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(Alliance News) - Synairgen PLC on Monday said it plans to ramp up the progression of its SNG001 as a treatment for Covid-19 in hospitalised patients as research and development expenditure subsequently increases in the first half.
In addition, the respiratory drug discovery and development company said it has launched a programme in the UK and Europe with Clinigen Group PLC.
The company posted a pretax loss for the half ended June 30 of GBP5.1 million, widening from GBP2.2 million a year prior. This was due to research and development expenditure increasing to GBP4.5 million from GBP1.7 million a year before, as the company ramps up its development of a possible Covid-19 treatment.
Chief Executive Richard Marsden said: "The first six months of this year have been the most significant in Synairgen's history. We were delighted to announce positive results from our hospital-based Covid-19 trial in July, and have been working tirelessly on the progression of SNG001 as a potential treatment for Covid-19 patients."
Going forward, Synairgen said its goal is to deliver an effective treatment for Covid-19. This being said, the company is now fully focused on expediting the next steps with SNG001 in Covid-19, including discussions with regulatory agencies to set out a route to approval, and separately working with its manufacturing partners to achieve meaningful scale up.
Synairgen additionally inked an agreement with pharmaceutical company Clinigen to launch a managed access programme in the UK and Europe for SNG001 as a treatment for hospitalised Covid-19 patients.
This comes as Synairgen announced positive data generated from 101 patients hospitalised with Covid-19 in its phase two trial of the inhaled formulation of interferon beta, or SNG001, in July.
The trial produced "very encouraging findings" with patients more than twice as likely to recover from Covid-19 over the course of the treatment period compared to those receiving placebo.
Synairgen is currently in discussions with regulatory agencies to progress this potential Covid-19 treatment.
Marsden said: "We are working tirelessly to progress SNG001 through the required clinical and regulatory channels to make this potentially critical treatment widely available to Covid-19 patients around the world."
Clinigen Chief Executive Shaun Chilton added: "We are working with a number of companies who have products being tested against Covid-19 and are very pleased to be working with Synairgen to make this highly promising Covid-19 treatment available internationally."
Clinigen shares were up 3.6% at 673.50 pence each on Tuesday morning in London. Synairgen shares were down 2.7% at 158.05p.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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