Verona Pharma said Tuesday an experimental treatment significantly improved lung function in patients with COPD, and VRNA stock skyrocketed to a four-year high.
The biotech company developed an inhalable mist called ensifentrine for patients with COPD, or chronic obstructive pulmonary disease. COPD is a group of lung diseases — like emphysema and chronic bronchitis — that cause breathing problems. The Centers for Disease Control and Prevention estimates there are 16 million Americans with COPD.
Over 24 weeks, Verona's treatment reduced the risk of COPD exacerbations by 36%. Exacerbations are periods of days or weeks in which patients' condition worsens. Ensifentrine also led to improvements on secondary measures of lung function, symptoms and quality of life.
On today's stock market, VRNA stock soared 37.8% to close at 18.59. Shares hit their highest point since May 2018.
VRNA Stock: Filing For Approval
Verona tested its treatment in 763 patients with COPD. In that group, 87% were already taking another COPD treatment. Still, Verona's drug led to improvements across all demographics and regardless whether patients used another treatment.
Importantly, the company said ensifentrine was safe and well tolerated over 24-48 weeks.
Now, Verona is planning to submit an application for U.S. approval in the first half of 2023.
"The totality of the (study) data including improvements in lung function, symptoms, quality of life measures and reduction in exacerbations, coupled with the consistent, favorable safety profile, support our belief that ensifentrine will change the treatment paradigm for COPD," Verona Chief Executive David Zaccardelli said in a written statement.
Verona stock is also highly rated, according to IBD Digital. Shares have a best-possible Relative Strength Rating of 99, putting VRNA stock's performance over the last 12 months among the leading 1% of all stocks.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
