Vernalis plc (LON:VER) shares were higher this morning after it released an upbeat trading and operational update for the financial year ended 30 June 2017, saying that total revenues are expected to be ahead of current market expectations.
The AIM-listed biotech firm said its performance was boosted by larger-than-expected research collaboration milestones and better-than-expected total operating costs due to careful cost control, which together led to a smaller-than-consensus operating loss.
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The company's unaudited cash position is expected to be £61mln at end June.
"This results from the relatively smaller operating loss as well as the delay to the CCP-07 approval milestone payment to development partner Tris, and the favourable impact of foreign exchange on the company's US dollar cash holdings," it said
In midmorning trading, Vernalis shares were up 0.9p at 19.25p, a near 4.8% increase.