Verona Pharma is developing a first-in-class therapeutic to treat respiratory diseases. The inhaled dual phosphodiesterase PDE3/PDE4 inhibitor with both bronchodilator and anti-inflammatory properties is in clinical trials for chronic obstructive pulmonary disease and acute asthma. Verona Pharma is a VIPE (Venture Investment in Public Equity) and is listed on the Nasdaq with the ticker VRNA.