International legal practice Osborne Clarke has advised finnCap Ltd on the successful £14 million placing for AIM-quoted Synairgen plc, the respiratory drug discovery and development company.
Synairgen will use the fundraising to expedite an MHRA/HRA-approved trial of SNG001 (inhaled formulation of interferon-beta-1a) in COVID-19 patients to potentially assist with the global outbreak of the virus, the manufacture of the SNG001 drug product and for working capital requirements and strengthening the Company’s balance sheet.
COVID-19, caused by the SARS-CoV-2 virus, is a global pandemic and there is an urgent need to assess new treatments to prevent and effectively treat the severe lower respiratory tract illness that can occur with this disease. Older people and those with co-morbidities such as heart and lung complications or diabetes are at greatest risk of developing severe or fatal disease.
The placing was announced on 25 March 2019.
finnCap, led by Geoff Nash, acted as Synairgen’s nominated adviser, sole broker and sole bookrunner in connection with the placing.
The Osborne Clarke team that advised finnCap on the transaction was led by Partner Jonathan King who was assisted by Senior Associate Ed Nisbet. Fieldfisher Partner Ed Westhead acted for Synairgen.
Jonathan King, Osborne Clarke’s Head of Equity Capital Markets, said:
“In these extraordinarily challenging times, it’s been great to be involved in such a positive transaction which might expedite a treatment for COVD-19. We wish Synairgen every success in the coming weeks with the trial.”
Osborne Clarke’s Corporate team is considered a go-to practice for many companies, working with global businesses to fast-growth start-ups and market challengers. The team advises at every stage of company development across all corporate issues, from equity and debt fundraisings to M&A, IPOs and JVs.