European law firm Fieldfisher, has advised AIM-quoted Synairgen plc, a leading drug discovery and development company based in Southampton, on its £14 million fundraising to begin a clinical trial for a potential COVID-19 therapeutic.
Fieldfisher's Band-1 ranked equity capital markets team has recently advised Synairgen on its fundraising to expedite clinical trials for its anti-viral drug SNG001, as part of the global race to find therapeutics for COVID-19.
Notably, SNG001 has been one of the few drugs that has been recognised by the World Health Organization's (WHO) landscape analysis of potential therapeutics for COVID-19. With SNG001 identified as the only Phase 2/Phase 3 observational therapy delivered by the inhaled route and therefore capable of self-administration.
The funds will be used primarily to fund an immediate clinical trial of their antiviral drug, SNG001 in COVID-19 patients to in a bid to assist with the COVID-19 pandemic, with the first COVID-19 patients due to be enrolled in the trial this week.
FinnCap acted as sole bookrunner and nominated adviser to Synairgen.
Commenting on the fundraising, Ed Westhead, partner at Fieldfisher, said:
"We are delighted to have helped Synairgen on this important fundraising for the company. The funds raised will allow them to start trialling SNG0001 immediately in COVID-19 patients.
The over-subscribed fundraising shows that the capital markets are still open for business even during the lockdown and where no physical investor roadshows can take place.
We hope that there is a successful outcome to the trial, which could be a major breakthrough in the fight against the coronavirus."
About Fieldfisher's Equity Capital Markets Team
Fieldfisher's leading equity capital markets team is one of only four firms in the UK to be ranked Band 1 in Chambers & Partners for Equity Capital Markets (AIM). In 2019, we were the number 1 legal adviser on AIM by deal volume.
The team is based across Europe and we act for over 50 companies on the Official List, AIM, Euronext Growth, and Acquis Exchange markets as well as a wide range of investment banks, brokers, sponsors and nominated advisers.