Verona Pharma narrows quarterly loss
Clinical-stage biopharmaceutical outfit Verona Pharma narrowed losses in the third quarter of its trading year as it continued to focus on the development of its RPL554 respiratory drug candidate.
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The AIM-listed group cut operating losses 16% in the three months ended 30 September to £6.8m, while its loss after tax narrowed a total of 74% to £2.3m. Losses per share dropped to 2.22p for the quarter from 8.7p recorded a year earlier
Research and development costs fell 13% to £5.3m as a result of a £800,000 decrease in clinical trial expenses. General and administrative costs dropped 30% to £1.4m on the back of a £500,000 year-on-year narrowing in professional fees. Cash stood at £68.9m, down from £80.3m in the year to date.
Verona, which published full results from two RPL554 Phase 2 clinical studies in chronic obstructive pulmonary disease in the European Respiratory Journal throughout the quarter, said the study highlighted the drug's “clinically meaningful” add-on effect to single bronchodilators, potential to reduce lung hyperinflation, a cause of breathlessness in patients with COPD, and its relative speed of onset of action.
Looking forward, Verona said the company continue to advance the clinical development of nebulized RPL554, having recently completion of patient enrollment in a Phase 2 trial evaluating RPL554 as an add-on to dual bronchodilator (LAMA/LABA) therapy for COPD maintenance treatment. Top-line data from this trial, which is being conducted in the US and UK, is likely to be reported in January.
As of 0900 GMT, Verona shares had slipped 0.51% to 116.90p.