Synairgen's profit dips, R and D expenditure reduced

(ShareCast News) - Synairgen has posted an after tax loss of £0.91m for the six months to 30 June, down from a profit of £1.90m in the same period last year.The respiratory drug discovery and development company announced its unaudited interim results for the six months ended 30 June 2015.Research and development expenditure was down from £1.27m to £0.48m due to AstraZeneca having taken on the development costs of their interferon beta programme.However, the company has cash deposit balances of £8.73m, up from £6.08m.Synairgen chief executive Richard Marsden said the company has been focused on working with AstraZeneca to support the start of the Phase IIa trial in AZD9412.That trial, which will comprise patients with severe asthma, is potentially worth up to a further $225m in development and commercial milestones plus attractive royalties on sales.Marsden said they also devoted significant resource to assessing and bringing new programmes into the company."We are delighted to have achieved the first of these, the recently announced collaboration with Pharmaxis in the important indication of Idiopathic Pulmonary Fibrosis."On the back of the news Synairgen shares dipped to 31.93p on opening today, down 7.24%.