LONDON (ShareCast) - Synairgen has placed 12.2m shares to raise funds for the assessment and preparation of SNG001, the drug recently licensed from AstraZeneca, across five projects that it has identified as the most suitable direction for its development.

The drugs company raised around £5.3m before expenses after issuing the shares at 50p apiece.

Synairgen, which signed the agreement with AstraZeneca in June, said it had assessed more than 30 new opportunities to progress further drugs to begin Phase I clinical trials. Some of the chosen five will be in-licensed and for each one Synairgen will apply its technology platform to expand and enhance its intellectual property base.

Richard Marsden, the Chief Executive of Synairgen said: "The recent licensing deal achieved with AstraZeneca demonstrates that Synairgen has the platform technology and ability to assess and progress research opportunities to the clinic.

"The funds from this placing will enable the company to put this expertise to use with the aim of adding substantial value over the next two years."

Shares fell 12.50% to 52.50p by 11:40.

NR

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