares at $0.73 each, the company will support a roll-out plan for Tuzistra XR (codeine polistirex and chlorpheniramine polistirex), which has been launched in the USA and is targeting the cough and cold prescription market.
Later this year Vernalis also plans to relaunch Moxatag (amoxicillin), a tonsillitis/ pharyngitis antibiotic for which it acquired the US rights from Pragma Pharmaceuticals last year.
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