Adoption of FRS 101 - Reduced Disclosure Framework

RNS Number : 8977F

Synairgen plc

16 November 2015

 

PRESS RELEASE

16 November 2015

SYNAIRGEN PLC

("Synairgen" or "the Company")

Adoption of Financial Reporting Standard (FRS) 101 - Reduced Disclosure Framework

Southampton, UK, 16 November 2015: Synairgen plc (LSE: SNG), the respiratory drug discovery and development company, announces that following the publication of FRS 100 'Application of Financial Reporting Requirements' by the Financial Reporting Council, Synairgen is required to change the accounting framework for its entity financial statements and those of its subsidiary Synairgen Research Limited, which currently adopt United Kingdom Generally Accepted Accounting Standards (UK GAAP). It is intended for the year ended 31 December 2015 and future years that the parent entity and its subsidiaries adopt FRS 101 "Reduced Disclosure Framework", based on International Financial Reporting Standards (IFRS) as adopted by the European Union.

Objections to the use of the disclosure exemptions may be served by a shareholder or shareholders holding in aggregate 5% or more of the total allotted shares of the Company in writing to John Ward, the Company's Finance Director, at its registered office (Mailpoint 810, Southampton General Hospital, Tremona Road, Southampton SO16 6YD) not later than 16 December 2015.

Synairgen's consolidated financial statements are unaffected by this change, and will continue to be prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the European Union.

ENDS

For further information, please contact:

Synairgen plc 

Richard Marsden, Chief Executive Officer

John Ward, Finance Director

Tel: + 44 (0) 23 8051 2800

finnCap

Geoff Nash, James Thompson (Corporate Finance)

Stephen Norcross, Simon Johnson (Corporate Broking)

Tel: + 44 (0) 20 7220 0500

Consilium Strategic Communications (Financial Media and Investor Relations)

Mary-Jane Elliott / Jessica Hodgson / Laura Thornton

[e-mail]

Tel: [phone]

Notes for Editors

About Synairgen 

Synairgen is a respiratory drug discovery and development company founded by University of Southampton Professors Stephen Holgate, Donna Davies and Ratko Djukanovic. The business, focused primarily on asthma and COPD, uses its differentiating human biology Biobank platform and world-renowned international academic KOL network to discover and develop novel therapies for respiratory disease. Leveraging its scientific and clinical facilities at Southampton General Hospital, the Company uses in vitro and ex vivo models to progress opportunities into clinical development. The Biobank of human samples is used in these models to increase confidence in the likelihood of successful drug development. Core to Synairgen's business strategy is the realisation of value via licensing transactions - validated in June 2014 by the SNG001 (now AZD9412) agreement formed with AstraZeneca. Synairgen is quoted on AIM (LSE: SNG). For more information about Synairgen and the interferon beta programme, please see www.synairgen.com.

 

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