September 25, 2017

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

Interim 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 Interim Results for the six months ended June 30, 2017. The report and accounts are available for download from the Company’s website (www.verseon.com).

Adityo Prakash, CEO of Verseon Corporation, commented: “As anticipated at the end of 2016, our pipeline continues to pick up momentum. We are finalizing phase I preparations for our first anticoagulant, have presented efficacy results in our diabetic macular edema program, and initiated a new program in which we develop oral therapeutics for hereditary angioedema, a rare, life-threatening disease.”

“We believe that our drug candidates provide the best evidence of the power of our innovative, computer-driven drug discovery platform. With our new research and administrative facility in place, we are well-positioned to further grow shareholder value by providing a steady stream of novel high-quality drug candidates for a variety of diseases.”

Professor John Deanfield, Chair of Verseon’s Cardiovascular Clinical Advisory Board, commented on the Company’s anticoagulation program: “Verseon’s platelet-sparing anticoagulants look very promising. These precision drugs prevent clot formation without disrupting platelet function, which substantially reduces bleeding risk. This provides an exciting 'precision medicine' opportunity to develop a new long-term combination therapy approach with antiplatelet drugs.”

Highlights

Finance: Building a solid foundation for Verseon’s platform

  • Verseon continues to prudently manage its resources as the Company invests in infrastructure, including new facilities, laboratory equipment, and a high-performance computing cluster.
  • As of June 30, 2017, total assets on the balance sheet stood at $60.2 million, including cash, cash equivalents, and short-term investments of $30.8 million, compared to $69.6 million and $46.9 million, respectively, at December 31, 2016.
  • Operating expenses totaled $9.5 million for the six months ended June 30, 2017, compared to $7.9 million for the six months ended June 30, 2016.
  • The resultant net loss was $8.8 million or $0.06 per basic share for the six months ended June 30, 2017, compared to a net loss of $9.3 million or $0.06 per basic share for the six months ended June 30, 2016.

Anticoagulation: Heading to the clinic

  • Confirmed unique hemostasis-preserving profile
  • Established CVD Clinical Advisory Board
  • Scheduled phase I start for VE-1902 (Q1 2018)
  • Progressing second development candidate toward clinical trials in 2018

Completion of CMC scale-up and regulatory toxicology studies for VE-1902 is expected by the end of 2017. A second, chemically distinct development candidate with promising preclinical profile, including good in vitro and preliminary in vivo toxicology, is being prepared for regulatory toxicology studies.

Hereditary angioedema: Developing oral therapy for a rare, life-threatening disease

  • Established in vivo efficacy with oral dosing

Several compounds are being optimized for oral bioavailability to identify the candidates best suited for oral treatment.

Diabetic macular edema: Efficacy results established

  • Presented in vivo efficacy with systemic dosing
  • Demonstrated good pharmacokinetics after eye-drop dosing

Multiple lead candidates spanning chemotypes suitable for development as either eye-drop or oral treatments are being optimized for efficacy and safety.

Oncology: Developing novel anticancer agents

  • Tested on drug-resistant cancer cell lines
  • Improved potency and pharmacokinetics

Several candidates are being assessed for their potency against tumor cell lines that are resistant to various existing anticancer therapies.

Computational platform: Generating novel candidates

  • Delivered results across multiple programs

Positive preclinical results across the pipeline are proving the power of Verseon’s computer-driven drug discovery platform. We continue to develop a range of chemically diverse drug candidates for our programs.

Facilities development: A framework for a growing pipeline

  • Closed clean-energy financing
  • Moving into new research and administrative facility

A Property Assessed Clean Energy (PACE) program provides Verseon with access to convenient long-term financing for energy-related improvements. The transition of all departments into the new facility is underway.

About Verseon

Verseon Corporation (www.verseon.com, AIM: VSN) is a technology-based pharmaceutical company that employs its proprietary, computational drug discovery platform 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.

-Ends-

For further information please contact

Verseon Corporation www.verseon.com
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 / Callum Butterfield +44 (0) 20 7894 7000
Mirabaud Securities LLP (Joint Broker)
Peter Krens +44 (0) 20 7321 2508

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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