Verona Pharma’s RPL554 treatment for asthma and hay fever has passed safety tests.
By passing the safety and toxicology tests the RPL554 compound is now ready to gain regulatory approval to start a combined phase I/IIa trial.
If this trial is successful Verona will look to licence the compound to a major pharmaceutical company to finance further trials. The market for respiratory treatments is worth more than $30bn.
The news pushed the shares 1p ahead to 3.75p, valuing the company at £9.79m.
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