Cambridge biotech Vernalis will receive $700,000 (£427.6k) as further consideration for the sale to Ipsen of Apokyn – a marketed drug for advanced Parkinson’s Disease – and its US commercial operations announced in June 2008.

Under the terms of the sale, as well as an initial cash consideration of $6.5 million and a $5m share subscription, Vernalis was also eligible to receive up to a further $6m based on certain milestones being achieved.

To date milestones of $1.7m have been earned. An additional $2.5m milestone can still be earned if Ipsen’s future US net sales of Apokyn and Dysport – a botox-style treatment for facial spasms – exceed a certain threshold.

“The sale of Apokyn and the US commercial operations was a key component of the company’s 2008 restructuring. We are pleased to have earned a further milestone from that sale,” said Ian Garland, CEO of Vernalis.

There’s more good news for Vernalis. Novartis has just provided an update on the clinical status of two Hsp90 inhibitors (AUY922 and HSP990), which are partnered with Vernalis.

Novartis expects several compounds to reach proof of concept in 2010, including AUY922, and says HSP990 is in Phase I dose escalation studies.