Verona in £2.3M placing

Verona Pharma plc is raising £2.32 million in a placing to support the continuing development of its portfolio of respiratory drugs.

This includes an asthma treatment that does not use steroids, and a treatment for unresolved coughing.

Verona’s chairman, Clive Page, said the placing, “Brings further stability by broadening our investor base, as well as providing funding to carry us through the critical stages of our drug development programmes.”

Verona is currently finalising pre-clinical trials on its non-steroidal asthma and hayfever treatment RPL554. The compound was invented by David Jack, a former Glaxo Research Director who pioneered many respiratory drugs now in use.

As well as avoiding steroids, RPL554 is also unique in not using beta agonists, which can cause side effects such as anxiety and tremors.

London-based Verona is also working on a treatment for unresolved coughing, and is looking to exploit novel polysaccharides as potential anti-inflammatory drugs for the treatment of respiratory allergies, asthma and other inflammatory diseases.

Subject to shareholder approval the new shares will be admitted for trading on the Alternative Investment Market in London on January 8.