(Alliance News) - Respiratory drug firm Synairgen PLC on Wednesday said it will be raising GBP14.0 million to help fund a trial for a Covid-19 drug.
Synairgen is to place 40.0 million new shares at a price of 35 pence each, for a total of GBP14.0 million. Synairgen shares ended 9.7% lower on Wednesday in London at 46.50p.
The company said the placing, which is being run by finnCap Ltd, will be used to fund Covid-19 trials, making the SNG001 drug, and for general working purposes and to strengthen the balance sheet.
On Wednesday, Synairgen said it has receved expedited approvals from two UK regulators to trial SNG001 in Covid-19 patients.
By George Collard; georgecollard@alliancenews.com
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Synairgen (SNG)