LONDON (Alliance News) - Verona Pharma PLC, a biotechnology company, widened pretax losses as it increased administration, research and development costs as it continues to develop its core two treatments in the half-year ended June 30.
The company posted a pretax loss of GBP1.3 million, widened from GBP1.1 million in the previous year. The company remains non-revenue generating. The company increased its research and development expenses to GBP800,036 from GBP587,890, and increased programme expenses for both its VRP700 programme and RPL5540 programme. Administration costs were up to GBP508,866 from GBP487,667.
Verona said that it was continuing its strategy of developing high value drugs for specialist treatment of respiratory diseases. It believes that both of its core treatments, RPL554 and VRP700, address patient groups that are under-treated and thus had little marketplace competition which make them attractive commercial opportunities.
RPL554 is a treatment for patients with Chronic Obstructive Pulmonary Disease, VRP700 is a treatment for chronic coughs as a result of lung disease, it has begun its first Phase 2 clinical trial.
Shares in Verona were trading down 2% at 2.25 pence Monday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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