Stock Alert: Verona Pharma Loses 14%

(RTTNews) - Shares of UK-based clinical-stage biopharmaceutical company Verona Pharma plc (VRNA) are falling more than 14 percent or $1.47 in Monday's morning trade at $8.73, after recording strong gains in the previous trading session on Friday.

Verona Pharma's stock had surged on Friday following news that it raised about $200 million in an oversubscribed private placement and subscription with new as well as existing institutional and accredited investors. The company plans to initiate a phase III program of Ensifentrine in chronic obstructive pulmonary disease, dubbed ENHANCE, later this year.

Verona Pharma has traded in a range of $2.01 to $15.71 in the past 52 weeks.