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Verona Pharma plc : Update on AIM Delisting

Written by Customer Service on . Posted in Public Companies.

LONDON and RALEIGH, N.C., Oct. 28, 2020 (GLOBE NEWSWIRE) — Verona Pharma plc (AIM: VRP) (Nasdaq: VRNA) (“Verona Pharma” or the “Company”), provides a further update with regards to its intended Delisting and Cancellation of its Ordinary Shares from Trading on AIM, as announced on September 21, 2020.
As previously announced, the last day of trading of the Company’s Ordinary Shares on AIM will be October 29, 2020 and the proposed AIM Delisting will be effective from 7.00 am London time on October 30, 2020. Verona Pharma will retain the listing of its ADSs on the Nasdaq Global Market under ticker symbol VRNA. Following the AIM Delisting, shares will only be tradeable on Nasdaq.Further information about the process to convert Ordinary Shares into ADSs was provided in the announcement published by the Company on September 21, 2020 and is also available on the Company’s website at https://www.veronapharma.com/investors/aim-delisting. This conversion can be made at any time, including before the AIM Delisting. However, holders of Ordinary Shares are reminded that if the conversion is made prior to the AIM Delisting on October 30, ADS conversion fees of up to US$0.05 per ADS ordinarily charged by the Company’s depositary, Citibank, will be waived, and UK stamp duty at a rate of 1.5 per cent of the market value of the shares will not be incurred.Following the AIM Delisting, N+1 Singer will cease to act as nominated adviser and broker to the Company.Capitalised terms used but not defined in this announcement are the same as those included in the announcement made on September 21, 2020.For further information, please contact:About Verona PharmaVerona Pharma is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for the treatment of respiratory diseases with significant unmet medical needs. If successfully developed and approved, Verona Pharma’s product candidate, ensifentrine, has the potential to be the first therapy for the treatment of respiratory diseases that combines bronchodilator and anti-inflammatory activities in one compound. The Company is evaluating nebulized ensifentrine in its Phase 3 clinical program ENHANCE (“Ensifentrine as a Novel inHAled Nebulized COPD thErapy”) for COPD maintenance treatment. The Company raised gross proceeds of $200 million through a private placement in July 2020 and expects the funds to support its operations and Phase 3 clinical program into 2023. Two additional formulations of ensifentrine are currently in Phase 2 development for the treatment of COPD: dry powder inhaler (“DPI”) and pressurized metered-dose inhaler (“pMDI”). Ensifentrine is in a pilot clinical study in patients hospitalized with COVID-19 and has potential applications in cystic fibrosis, asthma and other respiratory diseases. For more information, please visit www.veronapharma.com.

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