Vernalis is a new force in UK biotechnology, formed from the merger of British Biotech and Vernalis Group in September 2003. It has a product approved and marketed in the US and Europe, and an innovative development portfolio. Its current market capitalisation is around $160 million, and it is pursuing a growth strategy based upon successful pipeline development and further M&A. Vernalis is growing its business through the development of long term partnerships with pharmaceutical companies, Contract Research Organisations, contractors and suppliers. Vernalis is an integrated research and development organisation, undertaking the full development of compounds from discovery through to product registration and launch. Vernalis is committed to being a leading centre of excellence in Neuroscience and CNS medicines and wishes to build on its strengths and reputation. In december 2005, Vernalis announced that it has completed the acquisition of the privately held Canadian company, Cita NeuroPharmaceuticals. In consideration for Vernalis acquiring the entire issued share capital of Cita, Vernalis has issued as initial consideration 26,915,831 new Vernalis Ordinary Shares.