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LONDON - Synairgen plc (LSE: SNG), a UK-based respiratory drug development company, has successfully raised £18 million to fund a Phase 2 clinical trial, known as the INVENT trial, for its drug candidate SNG001. This trial will focus on patients who are mechanically ventilated due to severe viral lung infections.
The funding was secured through a subscription from TFG Asset Management, with additional financial commitments from a Bookbuild and Open Offer falling short of the £2.9 million minimum required. Consequently, no shares from the Open Offer, Placing Shares, or Director Subscription shares will be issued, and funds will be returned to the participants.
Richard Marsden, CEO of Synairgen, expressed satisfaction with the financing, emphasizing the importance of exploring SNG001's potential to reduce mortality in critically ill patients. The trial is set to begin in the upcoming months, with the aim to address the urgent need for innovative treatments for this patient group.
The £18 million will cover external and internal trial costs up to the Interim Analysis, drug manufacturing, and stability testing. The company's shares are set to be removed from trading on the AIM market, subject to shareholder approval at a General Meeting to be held on January 16, 2025. If the resolutions pass, 900,000,000 new Ordinary Shares will be issued.
The London Stock Exchange (LON:LSEG) has received an application for these new shares to be admitted to trading on AIM, with an expected admission and commencement of dealings on January 17, 2025. These shares will be on equal footing with the existing Ordinary Shares in terms of dividends and distributions.
Chairman Mark Parry-Billings also highlighted the potential of SNG001 and the significance of the INVENT trial for patients in intensive care units. He thanked shareholders for their continued support and looked forward to sharing progress updates.
This announcement is based on a press release statement from Synairgen plc.
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