Verona Pharma plc Verona Pharma Announces Senior Management Changes

TIDMVRP

Dr. David Zaccardelli appointed President and Chief Executive Officer

Mark W. Hahn appointed Chief Financial Officer

LONDON, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Verona Pharma plc (AIM: VRP)
(Nasdaq: VRNA) ("Verona Pharma"), a clinical-stage biopharmaceutical
company focused on respiratory diseases, announces that David
Zaccardelli, Pharm. D., has been appointed President and Chief Executive
Officer (CEO) with effect from February 1, 2020. Dr. Zaccardelli has
also joined the board of Verona Pharma. Dr. Zaccardelli brings
substantial specialty pharmaceutical leadership and operational
expertise, including most notably, serving as President and CEO of Dova
Pharmaceuticals, Inc. until its acquisition by Swedish Orphan Biovitrum
AB (Sobi) in November 2019. Previously, Dr. Zaccardelli held several
senior management roles including Chief Operating Officer (COO) at
United Therapeutics Corporation. Jan-Anders Karlsson, Ph.D., Verona
Pharma's previous CEO, is retiring following 8 years of dedicated
service to the Company to pursue non-executive roles and he has agreed
to provide support to ensure an effective transition.

In addition, Mark W. Hahn, a seasoned pharmaceutical finance executive,
will join Verona Pharma as Chief Financial Officer (CFO), a non-board
position, with effect from March 1, 2020. Mr. Hahn previously served as
the CFO of Dova Pharmaceuticals, Inc. and Cempra, Inc. and raised over
$600 million to support product development and commercialization
activities of those companies. Piers Morgan will continue to serve as
CFO of Verona Pharma through February 28, 2020 to provide an efficient
transition and complete required financial reporting.

Both Dr. Zaccardelli and Mr. Hahn will be based in North Carolina in the
US, where the majority of the Company's clinical team are located, to
lead the development and commercialization of ensifentrine for
respiratory diseases including chronic obstructive pulmonary disease
("COPD"), asthma and cystic fibrosis (CF).

"We are very pleased to have both Dr. Zaccardelli and Mr. Hahn join
Verona Pharma. They are highly experienced leaders with a proven track
record of working together to create significant value for shareholders.
We believe we have a strong team in place to lead Verona Pharma into its
next phase of growth. The team will focus on the US and worldwide
opportunities to help COPD patients in need of additional treatment,"
said Dr. David Ebsworth, Chairman of Verona Pharma. "I thank Dr.
Karlsson for his leadership in building Verona Pharma into a strong
company with a Phase 3 program for ensifentrine expected to begin in 3Q
2020, and also Mr. Morgan for his support through the US IPO process.
Together, Dr. Karlsson and Mr. Morgan successfully raised significant
capital, listed Verona Pharma on Nasdaq and used these funds to generate
data supporting the strong efficacy and safety profile of ensifentrine
in COPD. I am pleased they will continue to support the transition to
ensure the further success of Verona Pharma."

Dr. Zaccardelli, President and CEO, commented: "I strongly believe it is
a transformational time to join Verona Pharma to ensure the full
potential of ensifentrine, a first-in-class, inhaled, dual inhibitor of
the phosphodiesterase 3 (PDE3) and phosphodiesterase 4 (PDE4) enzymes
for the treatment of respiratory diseases including COPD, asthma and CF.
In addition, the recently reported Phase 2 clinical trial results of
ensifentrine added to inhaled tiotropium, a long acting anti-muscarinic
("LAMA") commonly used to treat patients with COPD, underscores its
potential for a significant impact on the treatment for patients with
COPD. Verona Pharma will continue to focus on developing new treatments
for patients with unmet medical need."

Dr. Zaccardelli continued, "I am also excited Mark Hahn is joining
Verona as CFO as part of the executive leadership team. He has extensive
experience in both finance and public pharmaceutical companies having
raised more than $600 million to support novel product development at
previous companies. In addition, we have effectively collaborated
together in the leadership of previous companies including Dova
resulting in the acquisition by Sobi."

Previously, Dr. Zaccardelli served as President and CEO of Dova
Pharmaceuticals from December 2018 until its acquisition by Sobi in
November 2019. Dr. Zaccardelli was the Acting CEO of Cempra, Inc. from
December 2016 until the company's merger with Melinta Therapeutics, Inc.
in November 2017. From 2004 until 2016, Dr. Zaccardelli served in
several senior management roles at United Therapeutics Corporation,
including COO, Chief Manufacturing Officer and Executive Vice President,
Pharmaceutical Development and Operations. Prior to joining United
Therapeutics, Dr. Zaccardelli founded and led a start-up company focused
on contract pharmaceutical development services, from 1997 through 2003.
From 1988 to 1996, Dr. Zaccardelli worked at Burroughs Wellcome & Co.
and Glaxo Wellcome, Inc. in a variety of clinical research positions. He
also served as Director of Clinical and Scientific Affairs for Bausch &
Lomb Pharmaceuticals from 1996 to 1997.

Prior to Verona Pharma, Mr. Hahn served as CFO of Dova Pharmaceuticals
from January 2018 until the acquisition by Sobi in November 2019 where
he led over $100 million in equity and debt financings and was
instrumental in the launch of Dova's first commercial product. Mr. Hahn
previously served as the CFO of Cempra, Inc. from 2010 until it was
acquired by Melinta Therapeutics, Inc. in November 2017. While at Cempra,
Mr. Hahn spearheaded all financing activities including the company's
IPO and follow on offerings raising over $500 million over a seven-year
period. Prior to joining Cempra, from 2008 to 2009, Mr. Hahn was the CFO
for Athenix, a rapidly growing agricultural biotech company that merged
with Bayer CropScience in 2010. Before taking on operating roles at
corporations, Mr. Hahn spent twelve years at Ernst and Young where he
assisted in the IPO process for many software, manufacturing, and
consumer product companies. Mr. Hahn received a Bachelor of Business
Administration degree in Accounting and Finance from the University of
Wisconsin-Milwaukee and is a Certified Public Accountant.

Additional disclosures required under the AIM Rules for Companies are
included below.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE 7 OF REGULATION (EU) NO 596/2014.

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. Verona Pharma is currently
in Phase 2 development with three formulations of ensifentrine for the
treatment of COPD: nebulized, dry powder inhaler, and pressurized
metered-dose inhaler. Ensifentrine also has potential applications in
cystic fibrosis, asthma and other respiratory diseases. For more
information, please visit
https://www.globenewswire.com/Tracker?data=N0Pp8N_H_ZUa6lepYrEUWdPCPlTkjhNj9D9m4JZcGPNk55E-H_yxYdiMLXkt5tc8mjsr0DR2uHWWGPI0fpaTEtqsCW6Usp0M9gpm0alWcf4=
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,
including, but not limited to, the successful transition of Verona
Pharma's CEO and CFO roles, the development of ensifentrine, the
progress and timing of clinical trials, data and Phase 3 readiness of
ensifentrine, the potential for ensifentrine to be a first-in-class
phosphodiesterase 3 and 4 inhibitor, and to be the first therapy for the
treatment of respiratory diseases to combine bronchodilator and
anti-inflammatory activities in one compound, the potential for
ensifentrine to have a significant impact on the treatment of COPD, the
potential application of ensifentrine for the treatment of cystic
fibrosis, asthma and other respiratory diseases, and Verona Pharma
continuing its focus on developing new treatments for patients with
unmet medical need.

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, but not limited to, the
following: our limited operating history; our need for additional
funding to complete development and commercialization of ensifentrine,
which may not be available and which may force us to delay, reduce or
eliminate our development or commercialization efforts; the reliance of
our business on the success of ensifentrine, our only product candidate
under development; economic, political, regulatory and other risks
involved with international operations; the lengthy and expensive
process of clinical drug development, which has an uncertain outcome;
serious adverse, undesirable or unacceptable side effects associated
with ensifentrine, which could adversely affect our ability to develop
or commercialize ensifentrine; potential delays in enrolling patients,
which could adversely affect our research and development efforts and
the completion of our clinical trials; we may not be successful in
developing ensifentrine for multiple indications; our ability to obtain
approval for and commercialize ensifentrine in multiple major
pharmaceutical markets; misconduct or other improper activities by our

employees, consultants, principal investigators, and third-party service 
providers; our future growth and ability to compete depends on retaining 
our key personnel and recruiting additional qualified personnel; 
material differences between our "top-line" data and final data; our 
reliance on third parties, including clinical investigators, 
manufacturers and suppliers, and the risks related to these parties' 
ability to successfully develop and commercialize ensifentrine; and 
lawsuits related to patents covering ensifentrine and the potential for 
our patents to be found invalid or unenforceable. These and other 
important factors under the caption "Risk Factors" in our Annual Report 
on Form 20-F filed with the Securities and Exchange Commission ("SEC") 
on March 19, 2019, and our other reports filed with the SEC, could cause 
actual results to differ materially from those indicated by the 
forward-looking statements made in this press release. 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. 
 
   For further information, please contact: 
 
 
 
 
Verona Pharma plc                                        Tel: +44 (0)20 3283 4200 
David Zaccardelli, Chief Executive Officer               info@veronapharma.com 
David Moskowitz, VP Capital Markets Strategy & Investor 
 Relations (Investor enquiries) 
 Victoria Stewart, Director of Communications (Media 
 Enquiries) 
 
N+1 Singer                                               Tel: +44 (0)20 3283 4200 
 (Nominated Adviser and UK Broker) 
Aubrey Powell / George Tzimas / Iqra Amin (Corporate 
 Finance) 
Tom Salvesen (Corporate Broking) 
 
Optimum Strategic Communications                         Tel: +44 (0)20 950 9144 
 (European Media and Investor Enquiries)                  verona@optimumcomms.com 
Mary Clark / Eva Haas / Hollie Vile 
 
Argot Partners                                           Tel: +1 212-600-1902 
 (US Investor Enquiries)                                  verona@argotpartners.com 
Stephanie Marks / Kimberly Minarovich / Michael Barron 
 
 
   Additional Disclosures Required under the AIM Rules for Companies 
 
   In accordance with Schedule 2(g) of the AIM Rules, Dr. Zaccardelli (aged 
55) holds or has held the following directorships and partnerships in 
the last five years: 
 
 
 
 
Current                           Past 
--------------------------------  -------------------------- 
Melinta Therapeutics Inc          Cempra Pharmaceuticals Inc 
CoreRx Inc                        Dova Pharmaceuticals Inc 
Evecxia Therapeutics Inc 
Bull City Select Investments LLC 
 (Managing Member) 
 
 
   Additionally, Melinta Therapeutics Inc, where Dr. Zaccardelli remains a 
non-executive director, has filed for Chapter 11 bankruptcy in Delaware. 
 
   There are no additional disclosures required under AIM Rule 17.

(END) Dow Jones Newswires

February 03, 2020 02:00 ET (07:00 GMT)

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