LONDON - Verona Pharma plc (NASDAQ:VRNA), a clinical-stage biopharmaceutical company, announced the appointment of Mr. Michael Austwick as a Non-Executive Director on its board today. Austwick, a seasoned executive with over 15 years of experience in the respiratory field, has held leadership positions in various international markets, including the US, China, Europe, and Japan.
Prior to joining Verona Pharma, Austwick served as the CEO of Vectura and has held significant roles at Novartis (SIX:NOVN) and AstraZeneca (NASDAQ:AZN), including Nordic General Manager and Head of the Global Respiratory Franchise, and Head of US Respiratory and Vice President Global Inhaled Respiratory, respectively. His track record includes the development and commercialization of more than 10 brands in the respiratory space.
Dr. David Ebsworth, Chairperson of Verona Pharma, expressed confidence that Austwick's extensive experience would be invaluable as the company prepares for the potential US launch of its product candidate, ensifentrine, later this year, provided it receives approval.
The company also announced the departure of Mr. Rishi Gupta from the board, effective January 31, 2024. Gupta, a Partner at OrbiMed, has been credited with overseeing the company's NASDAQ listing, completion of several financings, and the advancement of ensifentrine through Phase 3 clinical trials towards potential US approval.
Ensifentrine, Verona Pharma's lead product candidate, is under review by the US Food and Drug Administration (FDA) for the maintenance treatment of patients with Chronic Obstructive Pulmonary Disease (COPD) with a Prescription Drug User Fee Act (PDUFA) target action date set for June 26, 2024. The molecule has demonstrated significant improvements in lung function and a reduction in the rate and risk of COPD exacerbations in its Phase 3 clinical program.
The information in this article is based on a press release statement from Verona Pharma.
InvestingPro Insights
As Verona Pharma gears up for a pivotal moment in its journey with the potential launch of ensifentrine, investors and industry watchers are closely monitoring the company's financial health and market performance. With a market capitalization of approximately $1.47 billion and a challenging P/E ratio of -26.26 reflecting its pre-profit status, the company's financial metrics paint a mixed picture. Despite not being profitable over the last twelve months, Verona Pharma holds more cash than debt on its balance sheet, which could be a sign of financial prudence as it navigates the costly process of drug development and potential commercialization.
An encouraging sign for potential investors is the positive sentiment among analysts, with three analysts having revised their earnings upwards for the upcoming period. This optimism may be bolstered by the company's liquid assets, which exceed its short-term obligations, providing a cushion for near-term financial needs. However, the company is trading at a high Price / Book multiple of 5.57 and a high revenue valuation multiple, which suggests that the market has high expectations for its future growth.
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