30 September 2014, Cardiff – Verona Pharma plc (AIM: VRP.L), the drug development company focused on first-in-class medicines to treat respiratory diseases, today announces the appointment of Biresh Roy as Chief Financial Officer and member of the Board of Directors with immediate effect. He takes over from Richard Bungay whose appointment was part-time and a non-board role.
Biresh Roy, aged 51, has a strong track record in executing and financing international M&A deals, growth and company turnarounds. He has particular experience with pharma, biotech and medical device companies. In December 2012, Biresh founded Ebury Capital and Growth Solutions, a professional services and investment boutique focused on executing change and investing in AIM and privately backed companies. Between 2004 and 2011, Biresh was adviser to several venture capital and private equity firms. During this time he also acted as Chief Financial Officer for several companies, including Enigma diagnostics, Xytis, Morphochem and Santhera. This was preceded by a period as a management consultant at AT Kearney and PWC, which included assignments with a number of Pharma companies. Biresh qualified as a Chartered Accountant with Price Waterhouse.
Dr. Jan-Anders Karlsson, Chief Executive Officer of Verona Pharma, commented: "Having successfully raised significant capital earlier this year, we look forward to having Biresh on our team. His experience will be invaluable as we build the Company and seek to develop the full potential of RPL554 in respiratory disease to create significant shareholder value.
"The Board would like to thank Richard for his significant contributions and counsel to Verona Pharma, especially during the recent fundraising and wish him well for the future."
Mr. Roy commented: "I am very pleased to be joining my new colleagues at Verona Pharma. I am confident that together we will be able to create significant value for our investors, and ultimately benefits for patients, by advancing novel medicines such as RPL554."
Biresh Roy is a current director of both Ebury Bridge Management Limited and Ebury Restructuring Partners Limited. During the past five years Biresh Roy was a director of Future Metals (Europe) Limited, which was dissolved by shareholders. Save as disclosed in this announcement, there are no further disclosures required under Rule 17 or Schedule 2 (g) of the AIM Rules for Companies.
For further information please contact:
Verona Pharma plc Tel: +44 (0) 20 7863 3300 Jan-Anders Karlsson, CEO
N+1 Singer Tel: +44 (0)20 7496 3000 Aubrey Powell / Jen Boorer
FTI Consulting Tel: +44 (0)20 3727 1000 Julia Phillips / Simon Conway
Notes to Editors
About Verona Pharma plc
Verona Pharma is developing first-in-class drugs to treat respiratory disease, such as COPD and asthma. The Company currently has two drug programmes, one of which is in Phase II trials for two diseases.
The lead programme, RPL554, is an innovative dual phosphodiesterase (PDE) 3 and 4 inhibitor with both bronchodilator and anti-inflammatory properties. In its second programme, Verona Pharma is investigating novel anti-inflammatory molecules, called NAIPs, for a wide range of respiratory and inflammatory diseases.
About RPL554 for the treatment of COPD and Asthma
Verona's lead drug, RPL554, is a dual phosphodiesterase (PDE) 3 and 4 inhibitor being developed as a novel treatment for chronic obstructive airways disease such as COPD and asthma with bronchodilator and anti-inflammatory effects. Both effects are essential to improve symptoms in patients with COPD or asthma. RPL554 is currently in Phase II for both diseases.
COPD is a chronic lung disease with significant unmet need for which current treatment is far from optimal, as it often has unwanted side-effects and/or limited effectiveness. COPD is most commonly characterised by fixed airflow obstruction and chronic airways inflammation resulting from exposure to irritants like tobacco smoke. Asthma, which remains one of the most common chronic diseases in the world, is characterised by recurrent breathing problems and symptoms such as breathlessness, wheezing, chest tightness, and coughing. The combined market for COPD and asthma drugs is currently estimated to be GBP20 billion (source: visiongain).