REG - Synairgen plc - £18m raised to fund Phase 2 INVENT clinical trial

SynairgenAnnouncement

15/01/2025 17:45

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RNS Number : 4977T  Synairgen plc  15 January 2025

 

Synairgen plc

('Synairgen' or the 'Company')

£18 million raised to fund Phase 2 INVENT clinical trial of SNG001 in
ventilated patients with severe viral lung infections

 

Southampton, UK - 15 January 2025: Synairgen plc (LSE: SNG), the respiratory
company developing SNG001, an investigational formulation for inhalation
containing the broad-spectrum antiviral protein interferon beta, announces
that, further to the announcement made on 20 December 2024 regarding the
proposed fundraising (the "Launch Announcement"), it has raised £18m million
by way of a subscription from TFG Asset Management. The commitments from the
Bookbuild, Open Offer and Director Subscriptions totalled £2.2 million, which
did not exceed the Minimum Fundraising Condition of £2.9 million that was
required to trigger a scaling back of the £18 million subscription from TFG
Asset Management.

The £18 million net proceeds from the Fundraising will be used to fund
external and internal trial costs to the Interim Analysis, and drug
manufacturing and stability testing for Synairgen's Phase 2 INVENT trial
(formerly known as trial number SG021) investigating SNG001 in mechanically
ventilated patients with confirmed respiratory viral infections. Plans are
underway to start the trial in the coming months.

Richard Marsden, CEO of Synairgen, said: "We are pleased to have secured £18
million in financing to enable the progression of our planned Phase 2 trial in
mechanically ventilated patients. We have a shared focus with TFG Asset
Management on addressing the key question of whether SNG001 can reduce
mortality in this very sick patient population who currently have high
mortality and are in desperate need of innovative treatment options."

As was detailed in the Launch Announcement, in order for the Bookbuild, Open
Offer and Director Subscriptions to proceed it needed to raise at least £2.9
million (before expenses) (the "Minimum Fundraising Condition"). The Minimum
Fundraising Condition for these monies to be accepted has not been met,
therefore monies shall be returned to those who wished to participate in the
Open Offer, therefore no Placing Shares, Open Offer Shares or Director
Subscription shares will be issued by the Company.

Subject to approval of the Resolutions at the General Meeting to be held on 16
January 2025, the Subscription of 900,000,000 Subscription Shares by TFG Asset
Management (on behalf of the Relevant Funds) to raise £18 million is
proceeding.

As detailed in the Launch Announcement and subject to approval of the
Resolutions, on the basis that the Minimum Fundraising Condition has not been
met the Company intends to apply for the cancellation of its Ordinary Shares
from trading on AIM. A separate circular in relation to this will be sent to
shareholders in due course.

A total of 900,000,000 New Ordinary Shares will be issued conditional on the
passing of the Resolutions by Shareholders at the General Meeting.

Application has been made to the London Stock Exchange for the New Ordinary
Shares to be admitted to trading on AIM. Admission is expected to take place
at 8:00 a.m. on 17 January 2025 and dealings in the New Ordinary Shares are
expected to commence at 8.00 a.m. on 17 January 2025.

The New Ordinary Shares, when issued, will be credited as fully paid and will
rank pari passu in all respects with the existing Ordinary Shares, including
the right to receive all dividends and other distributions declared, made or
paid after the date of issue.

Capitalised terms used in this announcement have the meanings given to them in
the Launch Announcement, unless the context provides otherwise.

Mark Parry-Billings, Chairman of Synairgen, commented: "SNG001 has potential
to reduce mortality in this high-risk group of mechanically ventilated
patients being managed in intensive care units; the INVENT trial is designed
to test this, and plans are underway to initiate this important trial in the
coming months. We have an excellent team at Synairgen and we look forward to
providing key updates on our progress. We thank all our shareholders for their
support."

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

Enquiries:

 Synairgen plc                                                      + 44 (0)23 8051 2800
 Media@synairgen.com (mailto:Media@synairgen.com)
 Cavendish Capital Markets Limited -                                + 44 (0)20 7220 0500

Nominated Adviser, joint broker and sole bookrunner
 Geoff Nash/Camilla Hume/Trisyia Jamaludin
 ICR Healthcare (Financial Media and Investor Relations)            +44 (0)20 3709 5700
 Mary-Jane Elliott/Namrata Taak/Lucy Featherstone
 synairgen@icrhealthcare.com (mailto:synairgen@icrhealthcare.com)

 

Notes for Editors

About Synairgen

Synairgen is a UK-based respiratory company focused on drug discovery and the
development of SNG001 (inhaled interferon beta) as potentially the first
host-targeted, broad-spectrum antiviral treatment delivered directly into the
lungs for severe viral lung infections.

Millions of people globally are hospitalised every year due to viral lung
infections and there are currently no approved antiviral therapies for the
majority of these patients. Synairgen is developing SNG001 to address this
need.

Synairgen is quoted on AIM (LSE: SNG). For more information about Synairgen,
please see www.synairgen.com (http://www.synairgen.com)

 

 

 

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