By Samuel Indyk
Investing.com – Synairgen (LON:SYNG) reported a larger loss in the first six months of the year as research and development costs ballooned amid the ongoing SPRINTER trial. The company said its loss before tax increased to £38.89 million in H1, up from £5.07 million in the first half of 2020.
R&D expenditure accounted for much of this as it increased from £4.47 million to £36.91 million as the company’s SPRINTER Phase 3 trial progressed.
The company said good progress has been made in the study of its interferon beta formulation, SNG001, being developed for hospitalised non-ventilated patients suffering from Covid-19. Approximately 80% of the trial participants have been enrolled to date with the final patient expected to be enrolled by November.
Topline results from the trial are expected in early 2022.
Synairgen also said it is in continued engagement with the US Food and Drug Administration (FDA) on requirements and content for regulatory submissions.
“SNG001 is an inhaled, broad-spectrum antiviral interferon beta formulation, which is delivered directly to the lower respiratory tract, stimulating the lungs' immune defences, and has an established safety profile,” said Synairgen CEO Richard Marsden.
“Positive data from this trial would represent a major breakthrough in the battle against COVID-19.
“To ensure we can get this treatment to patients as quickly as possible, we are preparing to engage the US FDA on a potential application for Emergency Use Authorisation and have aligned with partners with Covid-19 expertise for distribution and in-market support.”
The drug discovery company will be holding a webcast on its interim results at 13:00BST.
At 09:49BST, shares in Synairgen were trading lower by 3.8% at 158.30 pence per share.