Fieldfisher has advised Synairgen plcon its £87 million fundraising to begin the Phase III trial for a potential inhaled treatment for COVID-19.
The fundraising was structured as a placing to institutional investors in the UK and the US, raising gross proceeds of £80 million for the Company, together with an open offer of up to c. £7 million to its existing shareholders. Numis Securities Limited and finnCap Ltd acted as joint bookrunners on the significantly oversubscribed fundraising.
This follows on from a successful fundraise of £14 million earlier in the year to expedite Phase II clinical trials for SNG001. SNG001 is one of the few drugs that had been recognised by the World Health Organization’s (WHO) landscape analysis of potential therapeutics for COVID-19.
The funds will primarily be used to enable Synairgen to progress with Phase III clinical trials in COVID-19 patients, enrolling patients across approximately 20 countries and also fund manufacturing and device scale up activities.
Equity Capital Markets partner, Ed Westhead (Picture), was the lead partner advising Synairgen on the fundraise with support from Corporate associate, Lily Searle and trainee Jas Sembi with partner, Mark Gearing and senior associate Tamsin Nicholds advising on tax and equity incentives.
Law Firms: Fieldfisher;
Clients: Synairgen plc;