Verona Pharma plc Verona Pharma Secures Up To $30 Million Debt Financing From Silicon Valley Bank

 
TIDMVRP 
 
 
   Non-dilutive capital to provide further financial flexibility 
 
   LONDON and RALEIGH, N.C., Nov. 23, 2020 (GLOBE NEWSWIRE) -- Verona 
Pharma plc (Nasdaq: VRNA) ("Verona Pharma" or the "Company"), a 
clinical-stage biopharmaceutical company focused on respiratory diseases, 
announces that it has entered into a debt financing facility for up to 
$30 million ("debt facility") with Silicon Valley Bank ("SVB"). The 
non-dilutive capital provides further financial flexibility to support 
pre-commercialization activities for ensifentrine, the Company's 
first-in-class product candidate, which is currently in Phase 3 trials. 
 
   Under the terms of the debt facility, Verona Pharma can borrow up to $30 
million in three tranches: $5 million at closing, $10 million available 
through June 30, 2022 and an additional $15 million available through 
June 30, 2023. The two latter tranches are contingent upon achievement 
of certain clinical development milestones and other specified 
conditions. The loan facility matures on November 1, 2024, with the 
period prior to December 1, 2023 being interest only. 
 
   David Zaccardelli, Pharm. D., President and CEO of Verona Pharma, said: 
"We are pleased to secure this credit facility which provides us with 
the flexibility to access non-dilutive capital upon achievement of 
certain clinical development milestones. This will provide additional 
support, as needed, for pre-commercialization activities for 
ensifentrine. With this facility and the $200 million raised in July 
2020, we believe Verona Pharma has sufficient resources to deliver on 
our key milestones." 
 
   The ENHANCE Phase 3 trials with nebulized ensifentrine for the 
maintenance treatment of chronic obstructive pulmonary disease ("COPD") 
commenced in September 2020. Verona is also conducting a Phase 2 
clinical trial to evaluate ensifentrine delivered via pressurized 
metered-dose inhaler ("pMDI") formulation in patients with moderate to 
severe COPD and a pilot study with pMDI ensifentrine in U.S. patients 
hospitalized with COVID-19. 
 
   For further information, please contact: 
 
 
 
 
  Verona Pharma plc                               Tel: [phone] 
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  Victoria Stewart, Director of Communications    [e-mail] 
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  Argot Partners                                  Tel: [phone] 
   (US Investor Enquiries)                         [e-mail] 
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  Kimberly Minarovich / Michael Barron 
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  Optimum Strategic Communications                Tel: [phone] 
   (European Media and Investor Enquiries)         [e-mail] 
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  Mary Clark / Eva Haas / Shabnam Bashir 
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   About Verona Pharma 
 
   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. If 
successfully developed and approved, Verona Pharma's product candidate, 
ensifentrine, has the potential to be the first therapy for the 
treatment of respiratory diseases that combines bronchodilator and 
anti-inflammatory activities in one compound. The Company is evaluating 
nebulized ensifentrine in its Phase 3 clinical program ENHANCE 
("Ensifentrine as a Novel inHAled Nebulized COPD thErapy") for COPD 
maintenance treatment. The Company raised gross proceeds of $200 million 
through a private placement in July 2020 and expects the funds to 
support its operations and Phase 3 clinical program into 2023. Two 
additional formulations of ensifentrine are currently in Phase 2 
development for the treatment of COPD: dry powder inhaler ("DPI") and 
pressurized metered-dose inhaler ("pMDI"). Ensifentrine is being 
evaluated in a pilot clinical study in patients hospitalized with 
COVID-19 and has potential applications in cystic fibrosis, asthma and 
other respiratory diseases. For more information, please visit 
www.veronapharma.com. 
 
   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. 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 without limitation the 
important factors discussed under the caption "Risk Factors" in our 
Registration Statement on Form F-1 filed with the SEC on August 17, 
2020, our Report on Form 6-K to be filed with the SEC on November 23, 
2020, and our other reports filed with the SEC. 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. 
 
 
 
 

(END) Dow Jones Newswires

November 23, 2020 02:00 ET (07:00 GMT)

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