As expected from an early-stage biotech company, full-year results from Verona Pharma (VRP) were light on financial information. But much progress has been made in developing the group's leading respiratory drug, RPL554. Two clinical trials found the drug to be more beneficial than the current standard of care for both asthma and chronic obstructive pulmonary disease (COPD) patients. The group has recently started dosing patients in a pivotal trial, with early data expected by the end of 2017.
Verona has managed to maintain good control of its spending, with net cash used in operating activities falling from £6.4m in 2015 to £5.6m in the reported period. A fundraising round in July has left the group with a healthy year-end cash balance of £40m.
