- Respiratory diseases focused Verona Pharma said it had raised around $200m (£159m) from an oversubscribed share issue to help fund a clinical trial.

American depositary shares in the company were placed to new and existing institutional and accredited investors at $4.50 each, while new ordinary shares were placed at £0.45, or $0.5625.

Verona Pharma said the proceeds would fund a phase-three clinical program for an inhaled therapy for chronic obstructive pulmonary disease, and for general corporate purposes.

The clinical trials were planned to start later in 2020.

At 9:35am: [LON:VRP] Verona Pharma PLC share price was +22.5p at 69p

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