June 25, 2018

Verseon Corporation (“Verseon” or the “Company”)

Final Results

Fremont, Calif.—Verseon (AIM:VSN), a technology-based pharmaceutical company employing a computer-driven platform to develop a diverse drug pipeline, today announces its Final Results for the year ended December 31, 2017. The report and accounts are available for download from the Company’s website (www.verseon.com).

Adityo Prakash, CEO of Verseon Corporation, commented: “We have made significant progress across our pipeline over the past year. Most notably, our first PROAC (precision oral anticoagulant), VE-1902, completed regulatory toxicology and safety pharmacology testing and is now about to enter clinical trials. We also announced a new rare-disease program in which we are developing oral drugs for hereditary angioedema, a potentially life-threatening genetic disorder. In addition, we have demonstrated efficacy in multiple in vivo models for our orally dosed diabetic macular edema candidates and have shown that our novel anticancer agents hold promise for the treatment of multidrug resistant cancers.”

“We have worked diligently to build a strong foundation for our platform that can roll out a steady stream of drug candidates. We look forward to sending VE-1902 into clinical trials, the first of many future clinical candidates across our pipeline.”

Highlights

Finance

Results for the year ended December 31, 2017:

  • Total assets on the balance sheet stood at $54.2 million, compared to $69.6 million at the end of 2016.
  • Cash, cash equivalents, and short-term investments stood at $11.6 million, compared to $46.9 million at the end of 2016.
  • Property, equipment, buildings and land totaled $40.7 million, compared to $22.3 million at the end of 2016.
  • Research and development expenses were $15.1 million, compared to $11.5 million in 2016, primarily attributable to an acceleration of our drug programs and preparation for clinical trials.
  • General and administrative expenses were $6.3 million, compared to $5.8 million in 2016.
  • Non-cash expenses include stock-based compensation of $0.9 million, compared to $0.8 million in 2016, and also a currency exchange gain of $0.6 million, compared to a loss of $2.6 million in 2016.
  • Net loss was $20.4 million or $0.13 per basic share, compared to a net loss of $19.5 million or $0.13 per basic share in 2016.

Post-period events:

  • Closed $22.7M mortgage for our research and development facility, realizing a portion of the value created through the buildout.
  • Currently evaluating a range of non-dilutive funding options linked to future revenues. This will enable us to accelerate the development of our programs through clinical studies to market, capturing their significant long-term value.

Anticoagulation

  • Developing novel class of precision oral anticoagulants (PROACs) for long-term anticoagulant-antiplatelet combination therapy.
  • First PROAC, VE-1902, successfully completed regulatory toxicology studies and is about to enter clinical trials.
  • Second PROAC, VE-2851, is in preliminary toxicology studies and is expected to enter clinical trials in 2019.

Diabetic macular edema

  • Developing oral DME drugs with the potential to complement or replace current eye injections.
  • Candidates show efficacy in multiple in vivo models when administered orally.

Hereditary angioedema

  • Developing oral drugs for this rare, potentially life-threatening disease.
  • Candidates show efficacy in a well-established preclinical model with oral dosing.

Oncology

  • Developing new anticancer agents for the treatment of multidrug resistant cancers.
  • Candidates show potency against a variety of cancer cell lines and are largely unaffected by common modes of drug resistance.

Facilities development

  • Occupying purpose-built research and development facility.
  • Closed PACE funding for energy-related improvements.

About Verseon

Verseon Corporation (www.verseon.com, AIM: VSN) is a technology-based pharmaceutical company that pairs a proprietary, computational drug discovery platform with a comprehensive in-house chemistry and biology workflow to develop novel therapeutics that are unlikely to be found using conventional methods. The Company is applying its platform to a growing drug pipeline and currently has four active drug programs in the areas of anticoagulation, diabetic macular edema, hereditary angioedema, and oncology. The anticoagulation program is scheduled to enter phase I clinical trials in 2018.

-Ends-

For further information please contact

Verseon Corporation www.verseon.com
Sebastian Wykeham / Tina Schlafly +1 (510) 225 9000
Cenkos Securities (NOMAD and Joint Broker)
Neil McDonald / Beth McKiernan +44 (0) 20 7397 8900
Cantor Fitzgerald Europe (Joint Broker)
Marc Milmo / Phil Davies +44 (0) 20 7894 7000

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Proprietary Platform

Consistently designs novel drug candidates that are unlikely to be found using conventional methods

 

Drug Programs

Multiple therapeutic areas, all with unmet (or poorly met) medical needs