|
 SNG001, an inhalable formulation containing the broad-spectrum
antiviral protein interferon beta, was being tested for whether it
reduced patients' hospital stay and how rapidly they recovered when
given the drug along with standard treatment.
The therapy did not show any meaningful change in those parameters
compared with a placebo.
"While we are disappointed by the overall outcome, SNG001 has been
administered to hospitalised patients on top of standard of care
which changed substantially between our Phase 2 and Phase 3 trials,"
Chief Executive Richard Marsden said.
"This improvement in patient care may have compromised the potential
of SNG001," he said, adding that the company was now analysing the
full dataset from the "Sprinter" trial.
Synairgen, founded by three University of Southampton professors in
2003, stands to lose about 342 million pounds ($466.2 million) of
its market value at Monday's low of 11.12 pence per share if the
losses hold.
Its shares, which had surged about 36% in 2021, pared some losses to
trade 86% lower at 23.70 pence by 0841 GMT after earlier tumbling as
much as 93.5%.
[to top of second column] |
 Interferon beta is a naturally occurring protein
instrumental to the body's antiviral responses,
and studies have shown the COVID-causing
SARS-CoV-2 virus can suppress its production in
the body.
SNG001, delivered directly into the lungs using
a mesh nebuliser, is also being tested in a
late-stage COVID-19 trial for at-home use,
sponsored by the U.S. National Institutes of
Health. Results from that trial are yet to be
announced.
As part of Sprinter, 623 patients were given
SNG001 or a placebo on top of the standard
treatment at random.
($1 = 0.7336 pounds)
(Reporting by Pushkala Aripaka in Bengaluru;
Editing by Shounak Dasgupta and Bernadette Baum)
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