Verona Pharma, a biotechnology company that focuses on developing treatments for chronic obstructive pulmonary disease (COPD), has recently announced a significant financial boost of up to $400 million. This investment comes from two capital firms, Oxford Finance and Hercules Capital, under a debt financing facility.
The funds provided by this facility will offer Verona Pharma non-dilutive capital and financial flexibility to support its growth and aid in the commercial launch of its drug candidate, ensifentrine, intended for the treatment of COPD.
As part of the arrangement, Verona Pharma will initially receive $50 million, with the option to draw an additional $100 million upon FDA approval of ensifentrine. Further funds of up to $150 million can be obtained based on certain net sales milestones, and an additional $100 million will be available to support strategic initiatives within the company.
David Zaccardelli, CEO of Verona Pharma, expressed his gratitude for the new facility, stating that it, along with their existing cash reserves, provides the necessary financial flexibility for the company’s continued growth, including the anticipated launch of ensifentrine in the U.S., pending approval.
The company’s drug candidate, ensifentrine, has already garnered attention from the FDA, with an NDA acceptance and a scheduled PDUFA date for June 26, 2024. Verona Pharma is optimistic about the potential approval of ensifentrine and is working diligently towards advancing groundbreaking treatment solutions for respiratory health.
The promising results of Verona Pharma’s COPD drug candidate have demonstrated consistent improvements, showing a significant change from the baseline in the FEV area under the curve 0-12 hours post-dose at week 12. These positive outcomes have reinforced the company’s commitment to addressing the needs of patients with COPD.
This substantial investment from Oxford Finance and Hercules Capital signifies a strong show of support for Verona Pharma and its mission to provide innovative solutions for respiratory diseases. The company’s dedication to advancing respiratory health, combined with the significant financial boost, bodes well for the future of COPD treatment.
In conclusion, the substantial financial backing from Oxford Finance and Hercules Capital is a testament to the potential of Verona Pharma’s COPD drug candidate, ensifentrine. With the support of these capital firms, Verona Pharma is well-positioned to make meaningful strides in the field of respiratory health and bring about positive change for patients with COPD.
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