LONDON (Alliance News) - Synairgen PLC Wednesday said it has raised GBP1.5 million by placing 3.1 million shares at 48 pence each, money it will use for working capital while it progresses current licensing discussions through to a conclusion.
In a statement, the respiratory drug discovery and development company said it was pleased with the progress made so far in talks over licensing of its SNG001 treatment.
"Although there can never be a guarantee that a transaction will be completed, licensing discussions are progressing well and it is anticipated that the terms of the agreement will be in line with the board's expectations," the company said.
The company focuses on treatments for virus-induced asthma, chronic obstructive pulmonary disease, or severe viral lung infections. All its treatments are in early-stage or pre-clinical development trails.
SNG001 is an inhaled interferon beta being developed for treatment or prevention of virus-induced asthma exacerbations. It is the most advanced of the company's treatments and is in Phase II proff of concept trials.
Synairgen shares were up 4% at 49.9 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Synairgen (SNG)