LONDON and RALEIGH, NC, Oct. 17, 2022 (GLOBE NEWSWIRE) — Verona Pharma plc VRNA (“Verona Pharma” or the “Company”) announces that it has entered into a debt financing facility (“Debt Financing”) providing the Company with access to up to $150 million from Oxford Finance LLC (“Oxford”). The non-dilutive capital provides further financial flexibility and support for the commercialization activities of Ensifentrin, the Company’s lead product candidate which recently reported positive Phase 3 data in the ENHANCE-2 study in chronic obstructive pulmonary disease (“COPD”). . The $150 million credit facility replaces the existing $30 million facility at Silicon Valley Bank (“SVB”).

“We believe the potential proceeds from this credit facility and the UK tax credit program, combined with our existing cash position of $231.7 million, will be 30 US,” said David Zaccardelli, Pharm. D., President and Chief Executive Officer “We are already in the early stages of launch preparations and, pending positive ENHANCE-1 results, intend to submit a New Drug Application for nebulized ensifentrin in the United States in the first half of 2023 and, if approved, the.” Planned launch in 2024.”

“Oxford is pleased to be a capital partner supporting Verona Pharma’s development and commercialization activities in the untreated respiratory disease COPD and potentially other respiratory diseases,” said Adam K. Soller, Managing Director at Oxford. “The encouraging results from the recent phase 3 ENHANCE-2 study reinforce the promise of ensifentrin as a compelling therapy for millions of COPD patients worldwide.”

Under the terms of the credit facility, Verona Pharma has drawn down US$10 million at closing, a portion of which was used to repay SVB’s existing credit facility, prepayment fees and other related costs. Another $10 million available immediately to be drawn in Verona…