Fieldfisher advises Synairgen plc on fundraising of up to £87 million to support Phase III trials of its potential COVID-19 treatment | Fieldfisher
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Fieldfisher advises Synairgen plc on fundraising of up to £87 million to support Phase III trials of its potential COVID-19 treatment



United Kingdom

European law firm Fieldfisher has advised AIM-quoted Synairgen plc, a leading respiratory disease drug discovery company based in Southampton, on its £87 million fundraising to begin the Phase III trial for a potential inhaled treatment for COVID-19.

Fieldfisher's Band-1 ranked Equity Capital Markets team has recently advised Synairgen on its fundraising to support, inter alia, Phase III clinical development and supply chain scale-up of its anti-viral drug SNG001 for COVID-19 patients. 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, 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.
Commenting on the fundraising, Ed Westhead, partner at Fieldfisher, said:

"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 COVID-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."