Verona Pharma
plc
("Verona Pharma" or the
"Company")
Interim results
for the six months ended 30 June
2015
Strategic Focus,
Clinical Progress and Financial Discipline
8 September 2015, Cardiff –
Verona Pharma plc (AIM: VRP), the drug development company focused
on first-in-class medicines to treat respiratory diseases, today
announces its interim results for the six months ended 30 June 2015.
OPERATIONAL HIGHLIGHTS
- Successfully completed dosing of healthy volunteers in Single
Ascending Dose (SAD) and Multiple Ascending Dose (MAD) studies with
our new, commercially scalable, proprietary nebulized formulation
of RPL554.
- The formulation was well tolerated with subjects dosed with up
to 16 times the dose of RPL554 previously shown to produce
significant bronchodilation without a maximum tolerated dose being
reached.
- Successful completion of SAD part of trial demonstrated no
effect on cardio vascular parameters and no nausea or vomiting
observed at any dose.
- Commenced a MAD study of RPL554 in June
2015 in up to 30 chronic obstructive pulmonary disease
(COPD) patients to further confirm the safety and tolerability seen
in earlier parts of the trial, with this new formulation.
- Data are expected from the combined SAD/MAD study in healthy
subjects and COPD patients in early Q4 2015.
- Initiated a phase 2a dose-finding trial in asthma patients with
new proprietary formulation of RPL554, to explore a dose-response
relationship in this setting.
- Headline data from this study are anticipated in Q1 2016.
FINANCIAL HIGHLIGHTS
- Loss after tax for the period of £3.69 million (2014: £1.39
million) or 0.37 pence (2014:
0.19 pence) per ordinary share,
reflecting accelerated R&D activities.
- Net cash outflows from operating activities during the six
month period of £3.92m (2014: £1.47m), with cash and cash
equivalents as at 30 June 2015 of
£6.09 million (2014: £12.10 million).
POST PERIOD AND OTHER EVENTS
- Appointed Ken Cunningham MD and
Anders Ullman MD PhD as
Non-Executive Directors to the Board effective 10 September 2015 (as announced separately
today). Both are recognised leaders in the pharmaceutical and
biotechnology industry and have particular clinical development
expertise in the area of respiratory drug development.
- The Company undertook a secondary listing of its shares on the
Xetra Exchange in Frankfurt to
increase awareness of the Company and to facilitate trading in its
shares in Continental Europe.
Dr. Jan-Anders Karlsson, CEO of
Verona Pharma commented: “In the first half of 2015 we have
continued to make good progress with our lead drug candidate,
RPL554. In particular, initial results from studies in healthy
volunteers using our new more robust formulation of the drug have
been extremely encouraging. These data bode well for the outcome of
our ongoing phase 2a multiple ascending dose study with the drug in
COPD patients, where we expect to announce results in early Q4
2015. During the period we also initiated a phase 2a trial of
RPL554 in asthma patients to explore a dose-response relationship
in this setting and will report results early next year. Positive
data in these studies will encourage us to move into phase 2b
studies. Further studies in cystic fibrosis with RPL554 are planned
for 2016. Additionally we continue to seek to develop the Company
by searching for suitable products to enhance our
pipeline.”
For further information please
contact:
| Verona Pharma plc |
Tel: +44 (0)20 7863 3300 |
Jan-Anders Karlsson,
CEO
Biresh Roy, CFO |
|
|
|
| N+1 Singer |
Tel: +44 (0)20 7496 3000 |
| Aubrey Powell / Jen Boorer |
|
|
|
| FTI Consulting |
Tel: +44 (0)20 3727 1000 |
| Simon Conway / Stephanie Cuthbert /
Natalie Garland-Collins |
|
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 chronic obstructive pulmonary disease
(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 portfolio of
RPL554-containing products to maximise its benefit to patients and
its value. 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.
About Chronic Obstructive Pulmonary
Disease (COPD)
Sixty-five million people worldwide suffer from moderate to
severe COPD and the World Health Organisation (WHO) expects COPD to
be the 3rd leading cause of death globally by 2020. It is the
only major chronic disease with increasing mortality.
Currently available drugs are aimed at long-term maintenance
therapy, with the market dominated by large pharma. Despite
the wide availability of these therapies, COPD patients suffer
acute periods of worsening symptoms (exacerbations), which cause,
in the US alone, some 1.5 million A&E visits, 726,000
hospitalisations and 120,000 deaths per annum.
Bronchodilating therapy is considered to be the standard of
care, and agents can be administered via handheld devices such as
metered dose inhaler (MDI), dry powder inhaler (DPI) and by
nebulisers. The nebulised bronchodilator market was worth
about $1 billion in 2014 in the
US.1 RPL554 is being developed by Verona Pharma as an
add-on therapy to the “Standard of Care” with the objectives of
providing rapid and pronounced improvement in lung function,
reduced symptoms and both shortened duration of hospital stays and
reduced re-admission rates 30 days after discharge from
hospital. Studies to date on RPL554 have demonstrated that it
has a strongly differentiated 3-way mode of action, being: (1)
bronchodilation (the relaxation of smooth muscle in the airway);
(2) anti-inflammatory effects on cells and (3) ion channel
activation in epithelial cells, with increased mucociliary
clearance of the airway.
1 IMS Consulting Group market research 2014
CHAIRMAN AND CHIEF EXECUTIVE OFFICER’S
JOINT STATEMENT
FOR THE SIX MONTHS ENDED 30 JUNE 2015
INTRODUCTION
Verona Pharma 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 chronic obstructive pulmonary disease (COPD),
asthma and cystic fibrosis. The Company’s lead product, RPL554, is
a first-in-class drug currently in phase 2 clinical trials as a
nebulised formulation for acute exacerbations of COPD. The drug is
an inhaled dual phosphodiesterase PDE3/PDE4 inhibitor and has
already demonstrated clinically relevant bronchodilator and
anti-inflammatory effects which are essential to the improvement of
symptoms of patients with COPD and asthma.
The Board believes that broadening the development strategy for
RPL554 over time, to include combination products and new
indications, together with strengthening the IP coverage around the
programme, has the potential to add significant value to the
Company. The Board further believes that this approach should
accelerate access to multi-billion dollar commercial markets,
increase Verona Pharma’s flexibility in negotiating attractive
commercial partnerships and prolong patent protection for the
emerging franchise.
Phase 2 clinical programme for RPL554
in new formulation yields encouraging interim results
We are initially developing RPL554 as a treatment for acute
exacerbations of COPD. Despite the many recently introduced
novel maintenance treatments for COPD, patients frequently
experience acute exacerbations and become hospitalised. The older,
short-acting nebulized bronchodilators are still used on hospital
wards and there is clearly a need for effective treatments in this
acute hospital setting. We believe RPL554 can become an attractive
add-on therapy to provide extra clinical benefit in patients with
acute exacerbations of COPD. There is little innovation in the form
of novel classes of bronchodilator drugs for these acutely ill
patients, or for the maintenance treatment of COPD patients, and
the Board therefore believes that these are very attractive
commercial opportunities for Verona Pharma.
An increasing awareness of the problem of COPD patients
returning for hospital treatment within 30 days of discharge has
triggered a strong interest from industry, regulators and
healthcare payers in optimising treatment of acute COPD
exacerbations and beyond, when patients are discharged from
hospital. This provides a unique opportunity for RPL554 that we
intend to explore in further phase 2 clinical studies.
RPL554 successfully completed a number of early clinical phase 1
and phase 2 studies based on the previous nebulized formulation.
These single and multiple dose studies demonstrate that RPL554,
when inhaled across a range of doses, is an effective
bronchodilator in patients with COPD and asthma. RPL554 has a rapid
onset of action and the magnitude of the bronchodilator effect
seems to be at least as profound as that of other commonly used
bronchodilator drugs.1
RPL554 has also been demonstrated to have a potent
anti-inflammatory effect in a clinical trial. This property is
unique to RPL554 and is not shown by other bronchodilator drugs of
the beta2-agonists or anti-muscarinic classes. RPL554 showed a
broad inhibitory effect on inflammatory cells in the airways,
including a significant reduction in the number of neutrophils, a
cell type thought to be involved in COPD (and cystic fibrosis).
This effect sets RPL554 apart from steroids as this class of drugs
seem to have little effect on neutrophils and increasingly the use
of inhaled steroids in COPD patients is being questioned as they
seem to have limited beneficial effects. Therefore, RPL554 as a
combined bronchodilator and anti-inflammatory agent offers unique
benefits to COPD patients, both as a novel type of bronchodilator,
and as an anti-inflammatory compound offering additional benefits
over and above those of steroids.
In line with the new development strategy announced in 2014, a
novel nebulized proprietary formulation of RPL554 was developed
which is stable, scalable and suitable for commercial use. The
first phase 1/2a study with the new nebulized formulation started
at the end of 2014 and the clinical phases of the SAD and MAD (5
days, twice daily dosing) study in healthy subjects and the MAD
study in COPD patients have been completed. Initial observations
from the SAD part of the study indicated that the new formulation
is well tolerated as 16 times the previously used bronchodilator
dose (with the old formulation) could be administered without
reaching a maximum tolerated dose. Pharmacokinetic analysis
revealed lower peak plasma concentrations and a longer plasma
half-life than the previously used formulation, suggesting that
twice daily dosing could perhaps be achieved. A more comprehensive
data-set from these studies is expected in early Q4 2015.
We have also initiated a second, single-dose phase 2a
dose-finding study in up to 30 asthma patients. This study with the
new formulation is being carried out in asthma patients because
typically a dose response relationship to bronchodilators can be
more accurately established in this group of patients with highly
reversible airways obstruction compared to patients with COPD. A
wide range of RPL554 doses will be compared to two different doses
of salbutamol, a standard bronchodilator used in both asthma and
COPD patients, and placebo. The primary objective is to establish
the bronchodilator effect and duration of action and data are
expected in Q1 2016.
We are also investigating RPL554 as a combination product with
an anti-muscarinic drug, such as glycopyrrolate, a class of drugs
that is widely used in treating COPD patients. We have been
strongly encouraged by data showing a synergistic effect of RPL554
in combination with anti-muscarinic drugs in isolated human airway
smooth muscle. Such a combination product could have significant
advantages over the many dual long-acting beta2-agonists / long
acting-muscarinic antagonists (LABA / LAMA) bronchodilator inhalers
available to COPD patients and could be used both in acute hospital
care and in long-term maintenance treatment.
In addition to treatment of acute exacerbations, RPL554 clearly
has potential as a chronic maintenance therapy in patients with
COPD. Both the bronchodilator and the anti-inflammatory properties
would be beneficial to these out-patients and it is a larger market
opportunity. The new nebulized formulation could be developed into
an attractive maintenance treatment for moderate to severe COPD
patients.
We believe there is also an opportunity to develop RPL554 as a
maintenance therapy for mild to moderate COPD patients, a much
larger addressable market. These patients are routinely treated
with Dry Powder Inhaler (DPI) or pressurized Metered Dose Inhaler
(pMDI) and we have previously demonstrated that RPL554 can be
formulated for use in both a DPI and a pMDI. The Board takes the
view that larger, later-stage clinical studies and
commercialisation in this out-patient setting are better undertaken
together with a suitable partner.
RPL554 also shows promise in cystic
fibrosis
Additional pre-clinical data demonstrates that RPL554 is an
activator of the cystic fibrosis transmembrane conductance
regulator (CFTR) that is dysfunctional in cells of cystic fibrosis
patients. This adds a further dimension to the potential
utility of the drug. Asthma patients may also benefit from this
action of RPL554, as it may improve mucociliary clearance in
addition to its bronchodilator and anti-inflammatory properties.
Further studies exploring the potential of RPL554 in cystic
fibrosis are planned for 2016.
FINANCIALS
The loss from operations after tax for the six month period
ended 30 June 2015 (the “Period”) was
£3.69 million (2014: £1.39 million) or 0.37
pence (2014: 0.19 pence) per
ordinary share. The reported loss includes a non-cash share-based
payment charge of £0.26 million (2014: £0.06 million) and receipt
of a research and development tax credit of £0.74 million (2014:
£Nil).
Research and development expenditure, which was expensed as
incurred, amounted to £3.48 million (2014: £0.87 million).
Development programme expenditures expensed during the period
amounted to £3.37 million for RPL554 (2014: £0.57 million), and
£0.11 million (2014: £0.30 million) for VRP700.
Expenditures in RPL554 increased by £2.80m as a result of
accelerating the clinical trials for the SAD/MAD and asthma studies
and advancing preparations for a commercially scaleable formulation
of the compound.
Administrative expenses for the six month period were £0.98
million (2014: £0.53 million). The increase of £0.45 million
over the prior period was due to an increase in the share-based
payments and other administrative items including the strengthened
Board and senior management team.
As at 30 June 2015, the Group had
approximately £6.09 million (2014: £12.10 million) in cash and cash
equivalents.
FURTHER DEVELOPMENT &
COMMERCIALISATION STRATEGY
The fundraising in March 2014
enabled us to advance the new commercial formulation of RPL554
through clinical studies up to the start of phase 2b, which is
expected in H2 2016. Additional pre-clinical and manufacturing work
will be performed to satisfy certain regulatory guidelines. In
parallel, we are continuing to strengthen the IP coverage to
provide comprehensive patent protection for RPL554 in its various
forms with the intent to expand the use of RPL554 in new
indications and in combination products.
Our initial focus to develop the nebulized formulation of RPL554
for hospital use is motivated in part by the increasing concern and
intent to tackle the high rates of 30-day hospital re-admissions
for COPD. This has recently gained impetus following the
implementation by the US Government in Q4 2014 of a new policy
which penalizes hospitals with high 30-day re-admission rates for
select conditions, including COPD. Interestingly, such a policy has
already been introduced by the NHS in the UK. In our clinical
studies in hospitalised patients, we will explore the possibility
that treatment with RPL554 will reduce such re-admission rates and
so demonstrate a clear health-economic benefit of treatment with
the drug.
The Board believes that products combining RPL554 with other
classes of bronchodilators are potentially highly attractive for
the respiratory market and expand the RPL554 product franchise.
Indeed, while there has been significant interest in the novel dual
bronchodilator products containing a LABA and a LAMA recently
introduced as chronic treatments for COPD, a combination between
RPL554 and, for example, the LAMA glycopyrrolate, would contain two
different bronchodilator components, with the added benefit that
RPL554 would also provide an anti-inflammatory component to create
in essence a triple-combination product.
We further plan to expand the use of RPL554 beyond COPD, and
explore the possible use of nebulized RPL554 to treat acute asthma
attacks in the A&E unit. When used as an addition to standard
treatment, it is expected that RPL554 would rapidly improve lung
function, reduce symptoms and reduce the number of hospital
admissions from the A&E unit. Again, this treatment would
generate a clear health-economics benefit. In addition,
pre-clinical work demonstrating a potentiating activity on CFTR,
suggests that cystic fibrosis could be a potential novel
indication. We will further explore this opportunity in
pre-clinical and exploratory clinical trials.
The Company recognises that an experienced and resourceful
commercial partner could bring significant value to the development
of RPL554 for chronic maintenance treatment in COPD and perhaps
asthma and therefore continues to be involved in business
development discussions around the RPL554 programme. However, the
Company intends to partner its drug candidates only when it can
extract a commercially attractive return for the Company and its
shareholders.
BOARD CHANGES
Post period end, and as announced today Ms Claire Poll, Executive Director, Mr Stuart Bottomley and Professor Trevor Jones, both Non-Executive Directors, will
be retiring from the Verona Board after having served since 2006.
Ms Poll will continue to provide legal and corporate services to
the Company. We would like to thank Claire, Stuart and Trevor
for all their hard work and support over the years. Their long
tenure on our Board is testament to the value of their advice and
their numerous contributions on many fronts. They have all been
instrumental in nurturing the Company on AIM as it progressed its
pipeline into the clinic. We warmly wish them the very best for the
future.
We were also pleased to announce the appointment of Ken Cunningham, MD and Anders Ullman, MD, PhD, as Non-Executive
Directors to the Board. Both are highly respected industry leaders
with invaluable expertise in the field of respiratory drug
development. We very much look forward to working with them as we
continue our focused clinical development of lead pipeline asset
RPL554.
OUTLOOK
We continue to develop the Company by searching for suitable
products to enhance our pipeline, and by expanding the expertise of
our management team and Board of Directors, especially in
developing and commercialising respiratory products. The Company
operates with a strong focus and financial discipline, and we
remain very positive about progress to date in our lead drug
development programme, RPL554, and the opportunities for its
further development and commercialisation.
Dr. David Ebsworth
Chairman |
Dr. Jan-Anders
Karlsson
Chief Executive Officer |
1 Pre-clinical studies in isolated airway muscle have
demonstrated that RPL554 is an effective bronchodilator also in
highly constricted airways, to some extent mimicking bronchospasm
in patients with respiratory disease, where other bronchodilators
of the currently used beta2-agonist and anti-muscarinic types are
less effective. If a similar effect is seen in patients with highly
obstructed airway muscles, RPL554 has the potential to be
advantageous compared to other types of bronchodilators.
GROUP STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTHS ENDED 30 JUNE 2015
|
|
6 months
ended |
6 months
ended |
Year ended |
|
|
30 June
2015 |
30 June
2014 |
31 December
2014 |
|
Notes |
(unaudited) |
(unaudited) |
(audited) |
|
|
£ |
£ |
£ |
| Continuing operations |
|
|
|
|
| Revenue |
|
- |
- |
- |
| Cost of sales |
|
- |
- |
- |
|
|
|
|
|
| Gross profit |
|
- |
- |
- |
|
|
|
|
|
| Research and development |
|
(3,477,322) |
(865,646) |
(2,634,848) |
| Administration expenses |
|
(982,199) |
(525,620) |
(1,157,925) |
|
|
|
|
|
| Operating loss |
|
(4,459,521) |
(1,391,266) |
(3,792,773) |
|
|
|
|
|
| Finance revenue |
|
27,169 |
3,220 |
29,978 |
|
|
|
|
|
| Loss before taxation |
|
(4,432,352) |
(1,388,046) |
(3,762,795) |
Taxation – credit |
2 |
743,762 |
- |
1,004,065 |
|
|
|
|
|
| Total comprehensive loss for the
period |
|
(3,688,590) |
(1,388,046) |
(2,758,730) |
|
|
|
|
|
| Loss per ordinary share – basic and
diluted (pence) |
3 |
(0.37)p |
(0.19)p |
(0.32)p |
|
|
|
|
|
GROUP STATEMENT OF FINANCIAL
POSITION
AS AT 30 JUNE
2015
|
|
As at |
As at |
As at |
|
|
30 June
2015 |
30 June
2014 |
31 December
2014 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£ |
£ |
£ |
| ASSETS |
|
|
|
|
|
|
|
|
|
| Non-current assets |
|
|
|
|
| Plant and equipment |
|
17,512 |
23,505 |
21,847 |
| Intangible assets – patents |
|
286,017 |
347,463 |
380,540 |
| Goodwill |
|
1,469,112 |
1,469,112 |
1,469,112 |
|
|
1,772,641 |
1,840,080 |
1,871,499 |
|
|
|
|
|
| Current assets |
|
|
|
|
| Trade and other receivables |
|
1,880,194 |
324,093 |
1,287,535 |
| Cash and cash equivalents |
|
6,093,913 |
12,099,601 |
9,969,759 |
|
|
7,974,107 |
12,423,694 |
11,257,294 |
|
|
|
|
|
| Total assets |
|
9,746,748 |
14,263,774 |
13,128,793 |
|
|
|
|
|
| EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital and reserves attributable
to equity holders |
|
|
|
|
| Share capital |
|
1,009,923 |
1,009,923 |
1,009,923 |
| Share premium |
|
26,650,098 |
26,669,298 |
26,650,098 |
| Share-based payments reserve |
|
912,016 |
653,931 |
677,946 |
| Retained losses |
|
19,396,536) |
(14,474,741) |
(15,733,487) |
| Total equity |
|
9,175,501 |
13,858,411 |
12,604,480 |
|
|
|
|
|
| Current liabilities |
|
|
|
|
| Trade and other payables |
|
571,247 |
405,363 |
524,313 |
| Total liabilities |
|
571,247 |
405,363 |
524,313 |
|
|
|
|
|
| Total equity and
liabilities |
|
9,746,748 |
14,263,774 |
13,128,793 |
|
|
|
|
|
GROUP STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED 30 JUNE 2015
|
|
6 months ended |
6 months ended |
Year ended |
|
|
30 June 2015 |
30 June 2014 |
31 December 2014 |
|
|
(unaudited) |
(unaudited) |
(audited) |
|
|
£ |
£ |
£ |
|
|
|
|
|
| Net cash outflow from operating
activities |
|
(3,915,651) |
(1,469,753) |
(3,833,926) |
|
|
|
|
|
| Cash inflow from taxation |
|
69,150 |
- |
293,263 |
|
|
|
|
|
| Cash flow from investing activities |
|
|
|
|
| Interest received |
|
32,969 |
3,220 |
24,178 |
| Purchase of plant and equipment |
|
(616) |
(1,507) |
(4,882) |
| Payment for patents |
|
(61,698) |
(158,361) |
(215,676) |
| Net cash outflow from investing
activities |
|
(29,345) |
(156,648) |
(196,380) |
|
|
|
|
|
| Cash flow from financing activities |
|
|
|
|
| Financing costs |
|
- |
- |
- |
| Net proceeds from issue of shares |
|
- |
13,122,211 |
13,103,011 |
| Net cash inflow from financing
activities |
|
- |
13,122,211 |
13,103,011 |
|
|
|
|
|
| Net (decrease)/increase in cash and cash
equivalents |
|
(3,875,846) |
11,495,810 |
9,365,968 |
|
|
|
|
|
| Cash and cash equivalents at the beginning of the
period |
|
9,969,759 |
603,791 |
603,791 |
|
|
|
|
|
| Cash and cash equivalents at the end of the
period |
|
6,093,913 |
12,099,601 |
9,969,759 |
|
|
|
|
|
Reconciliation of operating loss to net cash outflow from
operating activities |
|
|
|
|
| Operating loss |
|
(4,459,521) |
(1,391,266) |
(3,792,773) |
| Cost of issuing share options |
|
259,611 |
56,233 |
192,186 |
Decrease/(increase) in trade and
other
receivables |
|
76,153 |
(74,454) |
(321,294) |
(Decrease)/increase in trade and
other
payables |
|
46,934 |
(83,957) |
34,993 |
| Depreciation of plant and equipment |
|
4,951 |
5,649 |
10,682 |
| Write-off of intangible assets |
|
134,533 |
- |
- |
| Amortisation of intangible assets |
|
21,688 |
8,042 |
42,280 |
|
|
|
|
|
| Net cash outflow from operating
activities |
|
(3,915,651) |
(1,469,753) |
(3,833,926) |
GROUP STATEMENT OF CHANGES IN
EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2015
|
Share |
Share |
Option |
Retained |
|
|
capital |
premium |
reserve |
losses |
Total |
|
£ |
£ |
£ |
£ |
£ |
|
|
|
|
|
|
| Balance at 1 January
2015 |
1,009,923 |
26,650,098 |
677,946 |
(15,733,487) |
12,604,480 |
| Total comprehensive loss for the
period |
- |
- |
- |
(3,688,590) |
(3,688,590) |
Issue of shares
Share issue costs |
1,009,923
-
- |
26,650,098
-
- |
677,946
-
- |
(19,422,077)
-
- |
8,915,890
-
- |
| Share-based payments |
- |
- |
259,611 |
- |
259,611 |
Transfer of
previously
expensed share-based payment
charge upon lapse of options |
- |
- |
(25,541) |
25,541 |
- |
| Balance at 30 June 2015
(unaudited) |
1,009,923 |
26,650,098 |
912,016 |
(19,396,536) |
9,175,501 |
|
|
|
|
|
|
Balance at 1 January 2014 |
372,598 |
14,184,412 |
640,579 |
(13,129,576) |
2,068,013 |
| Total comprehensive loss for the
period |
- |
- |
- |
(1,388,046) |
(1,388,046) |
Issue of shares
Share issue costs |
372,598
637,325
- |
14,184,412
13,383,821
(898,935) |
640,579
-
- |
(14,517,622)
-
- |
679,967
14,021,146
(898,935) |
| Share-based payments |
- |
- |
56,233 |
- |
56,233 |
Transfer of
previously
expensed share-based payment
charge upon lapse of options |
- |
- |
(42,881) |
42,881 |
- |
| Balance at 30 June 2014
(unaudited) |
1,009,923 |
26,669,298 |
653,931 |
(14,474,741) |
13,858,411 |
Balance at 1 January 2014 |
372,598 |
14,184,412 |
640,579 |
(13,129,576) |
2,068,013 |
| Total comprehensive loss for the
year |
- |
- |
- |
(2,758,730) |
(2,758,730) |
Issue of shares
Share issue costs |
372,598
637,325
- |
14,184,412
13,383,821
(918,135) |
640,579
-
- |
(15,888,306)
-
- |
(690,717)
14,021,146
(918,135) |
| Share-based payments |
- |
- |
192,186 |
- |
192,186 |
Transfer of
previously
expensed share-based payment
charge upon lapse of options |
- |
- |
(154,819) |
154,819 |
- |
| Balance at 31 December 2014
(audited) |
1,009,923 |
26,650,098 |
677,946 |
(15,733,487) |
12,604,480 |
NOTES TO THE FINANCIAL INFORMATION
FOR THE SIX MONTHS ENDED 30 JUNE 2015
1.
Publication of non-statutory accounts
i) This interim financial
information for the six months ended 30 June
2015 is unaudited and does not constitute statutory accounts
within the meaning of Section 434 of the Companies Act 2006.
It was approved by the Board of Directors on 7 September 2015. The figures for the year ended
31 December 2014 have been extracted
from the audited statutory accounts which have been reported on by
the Company’s auditor. The financial statements for the year ended
31 December 2014 have been delivered
to the Registrar of Companies and the auditor’s report on those
financial statements was unqualified and did not contain a
statement made under section 498 (2) or section 498 (3) of the
Companies Act 2006.
ii) Accounting policies
The interim financial statements for the six months ended
30 June 2015 includes the results of
Verona Pharma plc and its wholly-owned subsidiaries Verona Pharma
Inc. and Rhinopharma Limited. The unaudited results for the
period have been prepared on the basis of accounting policies
adopted in the audited accounts for the year ended 31 December 2014 and expected to be adopted in
the financial year ending 31 December
2015.
In the opinion of the Directors, the interim financial
information for the period presents fairly the financial position
and the results from operations and cash flows for the period.
No new IFRS standards, amendments or interpretations became
effective in the six months to 30 June
2015 which had a material effect on this interim financial
information.
iii) The Directors do not
recommend the payment of a dividend (period to 30 June 2014 - £Nil; year ended 31 December 2014 - £Nil).
iv) A copy of the interim report
is available on the Company’s website www.veronapharma.com.
2.
Taxation
The current period tax credit, £743,762, represents the
estimated research and development tax credit receivable on
qualifying expenditure incurred during the six month period ended
30 June 2015.
3. Loss per
share
i) The basic loss per share of
0.37p (30 June 2014: loss of 0.19p;
31 December 2014: loss of 0.32p) for
the Group is calculated by dividing the loss for the period by the
weighted average number of ordinary shares in issue of
1,009,923,481 (30 June 2014:
721,190,685; 31 December 2014: 866,743,656).
ii) The diluted loss per
share has not been presented since the Company’s stock options are
anti-dilutive.
4.
Comparatives
The comparatives include audited figures for the year ended
31 December 2014 and unaudited
figures for the six months ended 30 June
2014.