Verona Pharma Raises $200 Million in Oversubscribed Private Placement and Subscription - Seite 2

“We are extremely pleased to have received support from this group of highly experienced life science investors who understand the potential benefit of ensifentrine for patients with COPD,” said David Zaccardelli, Pharm. D., President and CEO of Verona Pharma. “With this financing we plan to initiate our Phase 3 ENHANCE clinical trials later this year and expect to support our programs into 2023. This important milestone brings us closer to our goal of ensuring ensifentrine is available for millions of COPD patients who urgently need additional treatment options.”

Director Interests

In connection with the Financing, certain Directors and an Officer of the Company (the “Participating Directors and Officer”) intend to subscribe for new ordinary shares or ADSs at the applicable price per ordinary share or per ADSs to contribute, in aggregate, gross proceeds of approximately $955,000.

Each of the Participating Directors and Officer has agreed to participate in the Financing by acquiring such number of Securities at the applicable price (rounded down to the nearest whole share) as is equal to the following participation amounts:

Director Name	Title	Participation Amount
David Ebsworth	Chairman	£100,000 ($125,000)*
David Zaccardelli	CEO	$250,000
Vikas Sinha (connected persons)	Director	$300,000
Anders Ullman	Director	$150,000
Martin Edwards	Director	$30,000
Mark Hahn	CFO	$100,000

Further dealing disclosures will be made in accordance with MAR in respect of the above transactions by Persons Discharging Managerial Responsibility (PDMR).

Related Party Transactions

As of July 15, 2020, Novo Holdings A/S and Vivo Capital held approximately 11.63 per cent and 11.21 per cent, respectively, of Verona Pharma’s issued ordinary share capital and as such each is considered to be a related party of the Company as defined in the AIM Rules for Companies. The participations by Novo Holdings A/S and Vivo Capital in the Financing are deemed to each constitute a related party transaction pursuant to AIM Rule 13 (the “Related Party Transactions”).