(Alliance News) -Â Synairgen PLC on Thursday said it has raised GBP80.0 million in a share placing.
The respiratory drug discovery and development company placed 45.7 million shares at 175.00 pence each, with the price representing a 4.1% discount to the volume-weighted average share price in the ten days up to and including Wednesday.
Shares in Synairgen were down 11% at 201.80p each on Thursday. The stock closed at 226p on Wednesday. The company has a market capitalisation of GBP301.6 million.
The proceeds will be used to support its phase 3 trial clinical trial in Covid-19 patients, support SNG001 manufacturing and device scale up, generate further SNG001 data and strengthen its balance sheet.
"Having demonstrated the great promise of SNG001 in hospitalised Covid-19 patients earlier this year, we are delighted to have now received the financial support to be able to progress this potential breakthrough treatment in such a critical area of unmet need," said Chief Executive Richard Marsden.
Synairgen added that it will launch an open offer to qualifying shareholders to raise up to GBP7.0 million, on the basis of one open offer share for every 37 existing shares.
By Lucy Heming;Â lucyheming@alliancenews.com
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Synairgen (SNG)