21st Feb 2022 12:25
(Alliance News) - Synairgen PLC shares hit a 12-month low on Monday after the biotechnology company said that the late-stage trial of its Covid-19 treatment SNG001 did not meet primary or key secondary efficacy endpoints.
Shares plunged 84% at 28.02 pence each on Monday morning in London.
The Southampton, England-based drug discovery and biotechnology company said that results of the trial showed that patients who received SNG001 were not more likely to be discharged from the hospital than patients who received a placebo.
A total of 623 patients took part in the trial.
Patients who received SNG001 were no more likely to recover to "no limitation of activities" than patients who received placebo, Synairgen continued.
"SNG001 has been administered to hospitalised patients on top of standard of care which changed substantially between our Phase 2 and Phase 3 trials," Chief Executive Richard Marsden commented.
"This improvement in patient care may have compromised the potential of SNG001 to show a clinical benefit in respect of the endpoints for this study, which were not met," he said.
The company noted that SNG001 demonstrated a "favourable" safety profile and was "well-tolerated" in this population.
Synairgen said it will review the study's full dataset to better understand the results and implications for the development of SNG001. It plans to provide an update in due course.
By Abby Amoakuh; [email protected]
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