(Alliance News) - Verona Pharma PLC on Tuesday said its loss widened in the second quarter and the first half of 2019 as it progressed on clinical trials of Ensifentrine, used for the treatment of respiratory diseases.
The clinical stage biopharmaceutical company said pretax loss widened in the three months to the end of June to GBP11.1 million from just GBP416,000 reported a year ago due to a sharp increase in research & development costs to GBP9.9 million from GBP3.9 million.
Verona Pharma explained that the increase was predominantly attributable to a GBP6.9 million increase in clinical trial expenses relating to four clinical trials of Ensifentrine compared to two trials in the first half of 2018. Salary costs also increased, the company noted, by GBP500,000, reflecting the expansion of the clinical team.
For the six months to the end of June, the AIM-listed company's loss widened to GBP17.8 million from GBP16.5 million the year prior.
Looking ahead, Chief Executive Jan-Anders Karlsson said: "Our phase 2b dose-ranging clinical trial with nebulized ensifentrine for chronic obstructive pulmonary disease is progressing as planned and we anticipate completing this study around the end of 2019. Informed by this and prior studies in over 800 patients, we then plan to advance into our phase 3 clinical trial program, which we expect to commence in 2020 following an end of phase 2 meeting with the US Food & Drug Administration."
Verona Pharma shares were trading 4.1% lower on Tuesday in London at 46.05 pence each.