Verona Pharma (VER) has proved the value of patience in biotech investing. After several years of declines, the group’s share price spiked on the news that its novel drug, RPL554, had successfully completed a late-stage clinical trial in chronic obstructive pulmonary disease patients. True, it still hasn’t reached the peaks enjoyed during the 2008 and 2014 biotech bubbles, but it’s good to see the group moving in the right direction at last.
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Now, RPL554 will undergo a final dosing trial before Verona seeks regulatory approval via a pivotal clinical trial in a large patient population. With £80m of net cash, broker Jefferies thinks the group is fully funded until at least 2020.
