Verona Pharma PLC at JPMorgan Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ethan Taylor - JPMorgan - Analyst : I guess to kick off the Q&A, and you touched a bit on this in the presentation, but how is ensifentrine differentiated from available COPDs on the market, those under development and, potentially, Dupixent, which is under FDA review?

Question: Ethan Taylor - JPMorgan - Analyst : Thank you. And can you give an update on some of your other pipeline programs and if there are any upcoming milestones?

Question: Ethan Taylor - JPMorgan - Analyst : Thank you. Any questions from the audience? Unidentified Participant Guys, firstly, congratulations. I've followed Verona for years since the days I sat down with Clive at his office in Kings, so well done. It's lovely to see that success. A couple of questions. Having built a respiratory company myself and moved that on, COPD is usually given by a breath-actuated nebulizer. You said it was a jet nebulizer for a particular reason. Any comments on that on how you might be able to switch that out over time and maybe what reduces what is quite a large dose at 3 milligrams compared to the other products on the shelf?

Question: Ethan Taylor - JPMorgan - Analyst : I have one last question for you, and you touched on this at the very end of the presentation. But why raise the $400 million debt financing now?

Question: Ethan Taylor - JPMorgan - Analyst : Thank you. Any final questions from the audience? Okay. Well, thank you very much for your time and an excellent presentation.