TIDMVRP
Emerging clinical data confirms the potential for RPL554 to be an
important, novel treatment for patients with COPD
LONDON, Nov. 07, 2017 (GLOBE NEWSWIRE) -- Verona Pharma plc (AIM:VRP)
(Nasdaq:VRNA) ("Verona Pharma" or the "Company"), a clinical-stage
biopharmaceutical company focused on developing and commercializing
innovative therapies for respiratory diseases, announces today an
operational update and financial results for the third quarter ended
September 30, 2017.
The Company's product candidate RPL554, is a first-in-class, inhaled,
dual inhibitor of the enzymes phosphodiesterase 3 and 4, or PDE3 and
PDE4, that acts as both a bronchodilator and an anti-inflammatory agent
in a single compound. Verona Pharma is developing RPL554 for the
treatment of chronic obstructive pulmonary disease ("COPD") and cystic
fibrosis ("CF"), and potentially asthma.
OPERATIONAL HIGHLIGHTS
During the three months ended September 30, 2017 the Company:
-- Reported data from two clinical studies:-- Positive top-line data from a
Phase 2a clinical trial in COPD with RPL554 when dosed in addition to
tiotropium (Spiriva(R)): -- Achieved significant and clinically
meaningful additional improvement in peak lung function when added to
tiotropium, a widely used drug to treat COPD; -- Achieved faster
onset-of-action when added to tiotropium; and -- Demonstrated
statistical significance across all primary and secondary efficacy
outcome measures, as well as a clear dose response at 6 mg dose compared
to 1.5 mg dose;-- Earlier than expected positive top-line data from U.S.
pharmacokinetic ("PK") trial demonstrated that nebulized RPL554 delivers
optimal clinical dose to patients: -- Confirmed inhaled RPL554 is an
appropriate form of administration for patients with chronic COPD and
other respiratory disorders; and -- Demonstrated absorption occurs
primarily in the lungs following inhaled administration, consistent with
optimal inhaled delivery of medications for the treatment of COPD and
asthma;
-- Commenced a 4-week, Phase 2b dose-ranging clinical trial in Europe in
approximately 400 patients to investigate the efficacy, safety, and
dose-response of nebulized RPL554 for the maintenance treatment of
COPD;-- Study has now enrolled ahead of schedule, more than 200 patients
(equivalent to 50% of the study) enrolled, see separate announcement
issued today; and-- Top-line data now expected in mid-2018, and
potentially sooner than previous guidance of second-half of 2018;
-- Continued the Phase 2a clinical study to evaluate the PK and
pharmacodynamic ("PD") profile and tolerability of RPL554 in up to 10 CF
patients as well as examine the effect on lung function;-- Top-line data
expected in the first half of 2018;
-- Continued development of RPL554 as dry powder inhaler ("DPI") and metered
dose inhaler ("MDI") formulations for maintenance treatment of COPD.
FINANCIAL HIGHLIGHTS
-- Net cash, cash equivalents and short-term investments at September 30,
2017 amounted to GBP85.5 million (December 31, 2016: GBP39.8 million);
-- For the nine months ended September 30, 2017, reported operating loss of
GBP19.1 million (first nine months of 2016: GBP4.1 million) and reported
loss after tax of GBP14.2 million (first nine months of 2016: loss after
tax of GBP4.2 million), reflecting the preparation, initiation and
completion of clinical trials and expansion of the team;
-- Reported loss per share of 17.4 pence for the nine months ended September
30, 2017 (first nine months of 2016: loss per share 15.4 pence); and
-- Net cash used in operating activities for the nine months ended September
30, 2017 of GBP15.8 million (first nine months of 2016: GBP3.3 million)
reflecting increased clinical activities.
Jan-Anders Karlsson, PhD, CEO of Verona Pharma, commented:
"We are delighted to report another period of significant progress for
Verona Pharma. We reported positive top-line data from two clinical
studies that we completed ahead of schedule during the third quarter.
In a Phase 2a trial RPL554 demonstrated a significant and clinically
meaningful improvement in lung function in COPD patients and faster
onset of action when administered as an add-on treatment to tiotropium,
one of the most widely prescribed LAMA bronchodilators in these
patients. In the PK trial in the United States, we demonstrated that
inhalation of RPL554 is an appropriate route of administration for
people with COPD and other respiratory diseases. We are also pleased
that we were able to update the market today on the solid progress being
made in enrolling patients in our 4-week Phase 2b COPD trial and we now
expect to report top line data in mid-2018."
Conference Call and Webcast Information
Verona Pharma will host an investment community conference call at 8:00
a.m. Eastern Standard Time (1:00 pm Greenwich Mean Time) on November 7,
2017. Analysts and investors may participate in the conference call by
utilizing the conference ID: 1550110 and dialing the following numbers:
-- (877)-280-1254 or (646)-254-3388 for callers in the United States
-- 0800 279 5736 or 44 (0) 20 3427 1901 for callers in the United Kingdom
-- 0800 589 2673 or 49 (0) 69 2222 10619 for callers in Germany
Those interested in listening to the conference call live via the
internet may do so by visiting the "Investors" page of Verona Pharma's
website at www.veronapharma.com and clicking on the webcast link. A
webcast replay of the conference call [audio] will be available on the
"Investors" page of Verona Pharma's website at www.veronapharma.com.
An electronic copy of the interim results will be made available today
on the Company's website (http://www.veronapharma.com). This press
release does not constitute an offer to sell or the solicitation of an
offer to buy any of the Company's securities, and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of that jurisdiction.
This press release contains inside information for the purposes of
Article 7 of Regulation (EU) No. 596/2014.
About Verona Pharma plc
Verona Pharma is a clinical-stage biopharmaceutical company focused on
developing and commercializing innovative therapies for the treatment of
respiratory diseases with significant unmet medical needs. Verona
Pharma's product candidate, RPL554, is a first-in-class, inhaled, dual
inhibitor of the enzymes phosphodiesterase 3 and 4 that acts as both a
bronchodilator and an anti-inflammatory agent in a single compound. In
clinical trials, treatment with RPL554 has been observed to result in
statistically significant improvements in lung function as compared to
placebo, and has shown clinically meaningful and statistically
significant improvements in lung function when administered in addition
to frequently used short- and long-acting bronchodilators as compared to
such bronchodilators administered as a single agent. Verona Pharma is
developing RPL554 for the treatment of chronic obstructive pulmonary
disease (COPD) and cystic fibrosis (CF), and potentially asthma.
Forward-Looking Statements
This press release contains forward-looking statements. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including, but not limited to, statements regarding the expected timing
of top-line data from our clinical trials of RPL554, development of
RPL554 to treat asthma or other respiratory diseases, RPL554 as an
important and promising therapy for COPD patients, the timing of
commencement of clinical trials for RPL554, the ability of DPI and MDI
formulations of RPL554 to address a larger COPD market segment and
significantly extend RPL554's commercial opportunity, our ability to
deliver a comprehensive package of Phase 2b data for nebulized RPL554,
the broad potential applicability of RPL554 in COPD and other
respiratory indications, and collaborations to acquire or in-license
product candidates.
These forward-looking statements are based on management's current
expectations. These statements are neither promises nor guarantees, but
involve known and unknown risks, uncertainties and other important
factors that may cause our actual results, performance or achievements
to be materially different from our expectations expressed or implied by
the forward-looking statements, including, but not limited to, the
following: our limited operating history; our need for additional
funding to complete development and commercialization of RPL554, which
may not be available and which may force us to delay, reduce or
eliminate our development or commercialization efforts; the reliance of
our business on the success of RPL554, our only product candidate under
development; economic, political, regulatory and other risks involved
with international operations; the lengthy and expensive process of
clinical drug development, which has an uncertain outcome; serious
adverse, undesirable or unacceptable side effects associated with
RPL554, which could adversely affect our ability to develop or
commercialize RPL554; potential delays in enrolling patients, which
could adversely affect our research and development efforts; we may not
be successful in developing RPL554 for multiple indications; our ability
to obtain approval for and commercialize RPL554 in multiple major
pharmaceutical markets; misconduct or other improper activities by our
employees, consultants, principal investigators, and third-party service
providers; material differences between our "top-line" data and final
data; our reliance on third parties, including clinical investigators,
manufacturers and suppliers, and the risks related to these parties'
ability to successfully develop and commercialize RPL554; and lawsuits
related to patents covering RPL554 and the potential for our patents to
be found invalid or unenforceable. These and other important factors
under the caption "Risk Factors" in our final prospectus filed with the
Securities and Exchange Commission ("SEC") on April 28, 2017 relating to
our Registration Statement on Form F-1, and our other reports filed with
the SEC, could cause actual results to differ materially from those
indicated by the forward-looking statements made in this press release.
Any such forward-looking statements represent management's estimates as
of the date of this press release. While we may elect to update such
forward-looking statements at some point in the future, we disclaim any
obligation to do so, even if subsequent events cause our views to
change. These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of this
press release.
For further information, please contact:
Verona Pharma plc Tel: +44 (0)20 3283 4200
Jan-Anders Karlsson, Chief Executive Officer info@veronapharma.com
Stifel Nicolaus Europe Limited (Nominated Adviser Tel: +44 (0) 20 7710 7600
and UK
Broker)
Stewart Wallace / Jonathan Senior / Ben Maddison SNELVeronaPharma@stifel.com
FTI Consulting (UK Media and Investor enquiries) Tel: +44 (0)20 3727 1000
Simon Conway / Natalie Garland-Collins veronapharma@fticonsulting.
com
ICR, Inc. (US Media and Investor enquiries)
James Heins Tel: +1 203-682-8251
James.Heins@icrinc.com
Stephanie Carrington Tel. +1 646-277-1282
Stephanie.Carrington@icrinc
.com
OPERATIONAL REVIEW
We are a clinical-stage biopharmaceutical company focused on developing
and commercializing innovative therapies for the treatment of
respiratory diseases with significant unmet medical needs. Our product
candidate, RPL554, is a first-in-class, inhaled, dual inhibitor of the
enzymes phosphodiesterase 3 and 4, or PDE3 and PDE4, that acts as both a
bronchodilator and an anti-inflammatory agent in a single compound,
giving it a dual mechanism of action to improve lung function. If
successful, RPL554 would represent the first novel class of
bronchodilator developed in decades, and at the same time have
anti-inflammatory effects. RPL554 has been well tolerated in our
clinical trials, and has not been observed to result in the
gastrointestinal or other side effects commonly associated with PDE4
inhibition.
We are developing RPL554 for the treatment of COPD and CF. We may also
explore, alone or with a collaborator, the development of RPL554 to
treat asthma and other respiratory diseases.
We have initiated four clinical trials of nebulized RPL554 in 2017, of
which two were successfully completed this quarter. In September 2017,
we announced positive top-line data from our Phase 2a clinical trial of
RPL554 as an add-on treatment to tiotropium, one of the most important
current therapies for COPD. The data showed a significant improvement in
peak lung function when RPL554 was added on top of tiotropium,
supporting the continued development of RPL554 as a promising therapy
for COPD patients. We have also shown in a pharmacokinetic, or PK,
clinical trial that RPL554 is well-suited to inhaled administration.
Enrollment in our current study in 400 COPD patients in Europe, being
treated for 4 weeks, is progressing well and the Company now expects to
report top-line data in mid-2018, sooner than previous guidance of
second-half of 2018.
Our ongoing Phase 2a study in CF patients, to evaluate PK and PD is
progressing as planned and we expect to report top-line data in the
first half of 2018.
The Company continues to review its development strategy for RPL554 in
the context of additional data generated, including from clinical trials
and market research, to identify opportunities to enhance the planned
development and commercialization of RPL554 which may lead to changes in
the planned future clinical development of RPL554.
In addition to our nebulized formulation of RPL554, we are also
developing RPL554 in both DPI and MDI formulations for the maintenance
treatment of COPD. We believe these formulations may enable the Company
to address a larger COPD market segment than can be addressed through
the nebulizer formulation. We may explore the development of RPL554 in
these formulations for the treatment of CF and other respiratory
diseases.
For the nine months ended September 30, 2017 the Company recorded a loss
after tax of GBP14.2m (2016: loss of GBP4.2m) and a loss per share of
17.4p (2016: loss of 15.4p). Net cash outflows from operating activities
during the nine month period ended September 30, 2017 were GBP15.8m
(2016: outflow of GBP3.3m), and at September 30, 2017 the Company held
cash, cash equivalents and short-term investments of GBP85.5m (December
31, 2016: GBP39.8m).
OUTLOOK
Having successfully completed earlier this year a global offering
comprised of an initial public offering of our American Depositary
Shares ("ADSs") on Nasdaq and an offering in Europe of our ordinary
shares, we believe that we now have the team and funding in place to
progress the development of nebulized RPL554 as maintenance therapy for
both COPD and CF, as well as for the treatment of acute exacerbations of
COPD. We are also developing DPI and MDI formulations of RPL554 which we
believe has the potential to extend the commercial opportunity in COPD
and other respiratory indications, as we believe RPL554's properties as
a dual inhibitor of PDE3 and PDE4 give it broad potential applicability
in this therapeutic area. Additionally, we intend to seek strategic
collaborative relationships and opportunities to acquire or in-license
product candidates for the treatment of additional unmet clinical needs
in respiratory diseases.
FINANCIAL REVIEW
Financial review of the three and nine month periods ended September 30,
2017
Three months ended September 30, 2017
The operating loss for the three months ended September 30, 2017 was
GBP8.1m (three months ended September 30, 2016: GBP2.2m) and the loss
after tax for the period was GBP9.1m (three months ended September 30,
2016: GBP2.5m).
Research and development costs for the three months ended September 30,
2017 were GBP6.1m (three months ended September 30, 2016: GBP1.4m), an
increase of GBP4.7m. This increase related to the expense of preparation
for, initiation, progression and completion of clinical trials as well
as the build-out of the management team, including the expansion of
clinical and regulatory capacity in the United States. Included in the
increase was an amount of GBP0.5m related to share-based payment charges
(2016: GBP0.1m).
General and administrative costs for the three months ended September
30, 2017 were GBP2.0m (three months ended September 30, 2016: GBP0.8m),
an increase of GBP1.2m. This increase was due to an expansion in the
commercial and administrative structure and activities of the Company.
Included in the increase was an amount of GBP0.5m related to share-based
payment charges (2016: GBP0.0m).
Finance income for the three months ended September 30, 2017 was GBP0.1m
(three months ended September 30, 2016: GBP0.1m).
Finance expense for the three months ended September 30, 2017 was
GBP2.4m (three months ended September 30, 2016: GBP0.7m). The increase
in finance expense was due to an increase in the fair value of the
warrant liability of GBP1.2m, increased losses following changes in
exchange rates as well as an increase in the calculated value of the
assumed contingent obligation resulting from the Vernalis licence
agreement, offset by transaction costs relating to warrants in 2016.
The increase in the value of the warrants was caused by changes in the
underlying assumptions for measuring the liability of the warrants,
predominantly the increase in the price of the Company's shares. The
Company manages its exposure to movements in foreign exchange movements
by holding its cash and short-term investments in a range of currencies.
The movement in the sterling US dollar exchange rate resulted in a
foreign exchange loss during the period.
Taxation for the three months ended September 30, 2017 amounted to a
credit of GBP1.3m (three months ended September 30, 2016: GBP0.3m), an
increase in the credit amount of GBP1.0m. The credits are obtained at a
rate of 14.5% of 230% of our qualifying research and development
expenditure, and the increase in the credit amount was primarily
attributable to our increased expenditure on research and development.
Nine months ended September 30, 2017
The operating loss for the nine months ended September 30, 2017 was
GBP19.1m (nine months ended September 30, 2016: GBP4.1m) and the loss
after tax for the period was GBP14.2m (nine months ended September 30,
2016: GBP4.2m).
Research and development costs for the nine months ended September 30,
2017 were GBP14.0m (nine months ended September 30, 2016: GBP2.7m), an
increase of GBP11.3m. This increase related to the expense of
preparation for, initiation, progression and completion of clinical
trials as well as the build-out of the management team, including the
expansion of clinical and regulatory capacity in the United States.
Included in the increase was an amount of GBP1.2m related to share-based
payment charges (2016: GBP0.2m).
General and administrative costs for the nine months ended September 30,
2017 were GBP5.0m (nine months ended September 30, 2016: GBP1.4m), an
increase of GBP3.6m. This increase was due to an expansion in the
commercial and administrative structure and activities of the Company.
Included in the increase was an amount of GBP1.0m related to share-based
payment charges (2016: GBP0.1m).
Finance income for the nine months ended September 30, 2017 was GBP4.1m
(nine months ended September 30, 2016: GBP0.1m). The increase in finance
income was primarily due to a decrease in the fair value of the warrant
liability of GBP3.9m caused by changes in the underlying assumptions for
measuring the liability of the warrant, predominantly the price of the
Company's shares.
Finance expense for the nine months ended September 30, 2017 was GBP2.2m
(nine months ended September 30, 2016:GBP0.9m). The increase in finance
expense was due to increased losses following changes in exchange rates
as well as an increase in the calculated value of the assumed contingent
obligation resulting from the Vernalis licence agreement, offset by
transaction costs relating to warrants in 2016. As part of our approach
to risk management we hold cash and short-term investments in a mix of
currencies. The movement in the sterling US dollar exchange rate has
resulted in the foreign exchange loss for the nine months ended
September 30, 2017 (nine months ended September 30, 2016: gain).
Taxation for the nine months ended September 30, 2017 amounted to a
credit of GBP2.9m (nine months ended September 30, 2016: GBP0.6m), an
increase in the credit amount of GBP2.3m. The credits are obtained at a
rate of 14.5% of 230% of our qualifying research and development
expenditure, and the increase in the credit amount was primarily
attributable to our increased expenditure on research and development.
Cash Flow - Operating activities: net cash used in operating activities
increased by GBP12.5m to GBP15.8m for the nine months period ended
September 30, 2017 compared to GBP3.3m for the nine month period ended
September 30, 2016. This increase was due to the increases in both
research and development, and general and administrative expenses
described above.
Cash Flow - Investing activities: net cash used in investing activities
for the nine month period ended September 30, 2017 amounted to GBP54.8m,
reflecting the placing of funds on term deposits with maturity of
greater than 3 months together with certain patent costs, compared to
GBP0.1m for the nine months ended September 30, 2016.
Cash Flow - Financing activities: net cash inflow from financing
activities for the nine month period ended September 30, 2017 amounted
to GBP63.2m and relates to the net proceeds from the global offering of
our ADSs and ordinary shares and a private placement of our ordinary
shares, each of which completed on May 2, 2017. For the period ended
September 30, 2016 the net cash inflow of GBP41.8m related to a
financing that took place in July 2016.
Financial position
At September 30, 2017 Verona Pharma plc and its subsidiaries had
approximately GBP85.5m in cash, cash equivalents and short-term
investments (December 31, 2016: GBP39.8m).
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE
INCOME FOR THE THREE AND NINE MONTHSING SEPTEMBER 30, 2016 AND
SEPTEMBER 30, 2017
Three months Three months Nine months Nine months
ended ended ended ended
September 30, September 30, September 30, September 30,
2016 2017 2016 2017
Notes (unaudited) (unaudited) (unaudited) (unaudited)
GBP GBP GBP GBP
Research and development costs (1,408,726) (6,084,999) (2,653,441) (14,027,854)
General and administrative costs (751,912) (2,040,276) (1,427,026) (5,041,200)
Operating loss (2,160,638) (8,125,275) (4,080,467) (19,069,054)
Finance income 6 139,803 114,079 147,178 4,130,934
Finance expense 6 (711,285) (2,360,885) (859,195) (2,151,329)
Loss before taxation (2,732,120) (10,372,081) (4,792,484) (17,089,449)
Taxation - credit 7 270,757 1,257,906 555,734 2,861,359
Loss for period (2,461,363) (9,114,175) (4,236,750) (14,228,090)
Other comprehensive income/(expense):
Items that may be subsequently reclassified to profit
or loss.
Exchange differences on translating foreign operations 3,842 (13,654) 20,495 (27,691)
Total comprehensive loss for the period attributable
to owners of the Company (2,457,521) (9,127,829) (4,216,255) (14,255,781)
Loss per ordinary share - basic and diluted (pence) 8 (5.9 )p (8.7 )p (15.4 )p (17.4 )p
The accompanying notes form an integral part of these condensed
consolidated interim financial statements.
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2016 AND SEPTEMBER 30, 2017
As of As of
December 31, 2016 September 30, 2017
Notes (audited) (unaudited)
GBP GBP
ASSETS
Non-current
assets:
Property, plant
and equipment 13,838 12,819
Intangible
assets 1,876,684 2,003,841
Goodwill 441,000 441,000
2,331,522 2,457,660
Current assets:
Prepayments and
other
receivables 2,958,587 3,916,024
Current tax
receivable 1,067,460 3,068,523
Short-term
investments 9 - 54,064,942
Cash and cash
equivalents 39,785,098 31,393,327
43,811,145 92,442,816
Total assets 46,142,667 94,900,476
EQUITY AND
LIABILITIES
Capital and
reserves
attributable to
equity
holders:
Share capital 2,568,053 5,250,870
Share premium 58,526,502 118,861,212
Share-based
payment
reserve 2,101,790 4,092,921
Accumulated
loss (28,728,038) (42,983,819)
Total equity 34,468,307 85,221,184
Current
liabilities:
Trade and other
payables 2,823,489 4,751,798
Tax payable -
US operations 126,063 78,091
Derivative
financial
instrument 10 7,922,603 3,997,333
Total current
liabilities 10,872,155 8,827,222
Non-current
liabilities:
Assumed
contingent
obligation 11 802,205 852,070
Total
non-current
liabilities 802,205 852,070
Total equity
and
liabilities 46,142,667 94,900,476
The accompanying notes form an integral part of these condensed
consolidated interim financial statements.
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR
THE NINE MONTHSED SEPTEMBER 30, 2016 AND SEPTEMBER 30, 2017
Nine months Nine months
ended ended
September 30, 2016 September 30, 2017
(unaudited) (unaudited)
GBP GBP
Cash used in operating activities:
Loss before taxation (4,792,484) (17,089,449)
Finance income (147,178) (4,130,934)
Finance expense 859,195 2,151,329
Share-based payment charge 307,929 1,991,131
Increase in prepayments and other receivables (537,183) (2,377,156)
(Decrease)/increase in trade and other payables (551,100) 2,798,146
Depreciation of plant and equipment 7,288 4,502
Amortization of intangible assets 40,913 50,305
Cash used in operating activities (4,812,620) (16,602,126)
Cash inflow from taxation 1,533,068 816,367
Net cash used in operating activities (3,279,552) (15,785,759)
Cash flow from investing activities:
Interest received 48,166 87,356
Purchase of plant and equipment (3,825) (3,483)
Payments for patents (99,719) (177,461)
Purchase of short-term investments - (54,689,344)
Net cash used in investing activities (55,378) (54,782,932)
Cash flow from financing activities:
Gross proceeds from issue of shares and warrants 44,702,197 70,031,506
Transaction costs on issue of shares and warrants (2,910,461) -
Transaction costs on Global Offering - (6,785,749)
Net cash generated from financing activities 41,791,736 63,245,757
Net increase / (decrease) in cash and cash
equivalents 38,456,806 (7,322,934)
Cash and cash equivalents at the beginning of the
period 3,524,387 39,785,098
Effect of exchange rates on cash and cash
equivalents 99,012 (1,068,837)
Cash and cash equivalents at the end of the period 42,080,205 31,393,327
The accompanying notes form an integral part of these condensed
consolidated interim financial statements.
VERONA PHARMA PLC
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE NINE MONTHSED SEPTEMBER 30, 2016 AND SEPTEMBER 30, 2017
Share-based Total
Share Share payment Accumulated Total
capital premium reserve losses Equity
GBP GBP GBP GBP GBP
Balance at
January 1,
2016 1,009,923 26,650,098 1,525,897 (23,752,204) 5,433,714
Loss for the
period - - - (4,236,750) (4,236,750)
Other
comprehensive
income for the
period:
Exchange
differences
on
translating
foreign
operations - - - 20,495 20,495
Total
comprehensive
loss for the
period - - - (4,216,255) (4,216,255)
New share
capital issued 1,555,796 34,151,439 - - 35,707,235
Transaction
costs on share
capital issued - (2,325,035) - - (2,325,035)
Warrants
exercised
during the
period 167 4,000 - - 4,167
Share-based
payments - - 307,929 - 307,929
Balance at
September 30,
2016 2,565,886 58,480,502 1,833,826 (27,968,459) 34,911,755
Balance at
January 1,
2017 2,568,053 58,526,502 2,101,790 (28,728,038) 34,468,307
Loss for the
period - - - (14,228,090) (14,228,090)
Other
comprehensive
expense for the
period:
Exchange
differences
on
translating
foreign
operations - - - (27,691) (27,691)
Total
comprehensive
loss for the
period - - - (14,255,781) (14,255,781)
New share
capital issued 2,676,150 67,647,737 - - 70,323,887
Transaction
costs on new
share capital
issued - (7,453,027) - - (7,453,027)
Warrants
exercised
during the
period 6,667 140,000 - - 146,667
Share-based
payments - - 1,991,131 - 1,991,131
Balance at
September 30,
2017 5,250,870 118,861,212 4,092,921 (42,983,819) 85,221,184
The currency translation reserve is currently not material and as such
is not presented in a separate reserve but has been included in the
total accumulated losses reserve.
The accompanying notes form an integral part of these condensed
consolidated interim financial statements.
VERONA PHARMA PLC
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
FOR THE THREE AND NINE MONTHSED SEPTEMBER 30, 2017
1. General information
On February 10, 2017 the Company effected a 50-for-1, reverse stock
split, consolidation of its shares. All references to ordinary shares,
options and warrants, as well as share, per share and related
information in these consolidated financial statements have been
retroactively adjusted to reflect the consolidation as if it had
occurred at the beginning of the earliest period presented.
On May 2, 2017 the Company announced the closing of its global offering
of an aggregate of 47,399,001 new ordinary shares, consisting of the
initial public offering in the United States of 5,768,000 American
Depositary Shares ("ADSs") at a price of $13.50 per ADS and the private
placement in Europe of 1,255,001 ordinary shares at a price of GBP1.32
per ordinary share, for gross proceeds of $80.0 million (the "Global
Offering"). Each ADS offered represents eight ordinary shares of the
Company. The ordinary shares offered were allotted and issued in a
concurrent private placement in Europe and other countries outside of
the United States and Canada.
In addition, the Chairman of Verona Pharma's board of directors, Dr.
David Ebsworth, and an existing shareholder agreed to subscribe for
254,099 new ordinary shares at a price of GBP1.32 per ordinary share in
a shareholder private placement separate from the Global Offering (the
"Shareholder Private Placement"), contingent on and concurrent with the
Global Offering and generating additional gross proceeds of GBP335
thousand.
On May 15 and May 23, 2017, pursuant to the Global Offering, the
underwriters purchased an additional 733,738 ADSs, representing
5,869,904 ordinary shares, at a price of $13.50 per ADS, for additional
gross proceeds of $9.9 million bringing the total gross proceeds in the
Global Offering to $89.9 million (GBP70.0 million). Including the
Shareholder Private Placement, the total gross proceeds of the capital
raising amounted to $90.3 million (GBP70.3 million).
The ADSs began trading on the NASDAQ Global Market under the ticker
symbol "VRNA" on April 27, 2017. Verona Pharma's ordinary shares
continue to trade on the AIM market of the London Stock Exchange ("AIM")
under the symbol "VRP".
On September 22, 2017, 133,333 share options over 133,333 new shares
were exercised at a price of 110p per share, resulting in proceeds of
GBP147 thousand to the Company.
Following the Global Offering, the Shareholder Private Placement and the
exercise of warrants, the number of ordinary shares in issue at
September 30, 2017 was 105,017,401.
2. Basis of accounting
The unaudited condensed consolidated interim financial statements of
Verona Pharma Plc (the "Company") and its subsidiaries, Verona Pharma,
Inc., and Rhinopharma Limited (together "the Group"), for the nine
months ended September 30, 2017, do not include all the statements
required for full annual financial statements and should be read in
conjunction with the consolidated financial statements of the Group as
of December 31, 2016.
These unaudited condensed interim financial statements were authorized
for issue by the Company's board of directors (the "Directors") on
November 7, 2017. There have been no changes, except as otherwise stated,
to the accounting policies as contained in the annual consolidated
financial statements as of and for the year ended December 31, 2016,
which have been prepared in accordance with international financial
reporting standards ("IFRS") as issued by the International Accounting
Standards Board ("IASB").
The interim condensed consolidated financial statements have been
prepared on a going-concern basis. Management, having reviewed the
future operating costs of the business in conjunction with the cash held
as of September 30, 2017, believes the Group has sufficient funds to
continue as a going concern for at least 12 months from the end of the
reporting period.
The Group's activities and results are not exposed to any seasonality.
The Company operates as a single operating and reportable segment.
Dividend
The Directors do not recommend the payment of a dividend for the nine
months ended September 30, 2017 (Nine months ended September 30, 2016:
GBPNil; year ended December 31, 2016: GBPNil).
Update to accounting policies: Short-Term Investments
Short-term investments include fixed term deposits held at banks and
other investments with original maturities of three months or more but
less than a year. They are classified as loans and receivables and are
measured at amortised cost using the effective interest method.
3. Segmental reporting
The Group's activities are covered by one operating and reporting
segment: Drug Development, as detailed more fully in the annual
consolidated financial statements as of and for the year ended December
31, 2016. There have been no changes to management's assessment of the
operating and reporting segment of the Group during the period.
4. Financial Instruments
The Group's activities expose it to a variety of financial risks: market
risk (including foreign currency risk); cash flow and fair value
interest rate risk; and credit risk and liquidity risk. The condensed
consolidated interim financial statements do not include all financial
risk management information and disclosures required in the annual
financial statements, and they should be read in conjunction with the
Group's annual financial statements for the year ended December 31,
2016.
5. Estimates
The preparation of condensed consolidated interim financial statements
require management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts
of assets and liabilities, income and expenses. Actual results may
differ from those estimates.
In preparing these condensed consolidated interim financial statements,
the significant judgments made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were
the same as those applied to the consolidated financial statements for
the year ended December 31, 2016.
6. Finance income and expense
Three months Three months Nine months Nine months
ended ended ended ended
September September September September
30, 2016 30, 2017 30, 2016 30, 2017
GBP GBP GBP GBP
Finance income:
Interest received on cash balances 40,791 102,882 48,166 194,467
Foreign exchange gain on translating foreign currency
denominated bank balances 99,012 - 99,012 -
Fair value adjustment on derivative financial instrument
(note 10) - - - 3,925,270
Other income - 11,197 - 11,197
Total finance income 139,083 114,079 147,178 4,130,934
Three months Three months Nine months Nine months
ended ended ended ended
September September September September
30, 2016 30, 2017 30, 2016 30, 2017
GBP GBP GBP GBP
Finance expense:
Transaction costs allocated to the issue of warrants 585,425 - 585,425 -
Re-measurement of contingent arrangement (note 11) - - 86,128 -
Impact of changes in foreign exchange rates on the
contingent arrangement (note 11) 3,991 (7,418) 24,906 (20,221)
Unwinding of discount factor related to the contingent
arrangement (note 11) 21,434 23,803 62,301 70,086
Foreign exchange loss on receivables relating to financing
activities (note 12) - - - 408,277
Foreign exchange loss on translating other foreign
currency denominated balances - 1,156,837 - 1,693,187
Fair value adjustment on derivative financial instrument
(note 10) 100,435 1,187,663 100,435 -
Total finance expense 711,285 2,360,885 859,195 2,151,329
For the three month period ended September 30, 2017, the value of the
liability arising from the derivative financial instrument increased by
GBP1,188 thousand, from GBP2,810 thousand on June 30, 2017 to GBP3,997
thousand on September 30, 2017; the increase in the value of this
liability is recorded as finance expense.
For the nine month period ended September 30, 2017, the value of the
liability arising from the derivative financial instrument decreased by
GBP3,926 thousand, from GBP7,923 thousand on January 1, 2017 to GBP3,997
thousand on September 30, 2017; the decrease in the value of this
liability is recorded as Finance income. (The change in value of this
liability during the period comprised a reduction of GBP5,113 thousand
during the six months ended June 30, 2017, partially offset by an
increase of GBP1,188 thousand during the three months ended September
30, 2017, as set out above.)
As a result, the movement in the value of the liability arising from the
derivative financial instrument is recorded as finance expense in the
three month period to September 30, 2017, and as finance income in the
nine month period to September 30, 2017.
7. Taxation
The tax credit for the nine month period ended September 30, 2017,
amounts to GBP2,861 thousand, and consists of the estimated research and
development tax credit receivable on qualifying expenditure incurred
during the nine month period ended September 30, 2017 for an amount of
GBP3,079 thousand plus a tax expense of GBP218 thousand related to the
US operations (nine month period ended September 30, 2016: GBP556
thousand tax credit, comprising GBP572 thousand for research and
development tax credit, less GBP16 thousand expense for tax on US
operations).
The tax credit for the three month period ended September 30, 2017,
amounts to GBP1,258 thousand, and consists of the estimated research and
development tax credit receivable on qualifying expenditure incurred
during the three month period ended September 30, 2017 for an amount of
GBP1,336 thousand plus a tax expense of GBP78 thousand related to the US
operations (three month period ended September 30, 2016: GBP270 thousand
tax credit, comprising GBP282 thousand for research and development tax
credit, less GBP11 thousand expense for tax on US operations).
8. Loss per share calculation
The basic loss per share of 17.4p (September 30, 2016: loss of 15.4p)
for the nine months ended September 30, 2017 is calculated by dividing
the loss for the nine months ended September 30, 2017 by the weighted
average number of ordinary shares in issue of 81,923,920 during the nine
months ended September 30, 2017 (September 30, 2016: 27,574,331).
The basic loss per share of 8.7p (September 30, 2016: loss of 5.9p) for
the three months ended September 30, 2017 is calculated by dividing the
loss for the three months ended September 30, 2017 by the weighted
average number of ordinary shares in issue of 104,896,971 during the
three months ended September 30, 2017 (September 30, 2016: 41,612,262).
Since the Group has reported a net loss, diluted loss per ordinary share
is equal to basic loss per ordinary share.
Each ADS represents 8 shares of the Company, so the loss per ADS is any
period is equal to 8 times the loss per share.
9. Short-term investments
The short-term investments as at September 30, 2017 amounted to a total
of GBP54,065 thousand (December 31, 2016: GBP nil) and consisted of
fixed term deposits, in both US Dollars and UK Pounds.
10. Warrants
Pursuant to the July 2016 placement the Company issued 31,115,926 units
to new and existing investors at the placing price of GBP1.4365 per
unit. Each unit comprises one ordinary share and one warrant. The
warrant holders can subscribe for 0.4 of an ordinary share at a per
share exercise price of 120% of the placing price or GBP1.7238. The
warrant holders can opt for a cashless exercise of their warrants. The
warrant holders can choose to exchange the warrants held for a reduced
number of warrants exercisable at nil consideration. The reduced number
of warrants is calculated based on a formula considering the share price
and the exercise price of the shares. The warrants were therefore
classified as a derivative financial liability, since their exercise
might result in a variable number of shares to be issued.
At December 31, 2016 warrants over 12,446,370 shares were in effect.
During the 9 months ended September 30, 2017 warrants over 45,108 shares
were forfeited.
At December 31, 2016 At September 30, 2017
Warrants 12,446,370 12,401,262
Stock price GBP1.5650 GBP1.4000
Exercise price GBP1.7238 GBP1.7238
Risk-free interest rate 0.088% 0.42%
Expected life of options 2.43 years 1.92 years
Annualized volatility 73.53% 55.17%
Dividend rate 0.00% 0.00%
As at September 30, 2017, the Company updated the underlying assumptions
and calculated a fair value of these warrants, using Black-Scholes
(level 3), amounting to GBP3,997 thousand.
The variance for the nine month period ended September 30, 2017 was
income of GBP3,925 thousand (nine month period ended September 30, 2016:
expense of GBP100 thousand) and is recorded as finance income (nine
month period ended September 2016: finance expense) in the Consolidated
Statement of Comprehensive Income. Of this amount a total of GBP12
thousand related to the warrants that were forfeited (2016: GBPnil). The
variance for the three month period ended September 30, 2017 was an
expense of GBP1,188 thousand (three month period ending September 30,
2016: GBP100 thousand) and is recorded as finance expense (2016: finance
expense) in the Consolidated Statement of Comprehensive Income.
Derivative
financial
instrument
GBP
At December 31, 2016 7,922,603
Fair value adjustments recognized in profit or loss (3,925,270)
At September 30, 2017 3,997,333
For the amount recognized at September 30, 2017, the effect, when some
of these underlying parameters would deviate up or down, is presented in
the below table.
Time to
Volatility maturity
(up / down (up / down
10 % pts) 6 months)
GBP thousands GBP thousands
Variable up . 4,941 4,651
Base case, reported fair value 3,997 3,997
Variable down 3,041 3,245
11. Assumed contingent obligation related to the business combination
The value of the assumed contingent obligation as of September 30, 2017
amounted to GBP852,070 (December 31, 2016: GBP802,205).
The increase in value of the assumed contingent obligation during the
nine months ended September 30, 2017 amounted to GBP49,865 (nine months
ended September 30, 2016: GBP173,335) and was recognized as a finance
expense. The increase in value of the assumed contingent obligation
during the three months ended September 30, 2017 amounted to GBP23,803
(three months ended September 30, 2016: GBP21,434) and was recognized as
a finance expense.
September 30, 2016 September 30, 2017
GBP GBP
January 1, 593,941 802,205
Re-measurement of contingent
arrangement 86,128 -
Impact of changes in foreign
exchange rates 24,905 (20,221)
Unwinding of discount factor 62,301 70,086
Period end 767,275 852,070
There is no material difference between the fair value and carrying
value of the financial liability.
12. Issuance of Share Capital
On May 2, 2017 the Company announced the closing of its Global Offering
of an aggregate of 47,399,001 new ordinary shares, comprising 5,768,000
American Depositary Shares ("ADSs") at a price of $13.50 per ADS and
1,255,001 ordinary shares at a price of GBP1.32 per ordinary share.
During May 2017 the underwriters purchased an additional 733,738 ADSs,
representing 5,869,904 ordinary shares, at a price of $13.50 per ADS.
The total gross proceeds in the Global Offering amounted to $89.9
million (GBP70.0 million).
In addition, the Chairman of Verona Pharma's board of directors, Dr.
David Ebsworth, and an existing shareholder agreed to subscribe for
254,099 new ordinary shares at a price of GBP1.32 per ordinary share in
the Shareholder Private Placement, contingent on and concurrent with the
Global Offering and generating gross proceeds of GBP0.3m.
Where there is a time and foreign exchange difference between proceeds
from a share issue becoming due and being received, the movement is
taken to Finance income or Finance expense as appropriate. In respect of
the Global Offering and Shareholder Private Placement, the Company
recorded a finance expense of GBP439,049 arising from movements in
exchange rates on funds receivable, offset by a saving on commission
payable of GBP30,822, for a net finance expense of GBP408,277.
On September 22, 2017, 133,333 existing warrants over 133,333 new shares
were exercised at a price of 110p per share, resulting in proceeds of
GBP146 thousand to the Company.
Following the Global Offering, the Shareholder Private Placement and the
exercise of warrants, the number of ordinary shares in issue at
September 30, 2017 was 105,017,401. All new ordinary shares rank pari
passu with existing ordinary shares.
13. Share option scheme
During the nine months ended September 30, 2017 and following the Global
Offering the Company granted a total of 4,656,828 share options and
1,052,236 Restricted Stock Units ("RSUs") (nine months ended September
30, 2016 the Company granted a total of 1,701,990 share options, and nil
RSUs). The numbers presented reflect ordinary shares although some
grants made in 2017 are in ADSs. Each ADS represents eight ordinary
shares.
The movement in the number of the Company's share options is set out
below:
Weighted Nine months Weighted Nine months
average ended average ended
exercise September 30, exercise September 30,
price 2016 price 2017
GBP GBP
Outstanding
at January
1 1.78 1,792,000 1.87 3,037,333
Granted
during the
period 1.97 1,701,990 1.32 4,656,828
Exercised
during the
period 1.25 (3,330) 1.10 (133,333)
Forfeited
during the
period 1.24 (150,000) -
Expired
during the
period 2.46 (260,000) 1.90 (33,333)
Number of
outstanding
options 1.84 3,080,660 1.53 7,527,495
The movement in the number of the Company's RSUs is set out below:
Weighted Nine months Weighted Nine months
average ended average ended
exercise September 30, exercise September 30,
price 2016 price 2017
GBP GBP
Outstanding
at January
1 n/a - - -
Granted
during the
period - - 1.32 1,052,236
Expired
during the
period - - - -
Number of
outstanding
RSUs n/a - 1.32 1,052,236
The share-based payment expense for the nine months ended September 30,
2017 was GBP1,991,131 (nine months ended September 30, 2016:
GBP307,929). The share-based payment expense for the three months ended
September 30, 2017 was GBP1,022,832 (three months ended September 30,
2016: GBP129,967).
The options and RSUs granted during the nine months ended September 30,
2017, were awarded under the Company's 2017 Long Term Incentive Plan
with total fair values estimated using the Black-Scholes option-pricing
model of GBP5.3m. The cost is amortized over the vesting period of the
options and the RSUs on a straight-line basis. The following assumptions
were used for the Black-Scholes valuation of share options and RSUs
granted in the nine months ended September 30, 2017. The only
performance condition of the options and RSUs is the vesting period.
Share options RSU
Issued in the nine months ended Issued in the nine months ended
September 30, 2017 September 30, 2017
Options /
RSUs
granted 4,656,828 1,052,236
Risk-free
interest
rate 0.29 % - 0.62 % 0.42 % - 0.62 %
Expected
life of
options /
RSUs 5.5 - 7.0 years 5.5 - 7.0 years
Annualized
volatility 71.3 % - 73.3 % 71.3 % - 73.1%
Dividend
rate 0.00% 0.00%
Vesting 3 and 4 years 3 and 4 years
period
14. Related party transactions
In the nine months ended September 30, 2016, and 2017, executive
directors received regular salaries, post-employment benefits and
share-based payments. Additionally, non-executive directors received
compensation for their services in the form of cash compensation and
equity grants. The compensation costs for the Directors and senior staff
for the three and nine months ended September 30, 2016 and 2017 were as
follows:
Short-term Post-
employee Share-based employment
benefits payments benefits Total
(in GBP thousands)
Three months ended
September 30, 2016 Directors 325 88 5 418
Other key management
personnel 141 45 3 189
466 133 8 607
Three months ended
September 30, 2017 Directors 244 355 5 604
Other key management
personnel 428 628 7 1,063
672 983 12 1,667
Short-term Post-
employee Share-based employment
benefits payments benefits Total
(in GBP thousands)
Nine months ended
September 30, 2016 Directors 522 183 10 715
Other key management
personnel 594 118 6 718
1,116 301 16 1,433
Nine months ended
September 30, 2017 Directors 738 697 13 1,448
Other key management
personnel 1,159 1,203 18 2,380
1,897 1,900 31 3,828
David Ebsworth, a Non-Executive Director, purchased GBP18 thousand of
our ordinary shares as part of the Shareholder Private Placement and
GBP10 thousand of our ordinary shares from the market in the period.
Vikas Sinha, a Non-Executive Director, purchased of GBP234 thousand of
our ordinary shares, in the form of ADSs, as part of the Global
Offering.
The Company recognizes Vivo Capital and Novo A/S as related parties.
Both these funds participated in the Global Offering, as per the table
below presenting their equity contributions:
Equity Contributions at Global Offering
GBP thousands
Novo A/S 7,791
Vivo Capital 7,407
15. Convenience translation
We maintain our books and records in pounds sterling and we prepare our
financial statements in accordance with IFRS, as issued by the IASB. We
report our results in pounds sterling. For the convenience of the reader
we have translated pound sterling amounts in the tables below as of
September 30, 2017 and for the three and nine month periods ended
September 30, 2016 and 2017 into US dollars at the noon buying rate of
the Federal Reserve Bank of New York on September 29, 2017, which was
GBP1.00 to $1.3402. These translations should not be considered
representations that any such amounts have been, could have been or
could be converted into US dollars at that or any other exchange rate as
of that or any other date.
The loss per ADS is calculated on the basis of 8 ordinary shares per
ADS.
CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE
THREE AND NINE MONTHS ENDING SEPTEMBER 30, 2016 AND SEPTEMBER 30, 2017
Three months Three months Three months
ended ended ended
September 30, September 30, September 30,
2017 2017 2016
(unaudited) (unaudited) (unaudited)
$ GBP GBP
Research and development costs (8,155,116) (6,084,999) (1,408,726)
General and administrative costs (2,734,378) (2,040,276) (751,912)
Operating loss (10,889,494) (8,125,275) (2,160,638)
Finance income 152,889 114,079 139,803
Finance expense (3,164,058) (2,360,885) (711,285)
Loss before taxation (13,900,663) (10,372,081) (2,732,120)
Taxation - credit 1,685,846 1,257,906 270,757
Loss for period (12,214,817) (9,114,175) (2,461,363)
Other comprehensive (expense) / income:
Exchange differences on translating foreign
operations (18,299) (13,654) 3,842
Total comprehensive loss for the period attributable
to owners of the Company (12,223,116) (9,127,829) (2,457,521)
Loss per ADS - basic and diluted $ (0.93) GBP (0.70) GBP (0.48)
Nine months Nine months Nine months
ended ended ended
September 30, September 30, September 30,
2017 2017 2016
(unaudited) (unaudited) (unaudited)
$ GBP GBP
Research and development costs (18,800,130) (14,027,854) (2,653,441)
General and administrative costs (6,756,216) (5,041,200) (1,427,026)
Operating loss (25,556,346) (19,069,054) (4,080,467)
Finance income 5,536,278 4,130,934 147,178
Finance expense (2,883,211) (2,151,329) (859,195)
Loss before taxation (22,903,279 (17,089,449) (4,792,484)
Taxation - credit 3,834,793 2,861,359 555,734
Loss for period (19,068,486) (14,228,090) (4,236,750)
Other comprehensive (expense) / income:
Exchange differences on translating foreign
operations (37,111) (27,691) 20,495
Total comprehensive loss for the period attributable
to owners of the Company (19,105,597) (14,255,781) (4,216,255)
Loss per ADS - basic and diluted (1.86) (1.39) (1.23)
CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
As of As of As of
September 30, September 30, December 31,
2017 2017 2016
(unaudited) (unaudited) (audited)
$ GBP GBP
ASSETS
Non-current
assets:
Property, plant
and equipment 17,180 12,819 13,838
Intangible assets 2,685,548 2,003,841 1,876,684
Goodwill 591,028 441,000 441,000
3,293,756 2,457,660 2,331,522
Current assets:
Prepayments and
other
receivables 5,248,255 3,916,024 2,958,587
Current tax
receivable 4,112,435 3,068,523 1,067,460
Short-term
investments 72,457,835 54,064,942 -
Cash and cash
equivalents 42,073,337 31,393,327 39,785,098
123,891,862 92,442,816 43,811,145
Total assets 127,185,618 94,900,476 46,142,667
EQUITY AND
LIABILITIES
Capital and
reserves
attributable to
equity holders:
Share capital 7,037,216 5,250,870 2,568,053
Share premium 159,297,796 118,861,212 58,526,502
Share-based
payment reserve 5,485,333 4,092,921 2,101,790
Accumulated loss (57,606,914) (42,983,819) (28,728,038)
Total equity 114,213,431 85,221,184 34,468,307
Current
liabilities:
Trade and other
payables 6,368,359 4,751,798 2,823,489
Tax payable - US
operations 104,658 78,091 126,063
Derivative
financial
instrument 5,357,226 3,997,333 7,922,603
Total current
liabilities 11,830,243 8,827,222 10,872,155
Non-current
liabilities:
Assumed contingent
obligation 1,141,944 852,070 802,205
Total non-current
liabilities 1,141,944 852,070 802,205
Total equity and
liabilities 127,185,618 94,900,476 46,142,667
16. Subsequent Events
No events occurred after the reporting date that would have a material
impact on the financial position of the Company.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Verona Pharma plc via Globenewswire
http://www.veronapharma.com/
(END) Dow Jones Newswires
November 07, 2017 02:00 ET (07:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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