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Verona Stock Soars After $200m Placement For COPD Drug

Fundraise Nearly Quadruples Market Cap

 
• By Kevin Grogan

The UK biotech will have no problems funding a Phase III program for its nebulized first-in-class COPD therapy ensifentrine as investors old and new flocked to buy into the stock.

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Verona could bring the first new class of COPD drugs in decades to market • Source: Shutterstock

Shares in Verona Pharma plc have rocketed after the UK respiratory disease specialist raised $200m in an oversubscribed private placement and subscription that will more than cover the costs of the late-stage program for its chronic obstructive pulmonary disease drug ensifentrine.

The fundraise, the proceeds of which are expected to total $183m after deducting placement agent fees and expenses, comprises a private placement of 39.1 million American Depositary Shares (Verona is listed on the NASDAQ as well as London's AIM), each representing eight ordinary shares, at $4.50 per ADS, and 43

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