LONDON (Alliance News) - Drug development company Verona Pharma PLC said Thursday that its fundraising in March will help it progress its lead development programme through to commercialisation, as it posted a slightly widened loss in the half-year to the end of June.
Verona posted a pretax loss of GBP1.4 million, widened slightly from GBP1.3 million in the previous year, on higher administrative, research and development costs due to the development of its lead drug. The company is not revenue producing.
Verona raised GBP14.0 million in a share placing in March.
The company's lead product, RPL554, is an innovative inhaled dual phosphodiesterase PDE3/PDE4 inhibitor with both bronchodilator and anti-inflammatory properties for the treatment of patients with chronic obstructive pulmonary disease and asthma
Using the funds raised in March, the company has now developed a new nebulised formulation of RPL554 for commercial use. It is investigating the drug in combination products.
It has begun preparations for further clinical studies of the drug to demonstrate its safety and efficacy, and it expects to start a Phase 2b trial in 2016.
Verona said that it recognises that partner would bring "significant value" to the development of RPL554, and has continued discussions around the product, but said it intends to partner its drug candidates only when it "can extract a commercially attractive return for the company and its shareholders."
Shares in Verona were trading 3.3% lower at 1.16 pence per share Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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