On June 28, 2019 Verseon (AIM:VERS), the clinical-stage pharmaceutical company developing disruptive life-science technologies to advance global health, reported its Final Results for the year ended December 31, 2018 (Press release, Verseon, JUN 28, 2019, View Source [SID1234537329]). The report and accounts are available for download from the Company’s website (www.verseon.com).

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Adityo Prakash, CEO of Verseon Corporation, commented: "In 2018, we reached a major milestone with our first drug program entering clinical trials. The phase 1 study of VE-1902, our lead precision oral anticoagulant (PROAC), is ongoing with first results expected in Q4 2019. We have also nominated our first development candidate for the oral treatment and prevention of diabetic macular edema, and launched a new discovery program focusing on the treatment of metabolic disorders."

"Heading into 2019, we remain committed to advancing drug development and improving patients’ lives through our active clinical trials program, growing number of novel drug candidates, and our robust and diversified pipeline."

Highlights
Finance

Results for the year ended December 31, 2018:

Total assets on the balance sheet stood at $56.4 million, compared to $54.2 million at the end of 2017.
Cash, cash equivalents, and short-term investments stood at $3.6 million, compared to $11.6 million at the end of 2017.
Property, equipment, buildings, and land totaled $51.3 million, compared to $40.7 million at the end of 2017.
Research and development expenses were $13.8 million, compared to $15.1 million in 2017.
General and administrative expenses were $8.0 million, compared to $6.3 million in 2017.
Non-cash expenses include stock-based compensation of $1.7 million, compared to $0.9 million in 2017 and also a currency exchange loss of $4 thousand, compared to a gain of $0.6 million in 2017.
Net loss was $21.6 million or $0.14 per basic share, compared to a net loss of $20.4 million or $0.13 per basic share in 2017.
Going concern

The Company’s financials have been prepared on a going concern basis, and the rationale for this is discussed in the footnotes to the financial statements under Note D, Summary of Significant Accounting Policies.
Anticoagulation

VE-1902, our first precision oral anticoagulant (PROAC) for long-term anticoagulant-antiplatelet combination therapy, entered phase 1 clinical trials.
A second PROAC, VE-2851, is also advancing toward clinical trials in 2020.
Diabetic macular edema

We nominated the first development candidate for clinical trials in our oral diabetic macular edema program.
The development candidate VE-4839 is expected to enter phase 1 in H1 2020.
Hereditary angioedema

Our oral drugs for this rare, potentially life-threatening disease, continue to show good potency and pharmacokinetics.
Oncology

In preclinical testing, our new anticancer agents for the treatment of multidrug resistant cancers show improved potency and are largely unaffected by common modes of drug resistance.
Pipeline development

We initiated a new discovery program targeting metabolic disorders.
Fintech

We founded a wholly owned fintech subsidiary, BlockRules, that is developing transformative blockchain technology to power our preferred share offering on the blockchain (see post-period events).
Post-period events:

Changed London Stock Exchange ticker to VERS.
Closed common share subscription raising $10.7 million from existing shareholders.
On March 18, 2019, announced intention to undertake a preferred share offering in 2019, backed by a prospectus and with transactions recorded on the blockchain (a security token offering). Once live, this global offering will enable us to accelerate the development of our diverse drug pipeline.