Verona Pharma plc
("Verona Pharma" or the "Company")
Appointment of Dr Kenneth Newman as Chief Medical Officer
and Incorporation of Verona Pharma, Inc.
17 December 2014, Cardiff - Verona Pharma plc (AIM: VRP.L), the drug
development company focused on first-in-class medicines to treat respiratory
diseases, today announces the appointment of Kenneth Newman, M.D., M.B.A. to
the newly created position of Chief Medical Officer, with effect from 1 January
2015. The Company today also announces the incorporation of its fully owned
subsidiary Verona Pharma, Inc. Dr Newman will be based in the US and provide
his expertise to support the Company's global activities.
Today's appointment and the creation of the US affiliate reflects the
continuing focus of Verona Pharma on advancing the clinical development and
commercialisation of its lead pipeline drug, RPL554, a first-in-class PDE3/PDE4
inhibitor currently in phase II development for the treatment of chronic
obstructive pulmonary disease (COPD) and asthma. RPL 554 is also in preclinical
development for cystic fibrosis. In addition to the US being the largest market
for each of the therapeutic areas of application for this drug, it is
anticipated that future drug development trials will involve significant
participation from US sites, as well as consultation with US regulators and
potentially also collaborations with future partners. The Board therefore
believes a US presence will be of tangible benefit in facilitating the
Company's development and commercialisation plans.
Dr. Newman is an experienced pharmaceutical and biotechnology industry
executive with extensive leadership experience in clinical development,
including a number of orally inhaled drugs for the treatment of respiratory
disease. Dr. Newman will join Verona Pharma from Mesoblast Inc (ASX: MSB), a
leading regenerative medicine company, where he was Chief Development Officer
and Head of Global Clinical Development. Prior to that, between 2010 and 2013,
Dr. Newman was Chief Medical Officer and EVP of Acton Pharmaceuticals, where he
was responsible for the clinical development and regulatory submission of two
respiratory products that were subsequently approved by the FDA. Acton was sold
to Meda Pharmaceuticals (STOSE: MEDA) for $135m in August 2013. From 2006 to
2009, Dr. Newman was VP, Medical Affairs at Boehringer Ingelheim, where he
oversaw the Medical Affairs Department, which comprised of a number of
therapeutics areas, including respiratory. From 1997-2006, Dr. Newman held a
number of positions of increasing seniority within the Clinical Development and
Medical Affairs Departments at Forest Laboratories (now Actavis NYSE: ACT),
culminating in Executive Director, Clinical Development. Dr. Newman began his
professional career as an attending physician at the National Jewish Medical
and Research Center, Denver, Colorado and then the University of Cincinnati,
Ohio. He was awarded an MBA from University of Cincinnati in 1998.
Dr Jan-Anders Karlsson, CEO of Verona Pharma, said:
"I am delighted that Dr. Newman will be joining Verona Pharma in the newly
created position of Chief Medical Officer, based in the US. His extensive
experience in the clinical development of respiratory drugs, including his
success in securing regulatory approvals, will be invaluable as we progress our
lead drug, RPL554, in the clinic and through to commercialisation. This
first-in-class PDE3/4 inhibitor is currently in phase II development as a
nebulised treatment for acute exacerbations in COPD and asthma. This is an area
of high unmet medical need with an addressable market that is estimated to be
in excess of $1bn1 in the US alone."
-Ends-
References
1 Bronchodilating Nebulizer US Market Assessment, IMS (Dec 2014)
For further information please contact:
Verona Pharma plc Tel: +44 (0) 20 7863 3300
Jan-Anders Karlsson, CEO
N+1 Singer Tel: +44 (0)20 7496 3000
Aubrey Powell / Jen Boorer
FTI Consulting Tel: +44 (0)20 3727 1000
Julia Phillips / Simon Conway
Notes to Editors
About Verona Pharma plc
Verona Pharma plc is a UK-based clinical stage biopharmaceutical company
focused on the development of innovative prescription medicines to treat
respiratory diseases with significant unmet medical needs, such as COPD, asthma
and cystic fibrosis. Verona Pharma's lead drug, RPL554, is a first-in-class
drug currently in Phase II trials as a nebulised treatment for acute
exacerbations of COPD in the hospital setting. The drug is a dual
phosphodiesterase (PDE) 3/4 inhibitor and therefore has both bronchodilator and
anti-inflammatory effects, which are essential to the improvement of patients
with COPD and asthma. Verona Pharma is also building a broader franchise around
RPL554 to maximise its value, both to patients and to investors. This includes
the very significant markets for COPD and asthma maintenance therapy. The
Company is also exploring the potential of the drug in different diseases, such
as cystic fibrosis, where it is in pre-clinical testing and has recently
received a Venture and Innovation Award from the Cystic Fibrosis Trust.