Synairgen PLC - Southampton, England-based drug discovery and biotechnology firm developing SNG001 antiviral treatment for lung infections - Pretax loss narrows to GBP5.2 million in six months that ended June 30 from GBP14.0 million a year before. Has no revenue either year, but research and development spending is reduced to GBP3.5 million from GBP11.1 million, as phase 3 Sprinter trial of SNG001 is mostly completed in 2022. Since the start of the second half, receives GBP2.4 million R&D tax credit, which adds to GBP14.6 million cash balance on June 30.
"We are focused on progressing our method of identifying those individuals most likely to respond to SNG001 treatment using the large body of data already gathered through previous trials and new non-interventional research, which is currently underway," says Chief Executive Officer Richard Marsden.
Current stock price: 7.56 pence, down 11% in London on Thursday
12-month change: down 64%
By Tom Waite, Alliance News editor
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Synairgen (SNG)