UK-based Synairgen has raised £80m through a private placement, as well as an open offer of up to £7m, to support its Phase III clinical development of its anti-viral drug, SNG001, for Covid-19.

SNG001 is currently in a Phase II study of hospitalised Covid-19 patients in the UK. However, this funding will allow Synairgen to initiate a Phase III trial in the fourth quarter of 2020 in 20 countries.

This total of £87m in funding will also be used to scale up its supply chain and manufacturing capacity for this product.

Synairgen was advised on this fundraising by Fieldfisher. The law firm’s equity capital markers partner Ed Westhead commented: “We are delighted to have worked with Synairgen on another crucial fundraising for the company to support the progression of SNG001.

“Its results in its Phase II trial in UK hospitalised Covi-19 patients earlier this year were promising and this fundraising will support the Phase III trial of the drug in over 20 countries and also support manufacturing scale up.

“It has been a privilege to be involved in this potentially important step in the fight against Covid-19 and to work together with the fantastic teams at Synairgen, Numis and finnCap on what was a significantly oversubscribed fundraising.”

Numis and finnCap acted a joint bookrunners for the financing.