Small caps round-up: Verona Pharma, PHSC, Sterling Green

Verona Pharma, respiratory diseases treatment developer, is initiating a new higher dose trial of its lead drug, RPL554, in patients with asthma, after receiving the go-ahead from the Dutch authorities.The company also announced that it has completed proof of concept trials on delivering RPL554 via each of the main types of devices commonly available for inhalation therapy."These studies broaden the inhalational delivery devices available to potential licensees of RPL554 and will enable licensees to test and administer the drug in the principal devices used for existing respiratory drug treatments," said Professor Michael Walker, chief executive of Verona. "Furthermore, with many inhaler devices having strong utility patents, it allows the possibility to further strengthen the patent protection for RPL554," Professor Walker added.Health and safety consultancy PHSC saw its shares take a tumble after interim earnings virtually halved and the company warned of the negative effects of the recent comprehensive spending review by the government. Earnings before interest, tax, depreciation and amortisation in the six months to 30 September fell to £0.11m from £0.21m the year before on turnover that rose 8% to £2.39 from £2.21m."There will be reductions in work that we do directly for public sector organisations, but less easy to evaluate is how our private sector clients who themselves rely upon public funding may be impacted," the company's chief executive Stephen King warned.Debt management firm Sterling Green moved into the black at the interim stage and remains hopeful of delivering a modest full year maiden profit.Total revenue rose to £1.32m in the six months to 30 September from £1.14m the year before as the number of debt management clients rose to 4,216 from 3,120. Pre-tax profit was £38,000, compared to a loss of £41,000 the year before.