3rd Jun 2016 06:59
LONDON (Alliance News) - Respiratory drug development company Verona Pharma PLC on Friday said its pretax loss for 2015 was significantly widened by a ramp-up in research and development costs over the year.
Verona's pretax loss in the year to the end of December was GBP8.9 million, more than doubling from the GBP3.8 million loss made in 2014, as research and development spending ballooned to GBP7.3 million from GBP2.6 million. Verona does not generate any revenue.
The firm said it completed a series of successful clinical trials over the course of the year, including a dose-finding study with asthma patients and studies on using its RPL554 drug for chronic obstructive pulmonary disease treatment.
Post the year-end, the group has received positive results on its RPL554 candidate for treating both asthma and COPD and Chief Executive Jan-Anders Karlsson said the firm continues to believe the product "represents a very attractive commercial opportunity for generating significant value for shareholders."
Verona said it is in business development discussions about the RPL554 programme and may undertake some limit new clinical work to enhance the prospects of securing a commercially attractive partnership for the drug candidate.
By Sam Unsted; [email protected]; @SamUAtAlliance
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