News blog
Verona Pharma
- BY: Andrew Hore |
- POSTED: 08/12/2011 |
Respiratory disease treatments developer Verona Pharma has raised £3.25m through a placing at 5p a share.
The share price fell 1.62p to 5.38p following the news. This values the existing share capital at £13m.
The cash will be used to continue to finance the RPL554 clinical trial. RPL554 is an inhaled asthma and hay fever treatment, which does not include steroids. A low dose response study should be completed by mid 2012, and a Phase II anti-inflammatory trial is expected to be finished by late 2012.
The money will also finance further clinical trials of cough treatment VRP700.
There was £1.15m in the bank at the end of June 2011. There was an £853,000 cash outflow in the first six months of the year.
Last month. WH Ireland was appointed nominated adviser and broker.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2011_26.pdf
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