As expected, Verona Pharma’s (VRP) respiratory drug development has been expensive. In 2017, research and development costs rose fivefold to £23.7m, which – after considering £4m of tax credits – widened net losses to £20.1m.
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Fortunately, that expenditure has not been in vain. Two of the group’s four clinical trials have already reported positive findings and the others are due to announce results within the next few months – ahead of schedule. Verona is now considering its options. Chief executive Jan-Anders Carlson wants to make sure the drug – RPL554 – is completely ready before progressing to the pivotal phase III trial and is therefore planning a further phase II study to assess RPL554’s efficacy in a more severe patient population.