Verona Pharma plc (LON:VRP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 24, 2021, the Board of Directors (the “Board”) of Verona Pharma plc (the “Company”) increased the size of the Board from nine to ten directors and appointed Lisa Deschamps as a non-executive director, effective as of March 1, 2021. Ms. Deschamps has been appointed to the Nomination and Corporate Governance Committee of the Board (the “Nomination Committee”), replacing Anders Ullman on the Nomination Committee.
As a non-executive director, Ms. Deschamps will receive a £30,000 annual retainer for her service on the Board and a £3,000 annual retainer for her service on the Nomination Committee. On the effective date of her appointment, Ms. Deschamps received an award of 14,500 Restricted Share Units (as defined in the Verona Pharma plc 2017 Incentive Award Plan), represented by American Depositary Shares, each of which represents eight (8) Ordinary Shares of the Company, that will vest in four equal installments on each of May 1, 2021, August 1, 2021, November 1, 2021 and February 1, 2022, subject to continued service on the Board through each such vesting date.
In connection with her appointment, Ms. Deschamps entered into the Company’s standard letter of appointment for non-executive directors and also entered into the Company’s standard director deed of indemnity.
About Verona Pharma plc (LON:VRP)
Verona Pharma plc is a specialist pharma company. The principal activity of the Company is the development of drugs for the treatment of chronic respiratory diseases, such as chronic obstructive pulmonary disease (COPD), asthma and cystic fibrosis. Its lead drug, RPL554, a Phosphodiesterase 3 (PDE3)/PDE4 inhibitor with both bronchodilator and anti-inflammatory activities, is in Phase II trials as a nebulized treatment for acute exacerbations of COPD in a hospital setting. The Company is also exploring the potential of the drug in cystic fibrosis, where it is in pre-clinical testing. Its VRP700 is in the clinical-stage. VRP700 is a potential anti-tussive (cough) drug. It carried out a pilot study, in which an inhaled dose of VRP700 inhibited coughing in a group of patients with chronic intractable cough due to underlying lung disease. The Company also carried out a clinical study to evaluate the efficacy of an inhaled dose of VRP700 in patients with chronic intractable cough.