Verona Pharma announced that it has secured up to $30 million in debt financing facility from Silicon Valley Bank for pre-commercialization activities related to the company’s nebulized ensifentrine, which is in Phase 3 development for the treatment of COPD. The credit line allows Verona to borrow $5 million at closing, then a further $10 million through mid-2022 if clinical milestones are met, with the possibility of another $15 million available through mid-2023.
In July 2020, Verona announced that it had raised $200 million to conduct the Phase 3 ENHANCE trials, which were initiated in September 2020. The company is also developing an MDI formulation of ensifentrine for both COPD and COVID-19 and a DPI formulation for the treatment of COPD.
Verona Pharma President and CEO David Zaccardelli commented, “We are pleased to secure this credit facility which provides us with the flexibility to access non-dilutive capital upon achievement of certain clinical development milestones. This will provide additional support, as needed, for pre-commercialization activities for ensifentrine. With this facility and the $200 million raised in July 2020, we believe Verona Pharma has sufficient resources to deliver on our key milestones.”
Read the Verona Pharma press release.
