LONDON (Alliance News) - Verona Pharma PLC said Tuesday it is likely to report a slightly lower than expected pretax loss for its full year, although it also warned that it expects its costs in 2015 to be around a third higher than it had previously expected.
Verona said it expects to post a pretax loss of GBP3.7 million in 2014, widened from a pretax loss of GBP2.8 million in 2013.
It is continuing to focus on developing its chronic obstructive pulmonary disease treatment RPL554, and said that the first subjects have been successfully dosed in its initial clinical trial with the new proprietary and commercially scalable nebulized formulation of RPL554.
The company said it has decided it is now the right time to accelerate work on the drug to progress to the start of Phase IIb clinical trials in 2016, and as a result expects research and developments costs to be "substantially greater" than previously expected.
Verona said it will continue to apply for research and development tax credits, and expects its recovery from these credits to rise proportionally with its increased research and development expenses.
Shares in Verona are trading up 1.2% at 2.20 pence Tuesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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