March 7, 2016

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

Final Results

Verseon (AIM:VSN), a technology-based pharmaceutical company, today announces its Final Results for the year ended 31 December 2015.

Strategic Highlights

  • Verseon’s new class of oral direct thrombin inhibitors show excellent results in preclinical efficacy studies while demonstrating reduced risk of bleeding relative to current novel oral anticoagulants (NOACs). The anticoagulation program is making steady progress toward investigational new drug (IND) filings.
  • Progress on the DME program has led to the design of many promising novel, selective candidates representing multiple chemotypes.
  • Our angiogenesis inhibitors, characterized by a novel mechanism of action and low cytotoxicity, continue to show excellent activity in key functional assays.
  • Expanded the research team with numerous scientists with strong professional backgrounds and excellent academic credentials.
  • Purchased and began the renovation and development of an 85,000 square foot facility that is integral to the Company’s growth plans. It will contain advanced research laboratories and consolidate the Company’s departments into one location increasing operational efficiency. It will support the acceleration of existing drug development programs and enable the launch of additional programs in the near future.

Financial Highlights

  • Net loss was $7.7 million or $0.06 per basic share, compared to a net loss for 2014 of $8.1 million or $0.26 per basic share.
  • Research and development expenses were $4.5 million, compared to $3.5 million in 2014.
  • Costs include a stock based compensation expense of $1.4 million compared to $4.3 million in 2014 and currency exchange gains of $1.9 million, compared to $nil in 2014.
  • Total assets on the balance sheet stood at $85.7 million compared to $0.1 million at the end of 2014.
  • Cash, cash equivalents and short term investments stood at $74.7 million, compared to $17 thousand at the end of 2014.
  • Property and equipment along with long term investments totaled $10.8 million, compared to $82 thousand at the end of 2014.
  • In August 2015, the Company purchased a property through its wholly owned subsidiary, VRH1 LLC, for $8.7 million.
  • In May 2015, the Company raised £65.8 million ($100 million), before expenses, by issuing 32,569,047 shares of common stock in the Company (“Common Stock”) at a price of 202p each in an initial public offering (IPO) on the Alternative Investment Market of the London Stock Exchange (“AIM”).

The Company also announces the publication of its Annual Report and Accounts for the twelve months ended 31 December 2015. The report and accounts are available on the Company’s website: (https://www.verseon.com/files/reports/verseon_ar_2015.pdf) and will be sent to shareholders upon request.

Adityo Prakash, CEO of Verseon Corporation, commented: "We are pleased to report significant progress with the expansion of Verseon's operations this year. All our drug discovery programs continue to advance, and we look forward to the IND for our anticoagulant program. During our build-out we have succeeded in maintaining a low cost base, with net loss per share lower than expected. We would like to thank the members of the Board, our employees and our shareholders for their ongoing and continued support. We are confident that together we are building a solid foundation for success."

-Ends-

For further information please contact:

Verseon Corporation +1 (510) 225 9000
Adityo Prakash, Chief Executive Officer www.verseon.com
   
Cenkos Securities (NOMAD and Broker) +44 (0) 20 7397 8900
Christopher Golden / Mark Connelly  

Financial and business media enquiries:

Abchurch Communications Limited +44 (0) 20 7398 7719
Jamie Hooper / Alex Shaw / Abbie Warner

Trade and pharma media enquiries:

Vane Percy Roberts +44 (0) 1737 821 890
Simon Vane Percy

Notes to editors:

Verseon is a pharmaceutical company that employs its proprietary, computational drug discovery platform to develop novel therapeutics for today’s challenging diseases. The Company is applying its platform to a growing drug pipeline and has three active drug programs in the areas of anticoagulation, diabetic macular edema, and solid tumor cancers.

For more information, please visit: www.verseon.com

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