- Biopharmaceuticals company Verona Pharma reported an operating loss of $46.2 million for the first nine months of 2020 as it began work on a potential treatment for COVID-19.

This compared to a $42.7 million loss in the same period last year. However, the company raised $200 million from a private placement, bringing its net cash position to $202 million.

In July, Verona received a notice to proceed from the US Food and Drug Administration for a trial of the company's pMDI ensifentrine drug for the treatment of patients hospitalised with COVID-19. The study began in September.

Verona has also commenced trials of the same drug for the treatment of patients with chronic obstructive pulmonary disease.

At 9:31am: [LON:VRP] Verona Pharma PLC share price was +3p at 55p

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