Proactive Investors - Run By Investors For Investors

Verona Pharma reports progress but losses rise

Drug group reported progress in developing its lung disease treatment
Lungs
Verona reported a post-tax loss of £7.42mln against £2.76mln a year earlier

Verona Pharma plc (LON:VRP) reported progress in developing a drug to treat lung disease but posted sharply higher annual losses, hitting its shares.

Verona said it had completed a series of successful clinical trials on its flagship drug to treat chronic obstructive pulmonary disease (COPD), RPL554.

RPL554 is in phase II trials as a treatment for acute exacerbations of COPD in hospital.

The drug has both bronchodilator and anti-inflammatory effects essential in treating patients with COPD and asthma.

Verona said clinical data with a new formulation of RPL554 had strongly supported its continued development.

It added that positive headline data from a phase IIa dose-finding study in asthma patients in this financial year had demonstrated good results.

But Verona's shares fell 0.25p, or 7.5%, to 3.08p after it reported a post-tax loss of £7.42mln against £2.76mln a year earlier.

The group blamed higher research and development spending and said it was keeping tight control of costs.

It added that the higher losses were broadly in line with market expectations. It made a loss per share of 0.73p (2014: 0.32p)

Net cash outflows from operating activities during the year were £6.35mln against £3.54mln in 2014, which Verona said reflected clinical progre.ss.

Cash and cash equivalents at the end of last year were £3.52mln versus £9.97mln a year earlier.

Chief executive Jan-Anders Karlsson said Verona had made substantial clinical progress with RPL554 during the year.

"To date, over 275 subjects have been included in clinical trials with RPL554, which have consistently shown that the drug is well tolerated, generating highly significant and clinically meaningful data," he said.

"COPD affects over 300 million people worldwide and to date there has been limited true innovation in developing better medicines.

"RPL554, with its novel mode of action, represents a very attractive commercial opportunity for generating significant value for shareholders.”

View full VRP profile View Profile

Verona Pharma Timeline

Article
June 20 2016
Newswire
November 26 2010

Related Articles

pills
January 15 2019
Under former chief executive Peter George and his successor Shaun Chilton, Clinigen has been transformed via a series of well-judged, quickly integrated and cash generative acquisitions
seeds in a bowl
March 07 2019
The Vancouver company is developing Omega-3 products as oil, powder or emulsion to be used as food additives
1557403923_iron.jpg
May 09 2019
Here we take a look under the hood of Shield Therapeutics
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use