Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Synairgen (LON: SNG) are trading higher on Wednesday after the company said, “significant progress continues towards a treatment for COVID-19.”
The company revealed its preliminary results for the year ended 31 December 2020, reporting positive results from several trials involving its inhaled interferon beta-1a (SNG001) Covid-19 treatment.
An international Phase 3 trial of SNG001 in hospitalised Covid-19 patients was initiated in December 2020, with the first patient dosed in January and initial results expected in the second half of 2021.
Looking at its finances, Synairgen's loss from operations increased to £17.7 million from £3.8 million with research and development expenditure amounting to £15.5 million compared to £3.5 million in 2019.
At the end of December, the company's cash balance was £75 million compared to £2.5 million the previous year.
Richard Marsden, CEO of Synairgen, said: “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.
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.”
Synairgen's share price is currently trading at 104.5p, up 2.24%.
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