11 Sep 2009 07:03
11 September 2009 Verona Pharma plc ("Verona Pharma" or the "Company") Board Appointment
The Board of Verona Pharma, the drug discovery company, is pleased to announce the appointment of Dr Patrick P. A. Humphrey, B.Pharm. Hons, Ph.D, D.Sc, OBE, to the Board of the Company, as a Non-executive Director, with immediate affect.
Patrick Humphrey brings with him a proven track record and invaluable experience in the field of drug discovery and development within the pharmaceutical industry. He graduated from the School of Pharmacy, University London, in 1968, and went on to obtain a PhD in Pharmacology at St Mary's Hospital Medical School. After a period as a lecturer in Physiology at the Medical School, he joined Allen and Hanburys where he worked under Sir David Jack on various drug discovery projects. He personally led research projects that led to the invention of several drugs, for migraine and various gastrointestinal disorders, which had major therapeutic and commercial impact. During this time he became a leading scientist at GlaxoSmithKline (`Glaxo') and the Director of Glaxo's Division of Pharmacology that was instrumental in the discovery of sumatriptan, naratriptan, alosetron, ondansetron, vapiprost and salmeterol. In recognition of his scientific achievements, Dr Humphrey has received many awards including the prestigious Mullard medal from the Royal Society and an honorary Professorship from the University of Cambridge. Most recently, between 2001 and January 2008, Dr Humphrey held the position of Head of Research at Theravance in South San Francisco. During his tenure there, the company licensed several potentially important new drugs to GSK (formerly Glaxo).
Commenting on the appointment Professor Clive Page, Chairman of Verona Pharma said:
"We are delighted to welcome Patrick to the Board. He has an enviable reputation in drug discovery, a wealth of experience in drug development as well as being a leading pharmacologist. Patrick will be an invaluable and key asset in our lead project, RPL554, as we approach the possible licensing of the compound. His wealth of experience will also be invaluable as we progress with our projects in cough and on polysaccharide-based anti-inflammatory drugs."
Regulatory Information
Dr Patrick Paul Anthony Humphrey, aged 63, does not hold shares in Verona Pharma.
The Remuneration Committee of the Company has granted Dr Patrick Humphrey an option over 1,000,000 ordinary shares of 0.1 pence in the Company, at an exercise price equal to the mid point between the best offer price of the shares at the open of business and the best offer price of the shares at the close of business on the date of Dr Humphrey's appointment. The options will vest as to 25% immediately, with the remaining 75% split equally between the subsequent three anniversaries of his appointment. The options will have an exercise period of five years from the date of grant and will lapse immediately thereafter. The exercise price of Dr Humphrey's option calculated according to the above formulation will be disclosed by way of a separate announcement following the close of business on the date of Dr Humphrey's appointment.
There is no other information required to be disclosed under Schedule Two, paragraph (g) of the AIM Rules for Companies.
--END-- For more information please contact: Professor Clive Page 07971 504 931 Chairman, Verona Pharma plc Barry Saint / Tim Redfern / Esther Lee 020 7071 4300 Evolution Securities Limited Nick Rome / Robyn Samuelson 020 7562 3350 Bishopsgate Communications
veronapharma@bishopsgatecommunications.com
About Verona Pharma plc (www.veronapharma.com)
Verona Pharma plc (AIM:VRP) is an AIM-quoted life sciences company dedicated to the research, discovery and development of new therapeutic drugs for the treatment of allergic rhinitis (hay fever) and other chronic respiratory diseases, such as asthma and chronic obstructive pulmonary disease (COPD), as well as chronic inflammatory diseases.
The Company currently has two other potential drug projects under development and continues to look for other possible drug development opportunities aimed at the respiratory and inflammatory diseases markets.
Globally, treatment of these diseases cost an estimated US$20 billion per annum. Despite such diseases being among the most prevalent diseases in the industrialised world, many of the current treatments have unwanted side effects, and/or limited effectiveness.
Verona Pharma was admitted to AIM in September 2006, and is run by two world experts in pharmacology and drug discovery. Michael Walker is Emeritus Professor of Anesthesiology, 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.
Verona Pharma is also seeking to develop an anti-tussive drug that works to suppress the generation of a cough signal at the nerve endings in the lungs. The Company's longer term focus is to develop novel polysaccharides (NAIPS) as potential anti-inflammatory drugs for the treatment of respiratory allergies, asthma and other inflammatory diseases.
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