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Synairgen swings to profit

By BFN News | 09:21 AM | Thursday 15 March, 2018

Synairgen, the respiratory drug discovery and development company, swung to a profit from operations of £1.62 million in 2017, from a loss of £3.44 million the year before. Revenues for the year were £5.03 million (2016: £nil). Research and development expenditure was £2.06 million, down from £2.42 million in 2016. Synairgen completed preclinical pharmacology and toxicology studies of PXS-5382A, a compound from the anti-fibrotic LOXL2 inhibitor programme, and initiated a Phase I clinical trial. It revised collaboration terms for LOXL2 programme with Pharmaxis where Synairgen received a £5 million upfront payment and circa 17% of any future partnering proceeds from all fibrotic indications in return for Pharmaxis taking on full responsibility for the programme. Synairgen regained full control of the inhaled interferon beta programme from AstraZeneca, and conducted further analyses of the INEXAS trial in asthma leading to a new clinical development plan for the product in COPD. In February, the first patients were dosed in the company's Phase II trial of inhaled SNG001 in patients with COPD. Simon Shaw, chairman of Synairgen said: "Synairgen ended 2017 in a strong position. The developments with our inhaled interferon beta asset and Pharmaxis agreement demonstrate Synairgen's commitment to innovative development programmes and the value we can bring to collaborative projects. We are well set to pursue interferon beta in COPD and add to our pipeline in the coming period." At 9:21am: (LON:SNG) Synairgen PLC share price was +0.75p at 14.5p Story provided by

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