Verona to raise up to $23.4 million

Verona Pharma plc (LSE:VRP) proposed to raise up to L14 million ($23.4 million) through the sale of 637.3 million shares at 2.2p in a placing and open offer. The price is a 36% discount to Verona's close of 3.45p on Thursday, before the company proposed the offering. In the open offer, shareholders are eligible to purchase a share for every eight shares held. Verona's lead program is RPL554, a long-acting phosphodiesterase-3 (PDE-3) and PDE-4 inhibitor in Phase II testing for chronic obstructive pulmonary disease (COPD) and asthma. ...