VRP.L Regulatory News (VRP)

3 Jun 2011 11:09

3 June 2011 Verona Pharma plc ("Verona Pharma" or the "Company") (AIM: VRP.L) AGM STATEMENT

Professor Michael Walker, CEO of Verona Pharma, will make the following statement at the Company's 2011 Annual General Meeting to be held today at the offices of Sprecher Grier Halberstam LLP, 5th Floor, One America Square, Crosswall, London EC3N 2SG at 11.30 a.m.

"In the twelve months since the last AGM Verona Pharma has further progressed its clinical development programmes, with both its lead project, RPL554, and its cough project, VRP700, in clinical development. Key highlights that shareholders should be aware of are the following:

* Successfully completed a further Phase I/II clinical trial of RPL554 at the Centre for Human Drug Research ("CHDR") in the Netherlands to evaluate the safety and bronchodilator effectiveness of two higher doses of RPL554 in patients with mild asthma. * Began a further Phase II clinical trial of RPL554 at CHDR to test the sustainability of the drug's bronchodilatory actions in patients with mild asthma receiving a daily dose over a period of days. * Applied to the Medicines and Healthcare Products Regulatory Agency ("MHRA") for approval to conduct further clinical development in terms of Phase II trials with RPL554 in the UK. * Began a Phase II clinical trial of RPL554 at the University of Tor Vergata in Rome to evaluate the safety and bronchodilator effectiveness of the drug in patients with mild to moderate COPD. * Completed proof of concept experimental studies which showed that suitable formulations of RPL554 can be delivered via each of the main types of devices commonly used for inhalation therapy, namely dry powder inhaler (DPI) and pressurized metered dose inhaler (pMDI). * Begun the clinical trial of VRP700 in patients with intractable chronic cough at the University of Florence, Italy. * Experimental work continues to evaluate novel compounds from collaborative partners to determine their clinical potential as anti-inflammatory drug candidates. * Continued to maintain a low burn rate (averaging £150k per month) with the current cash balance being £1.2 million.

We are pleased with the Company's progress over the past twelve months. Our dominant focus continues to be the licensing of RPL554 and the ongoing clinical development of the drug to add value to the licensing package and provide further data for potential licensing partners. All our current evidence indicates that RPL554 will be a significant new respiratory drug for asthma and COPD. We are optimistic that we will find a suitable partner to assist us in taking the drug to market."

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For more information please contact:

Verona Pharma plc Tel: 020 7863 3300 Clive Page, Chairman info@veronapharma.com Michael Walker, CEO

Evolution Securities Limited (NOMAD and Joint Broker) Tel: 020 7071 4300 Bobbie Hilliam / Tim Redfern / Patrick Castle contactus@evosecurities.com

WH Ireland Group Plc (Joint Broker) Tel: 0121 265 6300Richard Smith / Nicola Rayner Richard.Smith@WH-Ireland.Co.UK College Hill Tel: 020 7457 2020 Melanie Toyne Sewell / Gemma Howe verona@thecollegegroup.com

Notes to Editors

About Verona Pharma plc (www.veronapharma.com)

Verona Pharma plc is a biotechnology company dedicated to discovering new drugs for the treatment of chronic respiratory diseases, such as asthma, allergic rhinitis (hay fever), chronic obstructive pulmonary disease (COPD) and cough. The Company has three potential drug treatments under development aimed at the respiratory and inflammatory diseases markets: RPL554, an inhaled novel mixed phosphodiesterase (PDE) 3 and 4 inhibitor in Phase II; VRP700, an inhaled anti-tussive drug for intractable and severe cough currently in a clinical trial at the University of Florence; and novel anti-inflammatory polysaccharides (NAIPs) in experimental research phase for the treatment of a wide range of respiratory and inflammatory diseases.

Verona Pharma was admitted to AIM in September 2006, and is run by two world experts in pharmacology and drug discovery. Dr. Michael Walker is Emeritus Professor of Anaesthesiology, Pharmacology and Therapeutics at the University of British Columbia, and a founder of other biotech, and biotech related companies. Chairman Dr Clive Page is a Professor of Pharmacology at King's College London, and an internationally-recognised authority in lung diseases and inflammation.