LONDON (Alliance News) - Verona Pharma PLC Tuesday posted a widened pretax loss for 2014 as it continued to progress its lead compound RPL554 towards commercialisation.
Verona posted a pretax loss of GBP3.8 million for 2014, widened from a pretax loss of GBP2.8 million in 2013, due to a rise in research and development costs to GBP2.6 million from GBP1.7 million. The company does not yet produce revenue.
During the year it developed a new commercial formulation of RPL554, and began a phase I/II clinical trial with this new formula. The second part of the study in chronic obstructive pulmonary disease patients is expected to report later in 2015.
It also worked on broadening the potential use of RPL554, publishing data suggesting its potential for the treatment of cystic fibrosis.
The company raised GBP14.0 million in a share placing in March, which it plans to use to support the development of RPL553 for severe chronic obstructive pulmonary disease, and also for general administrative expenses.
"We remain confident that with multiple potential applications, each representing an attractive commercial opportunity, RPL554 has the potential to generate significant value for shareholders," said Chief Executive Officer Jan-Anders Karlsson in a statement.
Shares in Verona were trading up 0.2% at 3.38 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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