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Verona Pharma announces its financial results for the first quarter of 2024 and provides a corporate update. The PDUFA Target Action Date for Ensifentrine is set for June 26, 2024, with preparations underway for a potential US launch in the third quarter. The company's strong balance sheet, supported by a recent financing of up to $650 million, is geared towards commercialization and pipeline expansion. Key milestones include launch preparations, COPD disease awareness campaigns, presentations at conferences, and upcoming clinical trials. Financially, cash position remains strong, with R&D expenses and SG&A expenses detailed for the quarter.
Verona Pharma secured $650 million in strategic financing from Oaktree and OMERS to support the US commercial launch of ensifentrine and expand clinical activities. The non-dilutive funding extends the cash runway beyond 2026, providing financial flexibility for growth.
Verona Pharma plc will present additional analyses from its successful Phase 3 ENHANCE studies with ensifentrine for COPD treatment at ATS 2024. The investigational product, ensifentrine, has shown promising results in reducing exacerbations and improving lung function, with potential FDA approval as the first novel inhaled COPD treatment in over 20 years.