Authorization

Verona Pharma Raises $200 Million in Oversubscribed Private Placement and Subscription

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (a??MARa??). UPON PUBLICATION OF THIS ANNOUNCEMENT THIS INFORMATION IS NOW CONSIDERED IN THE PUBLIC DOMAIN.NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. NEITHER THIS ANNOUNCEMENT, NOR ANYTHING CONTAINED HEREIN, SHALL FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH, ANY OFFER OR COMMITMENT WHATSOEVER IN ANY JURISDICTION.LONDON and RALEIGH, N.C., July 17, 2020 (GLOBE NEWSWIRE) -- Verona Pharma plc (AIM: VRP) (Nasdaq: VRNA) (a??Verona Pharmaa?? or the a??Companya??), a clinical-stage biopharmaceutical company focused on respiratory diseases, announces it has raised approximately $200 million (A?159 million*) in an oversubscribed private placement and subscription with new and existing institutional and accredited investors (the a??Financinga??). The Financing comprises a private placement of 39,090,009 of the Companya??s American Depositary Shares (a??ADSsa??), each representing eight ordinary shares of the Company (a??Ordinary Sharesa??), at a price of $4.50 per ADS, and 43,111,112 of the Companya??s Ordinary Shares at the equivalent price per Ordinary Share, being A?0.45 or $0.5625 (together the a??Securitiesa??).
Verona Pharma anticipates net proceeds of the Financing will be approximately $183 million after deducting placement agent fees and estimated expenses.The Financing was led by new investors RA Capital Management, Access Biotechnology, Perceptive Advisors, Acorn Bioventures, PBM Capital, Samsara BioCapital, Foresite Capital, Sphera, Fairmount and Soleus Capital, as well as additional investors. Existing investors, OrbiMed, New Enterprise Associates (NEA), Vivo Capital, Abingworth, Novo Holdings A/S, Polar Capital and Aisling Capital also participated.
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