17 December 2014, Cardiff – Verona Pharma plc (AIM: VRP.L), the drug development company focused on first-in-class medicines to treat respiratory diseases, today announces the appointment of Kenneth Newman, M.D., M.B.A. to the newly created position of Chief Medical Officer, with effect from 1 January 2015. The Company today also announces the incorporation of its fully owned subsidiary Verona Pharma, Inc. Dr Newman will be based in the US and provide his expertise to support the Company’s global activities.
Today’s appointment and the creation of the US affiliate reflects the continuing focus of Verona Pharma on advancing the clinical development and commercialisation of its lead pipeline drug, RPL554, a first-in-class PDE3/PDE4 inhibitor currently in phase II development for the treatment of chronic obstructive pulmonary disease (COPD) and asthma. RPL 554 is also in preclinical development for cystic fibrosis. In addition to the US being the largest market for each of the therapeutic areas of application for this drug, it is anticipated that future drug development trials will involve significant participation from US sites, as well as consultation with US regulators and potentially also collaborations with future partners. The Board therefore believes a US presence will be of tangible benefit in facilitating the Company’s development and commercialisation plans.
Dr. Newman is an experienced pharmaceutical and biotechnology industry executive with extensive leadership experience in clinical development, including a number of orally inhaled drugs for the treatment of respiratory disease. Dr. Newman will join Verona Pharma from Mesoblast Inc (ASX: MSB), a leading regenerative medicine company, where he was Chief Development Officer and Head of Global Clinical Development. Prior to that, between 2010 and 2013, Dr. Newman was Chief Medical Officer and EVP of Acton Pharmaceuticals, where he was responsible for the clinical development and regulatory submission of two respiratory products that were subsequently approved by the FDA. Acton was sold to Meda Pharmaceuticals (STOSE: MEDA) for $135m in August 2013. From 2006 to 2009, Dr. Newman was VP, Medical Affairs at Boehringer Ingelheim, where he oversaw the Medical Affairs Department, which comprised of a number of therapeutics areas, including respiratory. From 1997-2006, Dr. Newman held a number of positions of increasing seniority within the Clinical Development and Medical Affairs Departments at Forest Laboratories (now Actavis NYSE: ACT), culminating in Executive Director, Clinical Development. Dr. Newman began his professional career as an attending physician at the National Jewish Medical and Research Center, Denver, Colorado and then the University of Cincinnati, Ohio. He was awarded an MBA from University of Cincinnati in 1998.
Dr Jan-Anders Karlsson, CEO of Verona Pharma, said:
“I am delighted that Dr. Newman will be joining Verona Pharma in the newly created position of Chief Medical Officer, based in the US. His extensive experience in the clinical development of respiratory drugs, including his success in securing regulatory approvals, will be invaluable as we progress our lead drug, RPL554, in the clinic and through to commercialisation. This first-in-class PDE3/4 inhibitor is currently in phase II development as a nebulised treatment for acute exacerbations in COPD and asthma. This is an area of high unmet medical need with an addressable market that is estimated to be in excess of $1bn1 in the US alone.”
-Ends-
References
1 Bronchodilating Nebulizer US Market Assessment, IMS (Dec 2014)
For further information please contact:
Verona Pharma plc Tel: +44 (0) 20 7863 3300
Jan-Anders Karlsson, CEO
N+1 Singer Tel: +44 (0)20 7496 3000
Aubrey Powell / Jen Boorer
FTI Consulting Tel: +44 (0)20 3727 1000
Julia Phillips / Simon Conway
Notes to Editors
About Verona Pharma plc
Verona Pharma plc is a UK-based clinical stage biopharmaceutical company focused on the development of innovative prescription medicines to treat respiratory diseases with significant unmet medical needs, such as COPD, asthma and cystic fibrosis. Verona Pharma’s lead drug, RPL554, is a first-in-class drug currently in Phase II trials as a nebulised treatment for acute exacerbations of COPD in the hospital setting. The drug is a dual phosphodiesterase (PDE) 3/4 inhibitor and therefore has both bronchodilator and anti-inflammatory effects, which are essential to the improvement of patients with COPD and asthma. Verona Pharma is also building a broader franchise around RPL554 to maximise its value, both to patients and to investors. This includes the very significant markets for COPD and asthma maintenance therapy. The Company is also exploring the potential of the drug in different diseases, such as cystic fibrosis, where it is in pre-clinical testing and has recently received a Venture and Innovation Award from the Cystic Fibrosis Trust.
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