Verona Pharma plc Verona Pharma Secures Up To $30 Million Debt Financing From Silicon Valley Bank
November 23 2020 - 2:00AM
UK Regulatory
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: +44 (0)20 3283 4200
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Victoria Stewart, Director of Communications info@veronapharma.com
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Argot Partners Tel: +1 212-600-1902
(US Investor Enquiries) verona@argotpartners.com
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Kimberly Minarovich / Michael Barron
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Optimum Strategic Communications Tel: +44 (0)203 950 9144
(European Media and Investor Enquiries) verona@optimumcomms.com
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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)
Copyright (c) 2020 Dow Jones & Company, Inc.
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