Synairgen PLC (AIM:SNG, OTC:SYGGF) said it is on the "verge of embarking" on a phase II trial of SNG001, for severe viral lung infection.
The focus will be on patients who are mechanically ventilated. "We have selected this population because it has a high unmet need, represents a significant commercial opportunity, patients are readily identifiable, and the clinical path is clear," said chairman Simon Shaw.
In an update alongside prelims, Shaw said work will get underway once a financing plan is in place.
The results revealed Synairgen exited 2023 with £12 million in the bank, while prudent cost control saw the loss for the 12 months ended December 31 fall by £10 million year over year to £10.3 million.
CEO Richard Marsden said the company continued to work on the UK-wide UNIVERSAL observational trial in patients hospitalised with respiratory viral infections.
And he added that management "remains open to other collaborations and platform trials in the future".