"Verona Pharma", the drugs developer working on a treatment for breathing diseases including hay fever and asthma, has reported a year of “good progress” as it awaits the outcome of a clinical trial of its lead drug, RPL554.

The compound, which was exposed about six months ago, is supposedly meant to allow asthma sufferers to use their inhalers only once a day in order to overcome breathing difficulties

Verona got the green light to start a phase I/IIa trial of RPL554 in late January this year and results from the tests are expected during the first half of 2009.

In a statement, the company’s chairman and chief executive said the trial had “proceeded to the satisfaction of the company” with the successful completion of the trial expected to pave the way for further clinical development of the drug.

In its figures for the year to December 31, 2008, the company reported a pre-tax loss of £1.37 million and cash balances of £2.5 million. During that period the company raised £2.3 million in share placing to help fund its work on developing RPL554.

The management team added that Verona expected to maintain its financial position by raising further funding through either licensing or equity financing.