Why Verona Pharma (VRNA) Shares Are Skyrocketing Today - Verona Pharma (NASDAQ:VRNA)

Verona Pharma plc VRNA has announced topline results from Phase 3 ENHANCE-2 of nebulized ensifentrine for the maintenance treatment of chronic obstructive pulmonary disease (COPD).
The trial met its primary and secondary endpoints demonstrating improvements in lung function and significantly reduced the rate and risk of COPD exacerbations.
Subjects receiving ensifentrine demonstrated a 42% reduction in the rate of moderate to severe COPD exacerbations over 24 weeks compared to those receiving placebo.
Ensifentrine was well tolerated with safety results similar to placebo.
"These data, along with results from our ongoing Phase 3 trial, ENHANCE-1, which are on track to be reported around the end of 2022, if similarly positive, are expected to support the submission of a New Drug Application to the US Food and Drug Administration in the first half of 2023," said David Zaccardelli, President & CEO.
Cash and cash equivalents at the end of Q2 were $111.5 million, sufficient to fund planned operating expenses and capital expenditure requirements through at least the end of 2023.
Price Action: VRNA shares are up 63.60% at $11.37 during the premarket session on the last check Tuesday.

Verona Pharma's Lung Disease Candidate Cuts COPD Exacerbations By 42%