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(Alliance News) - Respiratory drug discovery firm Synairgen PLC said Monday its interim loss deepened as development costs jumped amid progress being made on approvals in its product pipeline.
For the six months ended June, pretax loss deepened to GBP2.2 million from GBP1.8 million the year prior. This was after research & development costs jumped to GBP1.7 million from GBP1.4 million the year before.
Synairgen generated no revenue in the most recent period, having generated an immaterial GBP26,000 the year prior.
"During the first half of the year, the company has made good progress on its inhaled broad-spectrum antiviral candidate IFN-beta, designed to treat viral chest infections in patients with COPD," Synairgen Chief Executive Officer Richard Marsden said.
"Such infections are a major drain on healthcare resource and represent a significant unmet need in terms of therapeutic treatment options," Marsden added.
"We believe IFN-beta is a highly promising, and commercially attractive, therapeutic that could alleviate symptoms, help manage exacerbations and reduce healthcare costs," Marsden continued. "We look forward to completing the trial early in 2020 with results expected in the second quarter."
Shares in Synairgen were 2.2% higher at 8.94 pence in London on Tuesday.
By Ahren Lester; ahrenlester@alliancenews.com
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