Synairgen announces “significant” progress towards a treatment for COVID-19 By Investing.com

By Samuel Indyk

Investing.com – AIM-listed Synairgen has posted preliminary results for the 2020 financial year, where they have also provided an update on its treatments for COVID-19.

The company, known for its work treating severe viral lung infections, reported a loss from operations of £17.7mln, with research and development expenditure amounting to £15.5mln, up from £3.5mln in 2019.

The company had a cash balance of £75.0mln at the end of the year after raising £87.1mln in an equity issue in October and £14.0mln in March.

COVID treatments

In July, Synairgen (LON:SYNG) announced positive results from its Phase II trial of SNG001 in 101 hospitalised patients with COVID-19.

The company initiated a Phase III trial in December, with the first patient dosed in January this year and initial results expected during the second half of 2021.

Furthermore, the company reported positive interim data from a trial of SNG001 in patients with COPD, supporting future progression of SNG001 for exacerbating COPD patients.

“Synairgen has made exceptional progress over 2020, with our broad-spectrum antiviral taking centre stage as a possible treatment for COVID-19, supported by a growing body of clinical evidence,” said Synairgen CEO Richard Marsden.

“Our inhaled interferon beta candidate, SNG001, has now demonstrated in a number of robust placebo-controlled clinical trials that it has the potential to prevent patient deterioration and accelerate recovery.”

“Alongside vaccines, access to treatments that are both virus and strain agnostic is critical. Our efforts are focused on making such treatments available to the public as swiftly as possible by advancing our late-stage clinical trials, seeking marketing authorisations and ensuring the manufacturing and commercial capabilities can be rapidly up-scaled to meet potential demand.”

At 10:25BST, shares in Synairgen were trading higher by 3.0% at 105.3 pence per share.