Verona Pharma: Doubles on raising $200 mln in private offering of stock

Verona Pharma

17/07/2020 14:17

** U.S.-listed shares of UK-based drug developer  VRNA.O 
double to $9.75 premarket, set to open at more than one-year
high
    ** Co says it has raised ~$200 mln in an over-subscribed
private placement of 39,090,009 VRNA American Depositary Shares;
expects net proceeds to be ~$183 mln  urn:newsml:reuters.com:*:nGNX4pNjMl
    ** Each ADS, at a price of $4.50, represents eight ordinary
shares of co
    ** Co intends to use the net proceeds to fund its late-stage
study of a therapy for lung disease that is expected to start
later this year
    ** Stock fell 17.7% this year

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6182 3635;))