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

LONDON and RALEIGH, N.C., July 17, 2020 (GLOBE NEWSWIRE) — Verona Pharma plc (AIM: VRP) (Nasdaq: VRNA) (“Verona Pharma” or the “Company”), a clinical-stage biopharmaceutical company focused on respiratory diseases, announces it has raised approximately $200 million (£159 million*) in an oversubscribed private placement and subscription with new and existing institutional and accredited investors (the “Financing”). The Financing comprises a private placement of 39,090,009 of the Company’s American Depositary Shares (“ADSs”), each representing eight ordinary shares of the Company (“Ordinary Shares”), at a price of $4.50 per ADS, and 43,111,112 of the Company’s Ordinary Shares at the equivalent price per Ordinary Share, being £0.45 or $0.5625 (together the “Securities”).

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