A period of transformation with lead programme out-licensed to AstraZeneca and novel assets identified for development
Southampton, UK – 25 September 2014: Synairgen plc (LSE: SNG), the respiratory drug discovery and development company, today announces its unaudited interim results for the six months ended 30 June 2014.
Operational highlights
• Global exclusive licence agreement signed in June with AstraZeneca for SNG001 (inhaled interferon beta) for all respiratory indications. $7.25 million up-front payment and potential development, regulatory and commercial milestones of up to $225 million plus up to mid-teen tiered royalties on future potential sales
• Phase II clinical data published in the American Journal of Respiratory and Critical Care Medicine: “The effect of inhaled interferon-beta on worsening of asthma symptoms caused by viral infections: a randomised trial” in July 2014
• Screening of new development opportunities using Synairgen’s proprietary “Biobank” platform leveraging Synairgen’s world-class founder and KOL respiratory drug discovery and development expertise
Financial highlights
• Upfront payment from AstraZeneca agreement of $7.25M (£4.25 million)
• Research and development expenditure for the period was £1.27 million (H1 2013: £0.68 million)
• Post-tax profit for the period of £1.90 million (H1 2013: loss of £1.06 million) largely due to the upfront payment from the AstraZeneca licensing transaction
• Cash and deposit balances of £6.08 million at 30 June 2014 (30 June 2013: £2.14 million) and increase in such balances for the period of £4.79 million (H1 2013: £0.95 million decrease)
• Post period-end fundraising (July 2014) of £5.3 million (before expenses)
Commenting on this transformational period, Simon Shaw, Chairman of Synairgen, said: “During the period, Synairgen has been focused on signing the right deal for our novel therapeutic, SNG001. We were delighted to announce a global, exclusive development and commercialisation agreement with AstraZeneca in June.
“This transformative deal was major news for our investors and world-leading experts. We delivered a successful fundraise as a result of the deal and are now screening, via our novel Biobank, a number of potentially very exciting respiratory assets to bring into our pipeline.”
-Ends-
For further information, please contact:
Synairgen plc
Tel: + 44 (0) 23 8051 2800
Richard Marsden, Chief Executive Officer
John Ward, Finance Director
FinnCap Tel: + 44 (0) 20 7220 0500
Geoff Nash, Christopher Raggett (Corporate Finance)
Stephen Norcross, Simon Johnson (Corporate Broking)
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
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