Share Name Share Symbol Market Type Share ISIN Share Description
Verona Pharma LSE:VRP London Ordinary Share GB00BYW2KH80 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -1.00p -0.71% 140.00p 135.00p 145.00p 140.00p 140.00p 140.00p 5,350 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Pharmaceuticals & Biotechnology 0.0 -6.0 -0.3 - 71.91

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Date Time Title Posts
08/9/201709:27Verona Pharma: Developing first in class drugs for respiratory diseases907
16/2/201517:30Verona Pharma with Charts & News11,549
24/11/201112:54verona pharma173
19/9/201114:14verona pharma8
15/9/200908:29verona pharma30

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Verona Pharma Daily Update: Verona Pharma is listed in the Pharmaceuticals & Biotechnology sector of the London Stock Exchange with ticker VRP. The last closing price for Verona Pharma was 141p.
Verona Pharma has a 4 week average price of 105.50p and a 12 week average price of 105.50p.
The 1 year high share price is 206.25p while the 1 year low share price is currently 105.25p.
There are currently 51,361,064 shares in issue and the average daily traded volume is 43,320 shares. The market capitalisation of Verona Pharma is £71,905,489.60.
kwizza: Is this a new low for the share price
shakin not stirred: I am waiting to see if Nasdaq listing makes a difference but need to get to £2 new money to break even. Will bale out when that is reached. Unless anything materially changes as to indicating a good news flow. At the moment it is a Jam tomorrow as have been the last few years for me and longer for others. None of us have invested in companys for F.A. but that is the current return at this moment in time. That is the current reality of the share price.
vasilis: Phase 2a COPD trial official start as first patient dosed with expected top-line results in Q4 -
timbo003: The recent share price movement is a bit disappointing, but similar to that of Motif Bio immediately before it had its Nasdaq listing. With US listings for UK listed AIM companies, be careful of what you wish for!
meijiman: The share price has not been too clever of late.......
shakin not stirred: The belief is that the minimum share price on the nasdaq is $2 so that will happen and in my mind we will be fully subscribed and job don e with enough money to take it to commercialisation and GSK or alternatively large paharma like Bayer to buy a huge lump of shares, followed by a partnership deal. 9p equivalent old money this year and 20p eventual. All very good news.
timbo003: I hope the US listing goes somewhat better than it did for Motif Bio (MTFB), which was a disaster as far as the share price was concerned
aimshares: Small pharma targets multi £billion marketBy Michael Crockett01/04/2016It has been quite a while since AimZine cast its net in search of a share with "multi-bagger" potential. But right now there appears to us to be a number of lowly rated microcaps that could one day be big winners. So, over the coming weeks, we will be sharing these opportunities with readers.For today's article we look at a small pharmaceutical company that has recently reported some very encouraging results from drug trials for its lead compound. The Company is targeting a huge multi-billion pound marketplace. But is it all a pipe dream or is the opportunity real? - AimZine reports on some very positive signs.Verona Pharma (AIM: VRP) is a UK-based pharmaceutical Company which is focused on developing its lead compound, RPL554, to treat COPD (Chronic Obstructive Pulmonary Disease), asthma and cystic fibrosis. The Company is listed on AIM and at a share price of 3.5 pence has a market capitalisation on £34 million.Verona Pharma joined AIM in 2006. At that time the Company, originally named Isis Resources, purchased Rhinopharma, a private Canadian company whose assets included RPL554.Clinical Trial SuccessRPL554 is an inhaled drug which acts both as a bronchodilator* and an anti-inflammatory. Verona claim that this dual effect distinguishes it from existing drugs in this field and that this is the first new class of bronchodilator for decades.*Bronchodilators make breathing easier by relaxing the lungs and widening the airways.Currently the most widely used bronchodilator is Salbutamol (widely sold as a blue inhaler under the trade name Ventolin). Salbutamol has been on the market for over 40 years.Verona recently released results of a dose finding study which compared RPL554 with Salbutamol in asthma patients. The study showed that the bronchodilator effect in RPL554 was comparable to a high dose of Salbutamol and that RPL554 had less serious side effects than Ventolin.Verona's initial focus with RPL554 is to develop the drug for acute exacerbations of COPD in a hospital setting - The World Health Organisation has forecast that COPD will become the third largest killer in the world by 2030. It was particularly encouraging that Verona's trial results issued in September 2015 showed improved lung function in COPD patients and that the drug was well tolerated.At the time of the September RNS house broker, N + 1 Singer, described the COPD trial results as "Stellar" and upgraded Verona's "intrinsic value" 7 pence to 9 pence per share with significant upside potential. The broker also commented that successful progression to Phase III trials would lift their valuation to 28 pence per share - illustrating the multi-bagger potential here.A further trial involving COPD patients taking RPL554 in addition to currently used bronchodilators is ongoing and is expected to report in Q2 2016.What Next? - 2016 and beyondFunding is always a key issue for small drug development companies and 2015 was an expensive year for Verona which conducted a number of clinical trials during the year. The Company has indicated that it will report a loss for 2015 of approximately £8.9 million. This expenditure on the clinical trials has somewhat drained the Company's resources and cash balance at 31 December 2015 were £3.5 million, down from £12.0 million a year earlier.Clinical activity in 2016 is expected to be at a lower level. The Company has indicated that its cash resources are sufficient "to progress RPL554 to the start of Phase IIb clinical trials, earmarked to begin around the end of 2016".The big question is how will the Phase IIb trials and further trials be funded. In a recent 2015 Review RNS statement Verona CEO, Jan Anders Karlsson made the following comment:"Having made marked clinical progress with RPL554, we are currently considering all options for further funding of our development programmes. As part of this process, and as previously stated, the Company recognises that the right commercial partner could bring significant value to the development of RPL554 for chronic maintenance treatment in COPD and perhaps asthma. Verona Pharma therefore continues to be involved in business development discussions around the RPL554 programme."The sharesVerona has attracted a number of institutions to its share register including big names Aviva (18%) and Fidelity (7%). The directors and management own only 3% of the shares but there have been a number of purchases by directors recently - see below.Verona's shares have had some quite major ups and downs but are currently trading at the same level as they were three years ago.AimZine CommentSmall pharmaceutical companies always have a mountain to climb to bring a drug to market. Usually the funding of full clinical trials is way beyond their resources and a key deal with a major partner is required. Many fail to gain the support they require and prove to be poor investments - so the risks are high..............but the rewards for success can be considerable.Verona is targeting a huge marketplace with the inhaled bronchodilator market being valued at tens of billions of GB Pounds. If it is successful then its shares could have considerable potential. Will it succeed? There are a number of positive signs which we find encouraging:1. Verona has attracted a very strong board including two key non-executive directors appointed in 2015 in Ken Cunningham (former CEO of Skyepharma) and Dr Anders Ullman who has some very relevant experience in commercialising a COPD treatment.2. The results from the Clinical trials to date have been very encouraging in showing that the drug is effective and well tolerated.3. Many of the drugs currently used for respiratory diseases have been on the market for a long time and could be ripe for replacement. It is interesting to note that Ventolin which was developed over 40 years ago was originally developed by a team led by the late Sir David Jack who is credited with inventing RPL554.4. Although only 3% of the shares are owned by board members we note that there have been numerous purchases by directors over the last 15 months, with no fewer than thirteen "buy" transactions reported over that period.We look forward to further news from Verona. In particular we will be very interested to hear about plans for the next phase of clinical trials particularly if it involves a significant partnership deal.
timbo003: Apologies for the delay in reporting back from the AGM, but alas I somehow managed to mislay my notes from the meeting, so the account is from memory and probably has a few gaps which others may be able to help fill in. There were around 25 attendees at the AGM, including the BOD and probably around 12 ordinary shareholders (Clive Page wasn’t one of them). The meeting started with the Chairman David Ebsworth (DE) introducing himself to shareholders, DE has an impressive CV having been director or CEO for a number of medium to large sized pharmas. During the introduction he quipped that he has often been asked why he took up the position at Verona, his standard reply is three Ps: People (staff and directors and supportive large shareholders), Product (RPL554 has outstanding potential) and Price (the share price and market cap clearly did not reflect the true value of the company). After the DE introduction we progressed straight onto the formal business with no questions on any of the resolutions, all of which were easily passed. Jan-Anders Karlsson (JAK) then gave a 15 minute update presentation, see link below for slide set: This was followed by 25 minutes of a fairly formal Q&A session (not enough time allocated for this) and then there was around 15 minutes for coffee and biscuits with an opportunity to informally talk to members of the BOD, the main topics covered in the Q&As were as follows: Future fund raising: I kicked off with the first question on future fund raising, specifically how much, when and what type of fund raising might we anticipate, I added that if it were to be equity based, ordinary shareholders should be given an opportunity to participate on the same terms as institutions but with EIS tax breaks. The BOD responded that the company has enough cash to carry out the initial clinical Phase I / IIA program in COPD and Asthma (as outlined in slide 15). The company intends to raise money in the first half of next year, or even possibly this year. It was implied that the timing is likely to follow very soon after (good) results from one of the clinical studies. All fund raising options would be considered (grants, equity funding, partnerships, but probably not debt). DE went some way to debunk some myths around non-dilutive funding, explaining that non-dilutive funding will invariably come at a price, which is usually in the form of royalties payable on sales (see notes on Vertex and CF below). We also had a side discussion regarding a share consolidation to follow after a fund raising (to help us shake off our penny share image), the BOD seemed reasonably receptive to this and they pointed out that as the clinical development program progresses the market cap should go up and hence increase the eligibility and attractiveness of VRP for larger institutional funds. There was also some comment on the desirability of having a US type valuation and a dual Nasdaq listing. The BOD didn’t disagree and I see that as of this morning, we now have a dual listing (in Germany). During the discussions DE let slip that he was still a buyer of VRP shares, but it wouldn’t surprise me if his next purchase was part of a placing which would probably go down well with shareholders providing it was a decent sized commitment. Cystic Fibrosis opportunity: Cystic Fibrosis came up a couple of times during Q&As and JAK had also expanded on the information in the slide set during his presentation. We were told it was a large opportunity (potential market size estimate from May 2015 analyst presentation: $4.5Bn ). An effective treatment for CF is a big unmet clinical need, with only one recent FDA approved drug: Ivacaftor Ivacoftor (trade name Kalydeco) was developed by Vertex, it is the only drug that treats the cause rather than the symptoms of CF. It is however extremely expensive (circa £300K/pa) and will only works in around 5% of CF patients. Ivacoftor elicits it’s effect by stimulating mucociliary clearance through the so called cystic fibrosis transmembrane conductance regulator (CFTR) gating mechanism. Preclinical studies have shown that RPL554 also stimulates mucociliary clearance through a CFTR mechanism, this is in addition to its anti-inflammatory and bronchodilatory properties, both of which are desirable for CF patients, this suggests that RPL could be an effective treatment in treating both the cause and the symptoms of CF. JAK explained that it wasn’t possible to do CF clinical studies without the co-operation of the Cystic Fibrosis Foundation (CFF) Vertex had received non-dilutive funding for the development of Ivacoftor from the Cystic Fibrosis Foundation, for which they had to pay the Foundation a substantial royalty on sales. The Foundation have recently sold the royalty rights for over $3Bn ! Dose and new suspension formulation: There was a question on whether we had reached the maximum effect with 16X the old formulation (solution) dose and whether it would be possible to go higher. JAK told us that they have not been able to dose any higher in the COPD study as the maximum dose they had ready to go (with the pre-requisite analytical and stability testing) was 16X. He agreed that there would ultimately be an upper limit for the dose due to viscocity constraints (you cannot nebulise a liquid with the consistency of thick soup). He would not confirm whether the formulation contained suspending agents, but he did state that it contained only established excipients with proven safety. The patent application publishes soon so we can find out more detail then. (Note to self: conduct review of patents and patent applications on VRP554 and provide link in header) VRP700: JAK confirmed that there had been little interest from any third parties in VRP700, he inferred that it had shown some differentation over placebo in the pulmonary Fibrosis study, but it was not significant, he opined that if it were given as a multiple dose (rather than a single dose) efficacy may have been improved. They will probably publish the results at some stage, but this is not considered a priority. Royalties due to Vernalis on RPL 554: I asked about Royalties last year, but failed to get an adequate response, so I thought I would have another go. I started by stating that the 6% royalty figure due to Vernalis was in the public domain, adding that it was not clear where this continued in any shape or form after patent expiry (in circa 2020), or after the Waxman Hatch period of exclusivity following launch (i.e. 5 years post launch). I stated that this is highly important as it will have a profound effect on DCF calculations and hence company valuation which could be of paramount importance for future fund raising (and dilution). The BODs response was better than last year, but not by much. After going around the houses a few times we were eventually told that the Royalty assumptions made in the N+1 Singers DCF projections were correct. I protested that we didn’t have access to the analyst’s projections, but they were unwilling to help with that particular problem. At least now we know that the analyst is not undervaluing Verona due to incorrect royalty assumptions, which is definitely some comfort.
weeklynews: RightBus? The way the VRP share price is flying, I been soon catching taxis to work. RegardsWeeklynews
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