The Synairgen plc (LON: SNG) share price fell 10.9% after releasing its interim results for the six months ended 30 June 2023. The company had cash and deposit balances of £14.6 million as of 30 June 2023, compared to £18.0 million as of 30 June 2022 and £19.7 million as of 31 December 2022.
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The company noted receiving a research and development tax credit of £2.4 million for the 2022 financial year after the six-month period ended. The company’s pre-tax loss for the six months was £5.2 million, marking a significant decline from the £14.0 million recorded as of 30 June 2022.
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Synairgen reported that its research and development (R&D) expenditure for the six months to 30 June 2023 was £3.5 million compared to the £11.1 million recorded in a similar period last year. The company noted that its expenditure on the Phase 3 SPRINTER trial, which was substantially completed in 2022, declined, and manufacturing activities fell.
The company’s administrative expenses for the six months were £2.1 million, marking a slight decline from the £2.9 million recorded in a similar period last year. The company attributed the lower costs to pre-commercialisation activities incurred in 2022.
Syanirgen highlighted its patient identification strategy through biomarkers and existing clinical data analysis. The company can identify patients at higher risk of disease progression, including those with deficient innate immune response and/or high viral load, who might be more likely to respond to SNG001 in future clinical trials.
Richard Marsden, CEO of Synairgen, said: “We are focused on progressing our method of identifying those individuals most likely to respond to SNG001 treatment using the large body of data already gathered through previous trials and new non-interventional research, which is currently underway. We hope to maximise the benefits of treatment with SNG001 by targeting patients most likely to respond to treatment by applying both existing and new technologies for patient selection in our next trials of SNG001. This will enable us to focus on the most appropriate patients, which will ultimately lead to trials of SNG001 in more targeted, but still large, patient populations at high risk of severe outcomes.”
Synairgen (SNG) share price.
The Synairgen (SNG) share price fell 10.85% to trade at 7.58p, from Wednesday’s closing price of 8.50p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.