Synairgen PLC (LON:SNG) said it has successfully concluded an £80mln share placing, providing the financial backing to take its lead drug through final-stage clinical trials in patients with severe coronavirus (COVID-19).
The cash will also be invested in scale-up activities with the aim of producing 100,000 treatment courses per month next year. And it will be used to generate further data to support SNG001’s clinical development, manufacturing and the input needed during the regulatory process.
“Having demonstrated the great promise of SNG001 in hospitalised COVID-19 patients earlier this year, we are delighted to have now received the financial support to be able to progress this potential breakthrough treatment in such a critical area of unmet need,” Richard Marsden, Synairgen’s chief executive said in a statement.
The company could receive a further £7mln from an open offer of stock to investors that did not take part in the placing in which shares were sold at 175p each.
The phase III clinical trial, meanwhile, will get underway sometime this quarter and involve 900 patients in 20 countries, the group said.
Top-line results from the phase II study revealed that people who received SNG001, an inhaled formulation of interferon beta, had a 79% lower risk of developing the severe disease compared to those given the placebo.
CEO Marsden has said that the initial read-out was “a clearer signal then we could have dared to hope for”.