LONDON (Alliance News) - Verona Pharma PLC Monday posted a widened pretax loss for 2013 as it continued to develop its two pipeline drugs towards commercialisation.
Veron posted a pretax loss of GBP2.8 million, widened from a pretax loss of GBP2.6 million in 2012, as administration expenses rose due to increased share-based payments and cash bonus payments. Verona is not yet revenue making.
Research and development costs remained broadly flat, as it reduced expenditure on the development its chronic obstructive pulmonary disease treatment RPL554, but this was offset by increased expenditure on the development of its chronic cough treatment VRP700.
Verona said it will use funds of GBP14.0 million which it raised in a placing last month to advance RPL554 to a Phase 2b study.
It expects data from its proof of concept trial for VRP700 in the first half this year, and said that if this data is successful it will undertake additional pre-clinical and clinical work to progress the product.
The company is considering commercial partners for the development of RPL554. However, it noted it will only secure a partner when it can be sure of an "attractive return" for the company and its shareholders.
Verona filed new patents on both of its pipeline products during the year. "Strengthening the intellectual property coverage around both projects has provided longer patent protection and adds very significant value to both programmes," the company said in a statement.
Shares in Verona were trading up 1.1% at 2.30 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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