4th Jul 2014 06:47
LONDON (Alliance News) - Synairgen PLC said Friday that it has raised GBP5.3 million through the placing of 10.6 million new shares at 50 pence each, to pursue its five leading projects.
Shares in Synairgen closed at 59.55 pence Thursday.
The respiratory drug development company said that, following its global licensing deal with AstraZeneca PLC in June, it has assessed more than 30 new opportunities to progress further drugs to Phase I trials.
"The recent licensing deal achieved with AstraZeneca demonstrates that Synairgen has the platform technology and ability to assess and progress research opportunities to the clinic. The funds from this placing will enable the Company to put this expertise to use with the aim of adding substantial value over the next two years," said Chief Executive Richard Marsden in a statement.
Additionally, some directors had exercised options over 2.0 million shares. 1.6 million of these option shares have been sold at the placing price of 50 pence, raising GBP786,350.50 for the directors.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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