Synairgen has today announced the completion of its placing, successfully raising £80m in order to progress its promising COVID-19 treatment.
The proceeds will be mainly be used to support a phase III clinical trial for SNG001, support its manufacturing activity and generate the data needed to see it through to completion and regulatory approval.
Commenting on the placing that was ‘significantly oversubscribed’ was Richard Marsden, CEO of Synairgen who added:
“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.”
For those unfamiliar, SNG 001 helps to treat patients before their COVID-19 symptoms come worse and worsen within the second week of active infection.
Earlier this month, Synairgen also upgraded its broker to Numis in anticipating of expected increase in demand.