15 March 2018

Synairgen plc: Preliminary statement of results for the year ended 31 December 2017

 

Southampton, UK – 15 March 2018: Synairgen (LSE: SNG), the respiratory drug discovery and development company, today announces its preliminary statement of audited results for the year ended 31 December 2017.

Operational highlights – including post period end

  • Successful completion of preclinical pharmacology and toxicology studies of PXS-5382A, a compound from the anti-fibrotic LOXL2 inhibitor programme, and initiation of a Phase I clinical trial
  • Revision of collaboration terms for LOXL2 programme with Pharmaxis where Synairgen received a £5 million upfront payment and circa 17% of any future partnering proceeds from all fibrotic indications in return for Pharmaxis taking on full responsibility for the programme
  • Synairgen regained full control of inhaled interferon beta programme from AstraZeneca, and conducted further analyses of the INEXAS trial in asthma leading to a new clinical development plan for the product in COPD
  • First patients were dosed in the Company’s Phase II trial of inhaled SNG001 in patients with COPD in February


Financial highlights

  • Revenues for the year were £5.03 million (2016: £nil)
  • Research and development expenditure for the year was £2.06 million (2016: £2.42 million)
  • Profit from operations for the year ended 31 December 2017 was £1.62 million (2016: loss of £3.44 million)
  • Cash, cash equivalents and deposit balances of £6.85 million at 31 December 2017 (2016: £4.77 million). The Group remains debt free

“Synairgen ended 2017 in a strong position. The developments with our inhaled interferon beta asset and Pharmaxis agreement demonstrate Synairgen’s commitment to innovative development programmes and the value we can bring to collaborative projects. We are well set to pursue interferon beta in COPD and add to our pipeline in the coming period.”

Simon Shaw

Chairman of Synairgen

- Ends –

 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 ("MAR")

 

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 / Sukaina Virji / Laura Thornton

synairgen@consilium-comms.com

Tel: +44 (0) 20 3709 5701

 

 

Notes for Editors

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 its scientific and clinical facilities at 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. In August 2015 the Company entered into a collaboration with Pharmaxis to develop an oral LOXL2 inhibitor to reduce fibrosis in patients with idiopathic pulmonary fibrosis (IPF). In December 2017 the collaboration agreement was amended as Pharmaxis took on full responsibility for the programme, with Synairgen receiving a £5 million upfront payment and circa 17% of any future partnering proceeds from all fibrotic indications. Synairgen is quoted on AIM (LSE: SNG). For more information about Synairgen, please see www.synairgen.com

 

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