June 28, 2019

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

Final Results

Fremont, Calif.—Verseon (AIM:VERS), the clinical-stage pharmaceutical company developing disruptive life-science technologies to advance global health, today announces its Final Results for the year ended December 31, 2018. The report and accounts are available for download from the Company’s website (www.verseon.com).

Adityo Prakash, CEO of Verseon Corporation, commented: “In 2018, we reached a major milestone with our first drug program entering clinical trials. The phase 1 study of VE-1902, our lead precision oral anticoagulant (PROAC), is ongoing with first results expected in Q4 2019. We have also nominated our first development candidate for the oral treatment and prevention of diabetic macular edema, and launched a new discovery program focusing on the treatment of metabolic disorders.”

“Heading into 2019, we remain committed to advancing drug development and improving patients’ lives through our active clinical trials program, growing number of novel drug candidates, and our robust and diversified pipeline.”

Highlights

Finance

Results for the year ended December 31, 2018:

  • Total assets on the balance sheet stood at $56.4 million, compared to $54.2 million at the end of 2017.
  • Cash, cash equivalents, and short-term investments stood at $3.6 million, compared to $11.6 million at the end of 2017.
  • Property, equipment, buildings, and land totaled $51.3 million, compared to $40.7 million at the end of 2017.
  • Research and development expenses were $13.8 million, compared to $15.1 million in 2017.
  • General and administrative expenses were $8.0 million, compared to $6.3 million in 2017.
  • Non-cash expenses include stock-based compensation of $1.7 million, compared to $0.9 million in 2017 and also a currency exchange loss of $4 thousand, compared to a gain of $0.6 million in 2017.
  • Net loss was $21.6 million or $0.14 per basic share, compared to a net loss of $20.4 million or $0.13 per basic share in 2017.

Going concern

  • The Company’s financials have been prepared on a going concern basis, and the rationale for this is discussed in the footnotes to the financial statements under Note D, Summary of Significant Accounting Policies.

Anticoagulation

  • VE-1902, our first precision oral anticoagulant (PROAC) for long-term anticoagulant-antiplatelet combination therapy, entered phase 1 clinical trials.
  • A second PROAC, VE-2851, is also advancing toward clinical trials in 2020.

Diabetic macular edema

  • We nominated the first development candidate for clinical trials in our oral diabetic macular edema program.
  • The development candidate VE-4839 is expected to enter phase 1 in H1 2020.

Hereditary angioedema

  • Our oral drugs for this rare, potentially life-threatening disease, continue to show good potency and pharmacokinetics.

Oncology

  • In preclinical testing, our new anticancer agents for the treatment of multidrug resistant cancers show improved potency and are largely unaffected by common modes of drug resistance.

Pipeline development

  • We initiated a new discovery program targeting metabolic disorders.

Fintech

  • We founded a wholly owned fintech subsidiary, BlockRules, that is developing transformative blockchain technology to power our preferred share offering on the blockchain (see post-period events).

Post-period events:

  • Changed London Stock Exchange ticker to VERS.
  • Closed common share subscription raising $10.7 million from existing shareholders.
  • On March 18, 2019, announced intention to undertake a preferred share offering in 2019, backed by a prospectus and with transactions recorded on the blockchain (a security token offering). Once live, this global offering will enable us to accelerate the development of our diverse drug pipeline.

About Verseon

Verseon Corporation (www.verseon.com, AIM: VERS) is developing disruptive life-science technology to advance global health. The clinical-stage company is using its proprietary, computational drug discovery platform paired with a comprehensive in-house chemistry and biology workflow to build a growing drug development pipeline. The company is applying its platform to a growing drug pipeline and currently has active drug programs in anticoagulation, diabetic macular edema, hereditary angioedema, metabolic disorders, and oncology.

-Ends-

For further information please contact

Verseon Corporation www.verseon.com
Sebastian Wykeham / Tina Schlafly +1 (510) 225 9000
Arden Partners (NOMAD and Joint Broker)
Ruari McGirr / Ciaran Walsh /
Dan Gee-Summons (Corporate Finance) /
Fraser Marshall (Equity Sales)
+44 (0) 20 7614 5900
Cantor Fitzgerald Europe (Joint Broker)
Phil Davies +44 (0) 20 7894 7000

For financial and business media enquiries, please contact

Buchanan Communications Ltd (PR Advisers)
Henry Harrison-Topham / Jamie Hooper +44 (0) 20 7466 5000

For trade and pharma media enquiries, please contact

Vane Percy & Roberts
Simon Vane Percy +44 (0) 1737 821 890
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THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS, WHICH ARE GENERALLY STATEMENTS THAT ARE NOT HISTORICAL FACTS. FORWARD-LOOKING STATEMENTS CAN BE IDENTIFIED BY THE WORDS "EXPECTS," "ANTICIPATES," "BELIEVES," "INTENDS," "ESTIMATES," "PLANS," "WILL," “OUTLOOK” AND SIMILAR EXPRESSIONS. FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S CURRENT PLANS, ESTIMATES, ASSUMPTIONS AND PROJECTIONS, AND SPEAK ONLY AS OF THE DATE THEY ARE MADE. WE UNDERTAKE NO OBLIGATION TO UPDATE ANY FORWARD-LOOKING STATEMENT IN LIGHT OF NEW INFORMATION OR FUTURE EVENTS, EXCEPT AS OTHERWISE REQUIRED BY LAW. FORWARD-LOOKING STATEMENTS INVOLVE INHERENT RISKS AND UNCERTAINTIES, MOST OF WHICH ARE DIFFICULT TO PREDICT AND ARE GENERALLY BEYOND OUR CONTROL. ACTUAL RESULTS OR OUTCOMES MAY DIFFER MATERIALLY FROM THOSE IMPLIED BY THE FORWARD-LOOKING STATEMENTS AS A RESULT OF THE IMPACT OF A NUMBER OF FACTORS.

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