Verona Pharma (VRNA) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Product approval and clinical profile

• Ohtuvayre (ensifentrine) was recently approved for maintenance treatment of COPD, marking the first new inhaled mechanism in over 20 years as a dual PDE3/4 inhibitor with bronchodilator and anti-inflammatory effects.

• Phase 3 trials showed a 40% reduction in exacerbation rate and risk, improved lung function, and enhanced quality of life for patients.

• The product is positioned as a non-steroidal anti-inflammatory option, potentially allowing physicians to delay or reduce use of inhaled corticosteroids.

• Ohtuvayre is being launched in the US, with strong early interest and uptake among physicians.

Market strategy and patient targeting

• There are 8.6 million treated COPD patients in the US, with about half experiencing persistent symptoms, especially dyspnea.

• Two-thirds of COPD patients are currently on inhaled corticosteroids, often beyond guideline recommendations due to lack of alternatives.

• Ohtuvayre is targeted at persistently symptomatic patients regardless of background therapy, with potential for earlier use as physicians gain experience.

• The initial sales force of 120 is focused on the 15,000 highest-prescribing doctors, covering the majority of the COPD prescription market.

Commercial launch and access

• Early launch activities include over 2,000 in-person doctor visits and digital engagement with nearly 7,000 physicians, resulting in over 100 prescribers.

• Reimbursement is currently managed with a non-specific J-code, with a product-specific J-code expected in early 2025 to streamline pharmacy adjudication.

• Efforts are underway to keep patient out-of-pocket costs reasonable, as higher copays increase abandonment rates.