VRP.L Share News (VRP)

(ShareCast News) - Shares in Verona Pharma rallied after it announced positive headline data from the third and final part of a clinical study on its RPL554 drug for the treatment of chronic obstructive pulmonary disease.The drug development company said the primary objective of this part of the study was met and the drug formulation was well-tolerated at all dose levels, with a pronounced improved in lung function and no serious adverse events reported. In particular, it noted an absence of gastro-intestinal or cardiovascular adverse events.Dr.Jan-Anders Karlsson, chief executive of Verona, said: "The data demonstrates that, as designed, the new commercially scalable, suspension formulation is well tolerated and has allowed us to extend the dose range and the duration of bronchodilation effect that can be produced in COPD patients."We will now fully analyse the data from this trial. While we need to discuss these results and confirm our further development plans for the drug with the appropriate regulatory authorities, we currently expect to begin Phase IIb studies in the second half of 2016."At 0923 BST, Verona shares were up 9.5% at 4.82p.