Synairgen PLC - respiratory drug discovery and development company - Proposes placing to raise GBP80.0 million at 175 pence per share. Also launches open offer to raise further GBP7.0 million. The placing will take place in two tranches, with the first tranche of up to 14.9 million new shares, from the company's existing shareholder authorities to issue new shares on a non-pre-emptive basis for cash and the second tranche of up to 30.8 million new shares. finnCap Ltd and Numis Securities Ltd are acting as joint bookrunners.
"The announcement follows positive phase 2 SNG001 Covid-19 data that supports progression into a phase 3 trial designed to be sufficient for marketing authorisation applications in 2021, with regulatory discussions on-going and manufacturing scale-up activity underway," Synairgen said.
The gross proceeds will be used to fund the phase 3 trial and fund manufacturing and device scale up activities.
Current stock price: 226.0 pence
Year-to-date change: up sharply from 5.88p
By Paul McGowan; paulmcgowan@alliancenews.com
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Synairgen (SNG)