LETTER FROM THE CHAIRMAN AND CEO OF SYNAIRGEN LIMITED
(Incorporated in England and Wales with Registered No. 05233429)
Directors: Mark Parry-Billings (Executive Chairman) | Registered Office: Mailpoint 810, Level F, South Block |
To all Shareholders
7 July 2026
Corporate Update
Dear Shareholders,
Further to the update to shareholders of 30 April 2026, Synairgen Limited (the “Company”), a clinical-stage biotechnology company with the sole asset SNG001 (inhaled interferon beta), today wishes to update shareholders as to the progress of the orderly wind-down of operations, and preparations for a Members Voluntary Liquidation (“MVL”)
Wind-down of operations
All activities relating to the closure of the phase 2 INVENT clinical study are progressing to plan and without issue. The study was conducted in patients with severe respiratory viral infections requiring mechanical ventilation in the intensive care unit. It was terminated early as patient recruitment was markedly behind expectations, as we shared in the corporate update on 26th February 2026. Nevertheless, and in line with requirements, the study results have been analysed and reported appropriately. A study summary has been submitted to the publicly-accessible UK clinical registry (www.isrctn.com) today and is also available via our website at the following link. A similar submission will also be made to the publicly-accessible US registry (www.clinicaltrials.gov).
In summary, given that only 11 patients were dosed in the study (and these patients were randomised to receive either low dose SNG001 or placebo in the initial safety cohort), it is not possible to draw any firm conclusions. That said, the findings do not raise any safety or tolerability issues with the experimental treatment in this patient population and nor do they provide any credible insights into the potential efficacy profile, as the study efficacy measures were not assessed in this non-therapeutic dose safety cohort.
All other activities relating to the wind-down of operations, including non-clinical R&D, Company facilities, staffing, and finance are also progressing in line with expectations (as outlined in the corporate update of 30 April).
Outreach process
The objective of the outreach process is to leverage shareholder value through a third-party transaction. The Company has engaged two professional firms to support the comprehensive third-party connections and dialogue, which has been conducted very cost-effectively. More than 170 organisations have been targeted including large and mid-size pharmaceutical companies, biotech companies, not-for-profit organisations, and venture capital firms. Moreover, the coverage has been truly global including the UK, Europe, the Americas, the Middle East and Asia. Whilst the Company has received some expressions of interest, it also received a series of responses from targets confirming that SNG001 is not in-line with their strategic priorities. Consequently, the directors have to date not entered into substantive due-diligence with any third-party interested in acquiring or licensing SNG001. The documentation deployed in the initial outreach to third parties is available at the following link, and includes a one page “overview” as well as a non-confidential presentation.
The Company continues to be open to interest from credible third parties.
Members Voluntary Liquidation (MVL)
As shared in the 30 April 2026 corporate update, the Company has engaged and has been actively progressing with an experienced Insolvency Practitioner (IP). In the coming weeks, we anticipate updating shareholders with a clear timetable of the proposed MVL process, and an indicative estimation of funds to be distributed to shareholders. The timetable will include target dates during the third quarter for the issuing of the appropriate circular and shareholder resolutions, the potential start of the liquidation process to be led by the IP, and the target date for the initial disbursement of funds to shareholders.
In closing, we would like to acknowledge again all colleagues who continue to focus on the cost-effective wind-down of the Company and to all shareholders during this challenging period.
Yours sincerely
Mark Parry-Billings | Joseph Colliver |
For further enquiries, please contact:
Synairgen Limited
+ 44 (0)23 8051 2800
info@synairgen.com
For more information about Synairgen, please see www.synairgen.com