09:28 AM EDT, 03/28/2025 (MT Newswires) -- Verona Pharma ( VRNA ) said Friday that it has revised its existing funding agreements by repaying its $100 million revenue interest purchase and sale agreement and increasing its debt facility with funds managed by Oaktree Capital Management and Omers Life Sciences to $450 million on improved terms.

The biopharmaceutical company said it has also borrowed $125 million from an expanded tranche C and reduced the interest rate it pays by 130 basis points to 9.7%.

The company said it can also cut its interest rate to 9.35% by reaching certain sales milestones and it has included a provision that allows it to secure up to $75 million through a working capital revolving credit facility with a separate group of lenders.

Verona Pharma ( VRNA ) shares were fractionally higher in recent Friday premarket activity.