Verona secures $30 million via debt facility with Silicon Valley Bank

By Devika Patel

Knoxville, Tenn., Nov. 23 – Verona Pharma plc secured up to $30 million through a debt financing facility with Silicon Valley Bank, according to a press release.

The loan facility matures on Nov. 1, 2024, with the period prior to Dec. 1, 2023 being interest only.

Under the debt facility, Verona Pharma may borrow up to $30 million in three tranches: $5 million at closing, $10 million available through June 30, 2022 and an additional $15 million available through June 30, 2023.

The two latter tranches are contingent upon the company achieving certain clinical development milestones.

Proceeds will be used to support pre-commercialization activities for ensifentrine, which is in phase 3 trials.

The clinical-stage biopharmaceutical company focused on respiratory diseases is based in London.

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