In its results for the year to December 31, 2020, the company reported positive results and data from a number of trials of its interferon beta-1a (SNG001) treatment candidate, with the results of a Phase II trial in 101 hospitalised COVID-19 patients reported last July.
The company said a Phase III trial of SNG001 has been initiated and the results are expected in the second half of this year after the first patient was dosed in January.
Meanwhile, Synairgen said it has also received positive data from an interim analysis of an SNG001 trial in patients with chronic obstructive pulmonary disease (COPD), which it said will support the further progression of the drug for exacerbating COPD patients.
In terms of finances, the company said it had ended the year with a cash balance of £75mln, up from £2.5mln in the prior year, while its loss from operations had widened to £17.7mln from £4.8mln in 2019 amid an increase in research and development expenditure to £15.5mln from £3.5mln.
“Synairgen has made exceptional progress over 2020, with our broad-spectrum antiviral taking centre stage as a possible treatment for COVID-19, supported by a growing body of clinical evidence. Our inhaled interferon beta candidate, SNG001, has now demonstrated in a number of robust placebo-controlled clinical trials that it has the potential to prevent patient deterioration and accelerate recovery”, Synairgen chief executive Richard Marsden said in a statement.
“Alongside vaccines, access to treatments that are both virus and strain agnostic is critical. Our efforts are focused on making such treatments available to the public as swiftly as possible by advancing our late-stage clinical trials, seeking marketing authorisations and ensuring the manufacturing and commercial capabilities can be rapidly up-scaled to meet potential demand”, he added.