The Synairgen plc (LON: SNG) share price fell 28.13% after releasing the final results for the year ended 31 December 2022. The company noted that it had made progress in developing its SNG001 drug candidate for treating long Covid symptoms, but more was needed to boost its share price.
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Some of the operational milestones highlighted by Synairgen included completing the further analysis of data accumulated from the more than 750 patients dosed to date with SNG001. One research finding was that the drug reduced the risk of several recognised Long COVID symptoms.
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Other research findings showed evidence of accelerated viral clearance of rhinovirus from the lungs in COPD patients. The company also developed unique criteria to target specific populations in future trials. The study further demonstrated the well-tolerated safety profile of SNG001.
Synairgen also released data from the US NIH-led ACTIV-2 Phase 2 trial for SNG001 in COVID-19, which showed a decent reduction in hospitalisation for at-home patients taking SNG001 versus those taking a placebo.
Furthermore, the company thoroughly evaluated clinical development options to determine a route to conducting a Phase 3 registration programme, which it could submit to regulators.
The firm identified a clinical development plan for SNG001 that could address the unmet need in targeted high-risk patient populations most responsive to the drug in past trials.
Synairgen recorded a full-year loss of £20.3m, a decline from 2021’s £57.9m loss. A decline in R&D expenditure drove the lower loss figure.
Richard Marsden, Synairgen’s CEO, said: “2022 was an insightful year for Synairgen, pointing us towards a clear clinical development plan following analysis of the Phase 3 SPRINTER data and other important data. We confirmed with our clinical collaborators the significant unmet need for broad-spectrum antivirals to help address both the ongoing need to treat viral lung infections and in preparation for future pandemics. We believe that SNG001 has the potential to help fill this important gap in respiratory treatments for high-risk patient groups, and we look forward to initiating the first trials in the second half of this year.”
*This is not investment advice.
Synairgen share price.
The Synairgen share price fell 28.13% to trade at 9.30p, from Wednesday’s closing price of 12.94p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.