Synairgen raises £18m for Phase 2 INVENT trial of SNG001

The trial, expected to commence in the coming months, will evaluate whether SNG001 can reduce mortality in this high-risk patient group. The proceeds will cover trial costs up to interim analysis as well as manufacturing and stability testing for the investigational drug.

“We are pleased to have secured this financing to enable the progression of our planned Phase 2 trial in mechanically ventilated patients,” said Richard Marsden, CEO of Synairgen. “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.”

The £18m funding comes as Synairgen’s alternative fundraising mechanisms, including a Bookbuild, Open Offer, and Director Subscriptions, failed to meet the required £2.9m minimum threshold. As a result, the full amount was contributed by TFG Asset Management. Pending shareholder approval at a General Meeting on 16 January 2025, Synairgen will issue 900 million new ordinary shares. Admission of the new shares to trading on AIM is expected at 8:00 a.m. on 17 January 2025.

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.”

Another substance for the treatment of mechanically ventilated patients of a COVID-19-infection generated by German Inflarx N.V. has just got the exeptional approval by the EU commission.