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(Alliance News) - Respiratory drug firm Synairgen PLC confirmed on Thursday it has raised GBP14.0 million in a share placing.
Synairgen, which first announced the placing on Wednesday, placed 40.0 million new shares at a price of 35 pence each. Shares were 0.1% lower on Thursday afternoon at 46.46p.
The company had said the placing, which was run by finnCap Ltd, will be used to fund Covid-19 trials, making SNG001, and for general working purposes and to strengthen the balance sheet.
On Wednesday, Synairgen said it has received expedited approvals from two UK regulators to trial SNG001 in Covid-19 patients.
"We are delighted with the support for this financing which will enable us to assess SNG001's effectiveness in Covid-19 patients. A successful outcome from the trial would be a major breakthrough in the fight against coronavirus and a significant value-enhancing event for Synairgen and our shareholders," said Chief Executive Richard Marsden.
"Our wholly-owned drug, SNG001, has already been well-tolerated in clinical trials in more than 200 respiratory patients to date and has accelerated lung function recovery in two phase two asthma trials in patients with a cold or flu infection."
"We thank everyone involved for their support, both internally and externally - staff, investigators, regulatory bodies, all our service, product and equipment providers, and our current and new high-quality specialist and generalist shareholders - as we strive to help society during this pandemic," he added.
By George Collard; georgecollard@alliancenews.com
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