StockMarketWire.com - Verona Pharma has widened its FY pretax loss to £3.8m, from a loss of £2.8m. Revenue was nil.

Highlights:

* Developed a novel commercial formulation for lead compound RPL554 (a first-in-class, dual PDE3/PDE4 inhibitor with both bronchodilator and anti-inflammatory activities)

* Began phase 1/2 clinical trial with the new formulation of RPL554, initially in healthy subjects, to confirm safety and tolerability at high drug doses. Second part of study, in COPD patients, to report later this year

* Filed multiple patent applications on RPL554 to extend IP coverage

* Published data on RPL554 suggesting its potential as a treatment for patients with cystic fibrosis. Obtained a Venture and Innovation Award from the Cystic Fibrosis Trust, the first biotech company to have received such an award

* Appointed Dr. David Ebsworth as Non-Executive Chairman and Mr. Biresh Roy as Chief Financial Officer

* Completed a placing in March 2014 raising gross proceeds of £14.0 million

* Net cash outflows from operating activities during the year of £3.83m (2013: £2.34m), with cash and cash equivalents as at 31 December 2014 of £9.97m (2013: £0.60m)





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