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Verona Pharma

Verona Pharma to raise £3 million for Hay fever Therapy

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AIM listed life science group, Verona Pharma plc (AIM: VRP.L) announced its intention to raise £3 million, through a private placing arranged by Evolution Securities. The AIM listed drug developer expects to issue approximately 23.2 million shares at 13p. Proceeds will be applied to further develop company's lead drug, RPL554 and its two other drug development projects Cough and NAIPs.

Verona’s RPL554 therapy for Hayfever and Asthma, is a novel long acting inhibitor of two enzymes known to be of importance in the development and progression of immunological respiratory diseases.

“This is an extremely exciting period for us as we continue to work towards the commercialisation of RPL554”,  Verona CEO, Prof. Michael Walker commented, "With new funding in place we can actively pursue new IP and continue to advance our Cough and NAIPs projects alongside RPL554. We look forward to the future with confidence."

Earlier this year, in September, the junior pharmaceutical company successfully completed a Phase I/IIa clinical trial at the Centre for Human Drug Research (CHDR) at Leiden in the Netherlands. Which demonstrated the drugs safety profile, and had beneficial effects in terms of its use for asthmatics and a reduction in the numbers of inflammatory cells in the nasal passages of allergic rhinitis patients.

 The new funding will also assist the drug developer as it continues to search for additional intellectual property (IP) that meets its tightly defined areas of expertise, according to Verona the ‘semi-virtual’ nature of its operations means its developments have a low cash burn rate.

The AIM listed life science group outsources much of its research and development, reducing the need for a large specialized workforce and investment in physical infrastructure.

Quick facts: Verona Pharma

Price: £0.48

Market: AIM
Market Cap: £50.56 m
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