Synairgen plc Release: Preliminary Statement Of Results For The Year Ended 31 December 2015
Southampton, UK - 22 March 2016: Synairgen plc (LSE: SNG), the respiratory drug discovery and development company, today announces its preliminary statement of audited results for the year ended 31 December 2015.
Operational highlights:
• In July, AstraZeneca commenced its Phase IIa study of AZD9412 (inhaled interferon beta, developed by Synairgen). The study is progressing according to plan and results are expected in 2017
• In August, a research collaboration was signed with Pharmaxis to develop a selective inhibitor of the lysyl oxidase type 2 enzyme (LOXL2) to treat the fatal lung disease idiopathic pulmonary fibrosis (IPF)
• Continued screening of new development opportunities using Synairgen’s proprietary BioBank platform, leveraging Synairgen’s world-class founder and respiratory drug discovery and development expertise
Financial highlights:
• Loss from operations for the year ended 31 December 2015 was £2.61 million (2014: profit £1.09 million). The prior year profit was driven by the one-off upfront licensing payment from AstraZeneca of £4.25 million
• Research and development expenditure for the year was £1.36 million (2014: £1.65 million)
• Cash, cash equivalents and deposit balances of £7.71 million at 31 December 2015 (2014: £9.60 million). The Group remains debt free
• Current funds support the ongoing search and identification of new potential molecule opportunities
Post period-end highlight:
• Positive results from Pharmaxis collaboration with LOXL2 inhibitors – see separate announcement issued today
Commenting on the Annual Results, Simon Shaw, Chairman of Synairgen, said: “We are pleased with the progress made this year across our collaborations and in screening new opportunities. Our primary asset, AZD-9412, is being progressed through the clinic by AstraZeneca with results expected in 2017. Our collaboration with Pharmaxis, has begun to yield positive results and we anticipate a Phase I clinical trial starting in 2017 in this very exciting area of respiratory medicine. Finally, our strong balance sheet positions us well for progressing further collaborative programmes during the coming year.”
Ends
For further enquiries, please contact:
Synairgen plc
Richard Marsden, Chief Executive Officer
John Ward, Finance Director
Tel: + 44 (0) 23 8051 2800
finnCap
Geoff Nash, James Thompson (Corporate Finance)
Stephen Norcross, Simon Johnson (Corporate Broking)
Tel: + 44 (0) 20 7220 0500
Consilium Strategic Communications (Financial Media and Investor Relations)
Mary-Jane Elliott / Jessica Hodgson / Laura Thornton
synairgen@consilium-comms.com
Tel: +44 (0) 20 3709 5701
About Synairgen
Synairgen is a respiratory drug discovery and development company founded by University of Southampton Professors Stephen Holgate, Donna Davies and Ratko Djukanovic. The business, focused primarily on asthma and COPD, uses its differentiating human biology BioBank platform and world-renowned international academic KOL network to discover and develop novel therapies for respiratory disease. Leveraging scientific and clinical trial facilities at the University of Southampton and Southampton General Hospital, the Company uses in vitro and ex vivo models to progress opportunities into clinical development. The BioBank of human samples is used in these models to increase confidence in the likelihood of successful drug development. Core to Synairgen’s business strategy is the realisation of value via licensing transactions – validated in June 2014 by the SNG001 agreement formed with AstraZeneca. Synairgen is quoted on AIM (LSE: SNG). For more information about Synairgen, please see www.synairgen.com.
Operational highlights:
• In July, AstraZeneca commenced its Phase IIa study of AZD9412 (inhaled interferon beta, developed by Synairgen). The study is progressing according to plan and results are expected in 2017
• In August, a research collaboration was signed with Pharmaxis to develop a selective inhibitor of the lysyl oxidase type 2 enzyme (LOXL2) to treat the fatal lung disease idiopathic pulmonary fibrosis (IPF)
• Continued screening of new development opportunities using Synairgen’s proprietary BioBank platform, leveraging Synairgen’s world-class founder and respiratory drug discovery and development expertise
Financial highlights:
• Loss from operations for the year ended 31 December 2015 was £2.61 million (2014: profit £1.09 million). The prior year profit was driven by the one-off upfront licensing payment from AstraZeneca of £4.25 million
• Research and development expenditure for the year was £1.36 million (2014: £1.65 million)
• Cash, cash equivalents and deposit balances of £7.71 million at 31 December 2015 (2014: £9.60 million). The Group remains debt free
• Current funds support the ongoing search and identification of new potential molecule opportunities
Post period-end highlight:
• Positive results from Pharmaxis collaboration with LOXL2 inhibitors – see separate announcement issued today
Commenting on the Annual Results, Simon Shaw, Chairman of Synairgen, said: “We are pleased with the progress made this year across our collaborations and in screening new opportunities. Our primary asset, AZD-9412, is being progressed through the clinic by AstraZeneca with results expected in 2017. Our collaboration with Pharmaxis, has begun to yield positive results and we anticipate a Phase I clinical trial starting in 2017 in this very exciting area of respiratory medicine. Finally, our strong balance sheet positions us well for progressing further collaborative programmes during the coming year.”
Ends
For further enquiries, please contact:
Synairgen plc
Richard Marsden, Chief Executive Officer
John Ward, Finance Director
Tel: + 44 (0) 23 8051 2800
finnCap
Geoff Nash, James Thompson (Corporate Finance)
Stephen Norcross, Simon Johnson (Corporate Broking)
Tel: + 44 (0) 20 7220 0500
Consilium Strategic Communications (Financial Media and Investor Relations)
Mary-Jane Elliott / Jessica Hodgson / Laura Thornton
synairgen@consilium-comms.com
Tel: +44 (0) 20 3709 5701
About Synairgen
Synairgen is a respiratory drug discovery and development company founded by University of Southampton Professors Stephen Holgate, Donna Davies and Ratko Djukanovic. The business, focused primarily on asthma and COPD, uses its differentiating human biology BioBank platform and world-renowned international academic KOL network to discover and develop novel therapies for respiratory disease. Leveraging scientific and clinical trial facilities at the University of Southampton and Southampton General Hospital, the Company uses in vitro and ex vivo models to progress opportunities into clinical development. The BioBank of human samples is used in these models to increase confidence in the likelihood of successful drug development. Core to Synairgen’s business strategy is the realisation of value via licensing transactions – validated in June 2014 by the SNG001 agreement formed with AstraZeneca. Synairgen is quoted on AIM (LSE: SNG). For more information about Synairgen, please see www.synairgen.com.