PR Newswire
London, August 4
Verona Pharma plc
("Verona Pharma" or the "Company")
Grant of Share Options
4 August 2016, Cardiff - Verona Pharma plc (AIM: VRP) announces that the Board has granted options to subscribe for 42,500,000 new ordinary shares ("Options") in the Company to one of its Directors and certain of its employees in accordance with the terms of the Company's share option plans. The options have an exercise price of 3.60 pence, representing 120% of the closing price of the Company's shares on 2 August 2016.
Of the Options granted, 25,000,000 options have been granted to Dr. Jan-Anders Karlsson, half of which vest on 3 August 2018 and the other half on 3 August 2019.
Of the Options granted to employees, one third vest on 3 August 2017, one third vest on 3 August 2018 and the remaining third on 3 August 2019.
Dr. Karlsson's total beneficial interest in the Company remains 2,870,000 ordinary shares, representing 0.11% of the Company's issued share capital. Following this grant, Dr. Karlsson holds options over 63,000,000 ordinary shares, representing 2% of the Company's issued share capital, with a range of exercise prices between 2.5 and 15 pence.
-Ends-
For further information please contact:
| Verona Pharma plc | Tel: +44 (0) 20 3283 4200 |
| Jan-Anders Karlsson, Chief Executive Officer | |
| N+1 Singer | Tel: +44 (0)20 7496 3000 |
| Aubrey Powell / Jen Boorer | |
| FTI Consulting | Tel: +44 (0)20 3727 1000 |
| Simon Conway / Stephanie Cuthbert / Natalie Garland-Collins |
Notes to Editors
About Verona Pharma plc
Verona Pharma plc is a UK-based clinical stage biopharmaceutical company focused on the development of innovative prescription medicines to treat respiratory diseases with significant unmet medical needs, such as chronic obstructive pulmonary disease (COPD), asthma and cystic fibrosis.
Verona Pharma's lead drug, RPL554, is a first-in-class drug currently in phase II trials as a nebulised maintenance treatment for COPD patients with moderate to severe disease and possibly as a treatment of acute exacerbations of COPD in the hospital setting. The drug is a dual phosphodiesterase (PDE) 3/4 inhibitor and therefore has both bronchodilator and anti-inflammatory effects, which are essential to the improvement of patients with COPD and asthma.
Verona Pharma is also building a broader portfolio of RPL554-containing products to maximise its benefit to patients and its value. This includes the very significant markets for COPD and asthma maintenance therapy. The Company is also exploring the potential of the drug in different diseases, such as cystic fibrosis, where it is in pre-clinical testing and has recently received a Venture and Innovation Award from the Cystic Fibrosis Trust.
