UK Biotech Firm Vernalis Raises Net 27.6 Million Sterling

UK biotech firm Vernalis said it was raising a net 27.6 million pounds ($52.7 million) in a share sale to start a business in North America, buy new products and develop its experimental medicines. The firm, a descendant of British Biotech Plc, the fallen star of the UK biotechnology sector, also said it had exercised an option to co-promote migraine treatment Frova in the U.S. with partner Endo Pharmaceuticals. Analysts view Frova as Vernalis's biggest asset, as the firm hopes it will eventually be approved by U.S. regulators as a preventative treatment for migraines bought on by menstruation.

Reuters (http://www.reuters.com/newsArticle.jhtml?storyID=7726790)