The phase II trial of inhaled interferon beta (IFN-beta) for chronic obstructive pulmonary disease (COPD) patients is progressing well, the company said in its results statement covering the first half of 2019, with four new sites added in 2019.
Synairgen revealed it had cash and bank deposits of £3.52mln at the end of June, compared to £5.31mln a year earlier.
At the end of August, the company received its 2018 research and development tax credit of £840,000.
The company had no revenue in the first half of 2019, while research & development costs ramped up to £1.69mln from £1.38mln the previous year, contributing to a deeper loss of £2.19mln versus a loss of £1.85mln the year before.
“We believe IFN-beta is a highly promising, and commercially attractive, therapeutic that could alleviate symptoms, help manage exacerbations and reduce healthcare costs. We look forward to completing the trial early in 2020 with results expected in Q2,” said Richard Marsden, the chief executive officer of Synairgen.