Verona Pharma PLC (LON:VRP, NASDAQ:VRNA) has raised US$200mln from new and existing investors, which it will use to fund the clinical development of its breakthrough treatment for chronic obstructive pulmonary disease (COPD).
The private placement and subscription, which was open to US and UK shareholders, was oversubscribed.
It received backing from companies such as RA Capital, one of America’s leading biotech investors, along with a number of other highly regarded industry names.
“We are extremely pleased to have received support from this group of highly experienced life science investors who understand the potential benefit of ensifentrine for patients with COPD,” Verona chief executive David Zaccardelli said in a statement.
The cash will be used to fund Verona’s phase III ENHANCE clinical programme for the inhaled nebulised drug, ensifentrine.
The treatment is different to anything currently out on the market for COPD in that it has a dual-action. It opens the patient’s airways and reduces inflammation in the lungs by inhibiting the enzymes phosphodiesterase 3 and 4.
Ensifentrine has not shown side effects such as nausea, vomiting and weight loss, that halted previous attempts to develop similar drugs. In fact, it has been well-tolerated in clinical trials involving more than 1,300 people to date.