(Alliance News) - Synairgen PLC on Tuesday said increased costs and lack of revenue resulted in a widened pretax loss for 2019.
The drug discovery company recorded a pretax loss of GBP4.8 million for 2019 versus a GBP4.1 million loss a year ago.
The company did not generate any revenue in the period versus GBP105,000 a year ago. The 2018 revenue comprised fee for service work in relation to the LOXL2 programme, through the company's partnership with Pharmaxis Ltd.
Total administrative expenses, including research and development costs, increased to GBP4.8 million in 2019 from GBP4.2 million a year ago.
Chief Executive Richard Marsden said: "Over the coming months we will have three major clinical trial read-outs for SNG001, our wholly-owned, inhaled IFN-beta asset: chronic obstructive pulmonary disease patients with regular seasonal viruses; Covid-19 hospital-treated patients; and the early treatment of Covid-19 patients in the home setting. The company is active on many fronts from designing and managing novel trials to developing the regulatory strategy and supply chain for potential demand in the future".
Shares the company were down marginally at 50.95 pence each in London on Tuesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Synairgen (SNG)