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Verona Pharma: Interim Results for the Six Months Ended 30 June2012



9/14/2012 10:00:29 AM

14 September 2012 - London, UK - Verona Pharma plc (AIM: VRP.L), is a drug development company with first-in-class drugs to treat respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma and chronic, severe cough. Today, the Company announces its unaudited interim results for the six months ended 30 June 2012.

OPERATIONAL HIGHLIGHTS

For the six months ended 30 June 2012

• Signed a contract with the Medicines Evaluation Unit (MEU) in Manchester, UK, to undertake a new clinical trial in healthy subjects with the Company’s lead drug candidate, the dual PDE 3 and 4 inhibitor, RPL554, to test its anti-inflammatory effects with respect to COPD.

• Enrolled further patients in the Phase II clinical trial of RPL554 at the Tor Vergata Clinic at the University of Rome, Italy to obtain further data on the bronchodilator activity of RPL554 in patients with mild to moderate COPD.

• On 1 June 2012, appointed Dr. Jan-Anders Karlsson as the Company’s Chief Executive Officer as successor to Professor Michael Walker.

FINANCIAL HIGHLIGHTS

• Loss after tax of £1.06 million (2011: £0.97 million) or 0.35 pence (2011: 0.40 pence) per ordinary share. The loss includes a non-cash share based payment charge of £0.04 million (2011: £0.16 million).

• Completed the second tranche and balance of the December 2011 placing by issuing a further 21.3 million shares at £0.05 per share to raise total gross proceeds of £1.07 million.

• Low cash burn rate; cash and cash equivalents as at 30 June 2012 of £2.36 million (2011: £1.15 million).

HIGHLIGHTS OF EVENTS SUBSEQUENT TO 30 JUNE 2012

• In July, commenced the clinical trial at MEU to test the anti-inflammatory effects of RPL554 with respect to COPD.

• In August, the patent estate around RPL554 was strengthened with the grant of a new patent in the US for RPL554

. • In September, the extended clinical trial of RPL554 in patients with mild to moderate COPD at the Tor Vergata Clinic in Rome was completed, adding further important data to demonstrate that inhaled RPL554 is an effective bronchodilator in these patients.

• Most recently, on 4 September 2012, data on the beneficial effects of RPL554 as a bronchodilator in patients with mild to moderate COPD was presented by the Principal Investigator from the Rome trial to the European Respiratory Society (ERS) Annual Congress in Vienna.

Jan-Anders Karlsson, CEO of Verona Pharma, said: “In the year to date, Verona Pharma has continued to progress both its RPL554 and VRP700 drug development programmes. Specifically, further data was obtained to demonstrate RPL554’s potential as a new class of bronchodilator and a further trial was started to evaluate its anti-inflammatory activity. With respect to VRP700, preparations commenced to undertake a further study in patients with severe, chronic cough.

“Having taken over as CEO on 1 June 2012, I initiated a strategic review of the Company together with the Board of Directors. Whilst the development of “first-in-class” compounds for respiratory and anti-inflammatory diseases remains at Verona Pharma’s core, a focusing of the Company’s development programmes and strengthening of its capabilities and commercialisation strategy is underway.”

About Verona Pharma plc

Verona Pharma plc is developing first-in-class drugs to treat respiratory disease, such as COPD, asthma and chronic, severe cough. The Company has three drug programmes, two of which are in Phase II. The lead programme, RPL554, is an innovative dual phosphodiesterease (PDE) 3 and 4 inhibitor with both bronchodilator and anti-inflammatory properties. VRP700 is an innovative product for suppressing chronic severe chough in patients with underlying lung disease. In its third programme, Verona Pharma is investigating novel anti-inflammatory molecules, called NAIPs, for a wide range of respiratory and inflammatory diseases. Verona Pharma is based in London, U.K. For more information, visit: www.veronapharma.com

For more information please contact:

Verona Pharma plc

Clive Page, Chairman

Jan-Anders Karlsson, CEO Tel: 020 7863 3300

info@veronapharma.com

WH Ireland Group Plc

Chris Fielding

Jessica Metcalf

Tel: 020 7220 1650

Chris.fielding@WH-Ireland.Co.UK

College Hill

Melanie Toyne Sewell

Gemma Howe Tel: 020 7457 2020

verona@thecollegegroup.com


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