Synairgen raises £18 million via a Placing, Subscription and Open Offer
January 2025
Synairgen is an LSE AIM listed respiratory drug discovery and development company founded by University of Southampton Professors Stephen Holgate, Donna Davies and Ratko Djukanovic.
The business is focused primarily on lung viral defence in asthma and COPD, and uses its differentiating human biology BioBank platform and world-renowned international academic KOL network to discover and develop novel therapies for respiratory disease.
The Company is conducting a double blind, placebo-controlled clinical trial in COVID-19 patients (SG016). The 220 patient trial comprises 100 patients to be initiated in hospital and 120 patients to be initiated in the home setting. A successful outcome will inform onwards progression of SNG001 in COVID-19 patients.
£18 million fundraising
On 15th January 2025, Synairgen announced that it had raised £18 million by way of a subscription from TFG Asset Management. The commitments from the Bookbuild, Open Offer and Director Subscriptions totalled £2.2 million, which did not exceed the Minimum Fundraising Condition of £2.9 million that was required to trigger a scaling back of the £18 million subscription from TFG Asset Management.
The £18 million net proceeds from the Fundraising will be used to fund external and internal trial costs to the Interim Analysis, and drug manufacturing and stability testing for Synairgen’s Phase 2 INVENT trial (formerly known as trial number SG021) investigating SNG001 in mechanically ventilated patients with confirmed respiratory viral infections. Plans are underway to start the trial in the coming months.
The Perivan Shareholder communication team was delighted to work with Cavendish Capital Markets who acted as Nominated Adviser and Broker to Synairgen on the documentation. This was successfully produced and included the provision of the Engage data room platform which was utilised for the secure proof distribution and posted to qualifying shareholders on 20th December 2024.
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