Synairgen Secures Conditional £18 Million Funding for Key Clinical Trials

December 20, 2024 07:09 PM AEDT | By Team Kalkine Media

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Synairgen Secures Conditional £18 Million Funding for Key Clinical Trials — Image source: © Cammeraydave | Megapixl.com

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Highlights:

Major Funding Secured: Synairgen raises £18 million conditionally through TFG Asset Management, with an additional £6 million targeted through other fundraising initiatives.

Strategic Allocation: Proceeds will fund a Phase 2 trial of SNG001 for ventilated patients, alongside manufacturing and testing costs.

Innovative Therapy: SNG001 offers a potential breakthrough in treating respiratory viral infections with its broad-spectrum antiviral approach.

Synairgen (LSE:SNG), a pioneering respiratory company focused on the development of SNG001, an inhaled formulation of the antiviral protein interferon beta, has announced a significant financial boost. The company has conditionally raised £18 million before expenses through the subscription of 900,000,000 new Ordinary Shares at 2 pence per share, facilitated by TFG Asset Management UK LLP on behalf of the Relevant Funds.

Additionally, Synairgen aims to secure up to £6 million through further funding avenues, including conditional subscriptions from directors, a proposed placing, and an open offer. The combined fundraising initiative, known as the "Non-Underwritten Fundraising," sets a minimum threshold of £2.9 million for it to proceed. Should this condition be met, the total funds raised could reach £19 million, with TFG Asset Management's contribution adjusted accordingly by up to £6 million.

The capital raised will support Synairgen's critical Phase 2 trial of SNG001, specifically targeting mechanically ventilated patients suffering from respiratory viral infections. These funds will also be directed toward essential drug manufacturing processes and stability testing, ensuring the investigational therapy progresses efficiently through its development stages.

SNG001 represents a promising treatment in the fight against severe respiratory illnesses. As a broad-spectrum antiviral, it is designed to boost the body’s immune response against respiratory viruses. This strategic fundraising effort underscores Synairgen’s commitment to advancing its research and addressing a pressing medical need.

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