Synairgen shares punctured after 2018 loss

Respiratory drug development firm Synairgen (LON:SNG) has seen its share price drop by 4.62% to 15.50p (as of 12:30 GMT) after it booked an operating loss of £4.13 million for the year ended 31st December. Revenues dropped to £0.11 million after a £5 million payment from the prior year didn’t recur during 2018.

Chairman Simon Shaw commented that: “2018 was a year of excellent operational progress for Synairgen. We were particularly pleased to advance our inhaled IFN-beta programme into a clinical trial to treat or prevent exacerbations of COPD and to increase the scope of the trial to support future partnering activity. We were also pleased that our partner Pharmaxis announced completion of the three-month toxicology studies and await further steps in the advancement of this opportunity. We look forward to continued progress in 2019“.