H.C. Wainwright has maintained a positive outlook on Verona Pharma (NASDAQ: NASDAQ:VRNA), reiterating a Buy rating and a $36.00 price target for the company's stock.
The endorsement follows a recent announcement from The Ritedose Corporation, which revealed its selection as the development and manufacturing partner for Ohtuvayre, Verona Pharma's novel COPD treatment.
The Ritedose Corporation, a leading contract development and manufacturing organization in the United States, specializes in sterile blow fill seal technology, which is critical for ensuring the safe and consistent delivery of unit dose solutions.
The technology will be utilized for Ohtuvayre, a maintenance treatment for Chronic Obstructive Pulmonary Disease (COPD) in adult patients.
Ohtuvayre, which received FDA approval on June 26, is the first inhaled product with a novel mechanism of action for COPD maintenance treatment in over two decades.
The drug is designed to be administered via a standard jet nebulizer and acts as a dual PDE3 and PDE4 inhibitor, representing a significant advancement in the treatment of COPD. This condition affects more than 480 million people worldwide and over 14 million in the United States, and is the third-leading cause of death globally.
The U.S. launch of Ohtuvayre is progressing, following its FDA approval earlier this year. Verona Pharma also anticipates the assignment of a unique J-code for Ohtuvayre in January 2025, which is expected to enhance the drug's market uptake.
In other recent news, Verona Pharma has made significant strides with the FDA approval and launch of Ohtuvayre, a treatment for chronic obstructive pulmonary disease (COPD). The company's Q2 2024 earnings report revealed a strong financial position, with cash reserves exceeding $400 million.
Verona Pharma has initiated patient shipments through specialty pharmacies, targeting approximately 14,500 healthcare providers in the U.S. The company is also progressing its pipeline with the introduction of two new Phase 2 programs in the third quarter.
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