Verona Pharma (AIM:VRP)  has made “significant progress” in its second quarter and is on schedule to kick-start two clinical trials of its lead drug, ensifentrine, before the end of 2020. 

The trials follow a successful End-of-Phase 2 meeting in May with the U.S. Food and Drug Administration where the US regulator gave guidance on the design of a phase 3 program. 

These trials – known as the ENHANCE program - will see the novel drug treatment delivered using a nebuliser to people with chronic obstructive pulmonary disease, known as “COPD.” 

  Ensifentrine has been shown to act as a bronchodilator, which relaxes and opens the airways and an anti-inflammatory. Verona has highlighted its potential to be an effective treatment for COPD and other respiratory diseases, including asthma and cystic fibrosis. 

Shares in Verona Pharma have more than doubled since June and were trading 27.59% higher this morning following the announcement. 

As a result, the company believes ensifentrine, ‘with its novel mechanism of action’, has the potential to improve oxygenation and lung function assisting recovery from COVID-19. 

A pilot study using an inhaled version the drug as a treatment for patients hospitalised with COVID-19 at the University of Alabama at Birmingham is planned for later this quarter.  

The group said clinical data from prior studies of ensifentrine in other respiratory diseases has demonstrated improved improves lung function as well as reduced lung inflammation.  

‘We believe ensifentrine, with its novel mechanism of action, has the potential to improve oxygenation and lung function assisting recovery from COVID-19,’ Verona told investors. 

Verona has also met its objective of securing financing after it secured £159 million through a private placement. As a result, it ended the period with net cash of just over £18 million. 

The Company also reported an operating loss of £19.7 million in line with £19.8 million lost in the comparative period last year, largely as a result of research and development costs.   

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