SNG Synairgen Plc

Synairgen plc

('Synairgen' or the 'Company')

£18 million raised to fund Phase 2 INVENT clinical trial of SNG001 in ventilated patients with severe viral lung infections

Southampton, UK - 15 January 2025: Synairgen plc (LSE: SNG), the respiratory company developing SNG001, an investigational formulation for inhalation containing the broad-spectrum antiviral protein interferon beta, announces that, further to the announcement made on 20 December 2024 regarding the proposed fundraising (the "Launch Announcement"), it has raised £18m million by way of a subscription from TFG Asset Management. The commitments from the Bookbuild, Open Offer and Director Subscriptions totalled £2.2 million, which did not exceed the Minimum Fundraising Condition of £2.9 million that was required to trigger a scaling back of the £18 million subscription from TFG Asset Management.

The £18 million net proceeds from the Fundraising will be used to fund external and internal trial costs to the Interim Analysis, and drug manufacturing and stability testing for Synairgen's Phase 2 INVENT trial (formerly known as trial number SG021) investigating SNG001 in mechanically ventilated patients with confirmed respiratory viral infections. Plans are underway to start the trial in the coming months.

Richard Marsden, CEO of Synairgen, said: "We are pleased to have secured £18 million in financing to enable the progression of our planned Phase 2 trial in mechanically ventilated patients. We have a shared focus with TFG Asset Management on addressing the key question of whether SNG001 can reduce mortality in this very sick patient population who currently have high mortality and are in desperate need of innovative treatment options."

As was detailed in the Launch Announcement, in order for the Bookbuild, Open Offer and Director Subscriptions to proceed it needed to raise at least £2.9 million (before expenses) (the "Minimum Fundraising Condition"). The Minimum Fundraising Condition for these monies to be accepted has not been met, therefore monies shall be returned to those who wished to participate in the Open Offer, therefore no Placing Shares, Open Offer Shares or Director Subscription shares will be issued by the Company.

Subject to approval of the Resolutions at the General Meeting to be held on 16 January 2025, the Subscription of 900,000,000 Subscription Shares by TFG Asset Management (on behalf of the Relevant Funds) to raise £18 million is proceeding.

As detailed in the Launch Announcement and subject to approval of the Resolutions, on the basis that the Minimum Fundraising Condition has not been met the Company intends to apply for the cancellation of its Ordinary Shares from trading on AIM. A separate circular in relation to this will be sent to shareholders in due course.

A total of 900,000,000 New Ordinary Shares will be issued conditional on the passing of the Resolutions by Shareholders at the General Meeting.

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. Admission is expected to take place at 8:00 a.m. on 17 January 2025 and dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on 17 January 2025.

The New Ordinary Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.

Capitalised terms used in this announcement have the meanings given to them in the Launch Announcement, unless the context provides otherwise.

Mark Parry-Billings, Chairman of Synairgen, commented: "SNG001 has potential to reduce mortality in this high-risk group of mechanically ventilated patients being managed in intensive care units; the INVENT trial is designed to test this, and plans are underway to initiate this important trial in the coming months. We have an excellent team at Synairgen and we look forward to providing key updates on our progress. We thank all our shareholders for their support."

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.

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Notes for Editors

About Synairgen

Synairgen is a UK-based respiratory company focused on drug discovery and the development of SNG001 (inhaled interferon beta) as potentially the first host-targeted, broad-spectrum antiviral treatment delivered directly into the lungs for severe viral lung infections.

Millions of people globally are hospitalised every year due to viral lung infections and there are currently no approved antiviral therapies for the majority of these patients. Synairgen is developing SNG001 to address this need.

Synairgen is quoted on AIM (LSE: SNG). For more information about Synairgen, please see www.synairgen.com