Synairgen's turnover falls 60% in 2006

UK-based drug discovery firm Synairgen says that its revenue for the year ended June 30, 2006, was L82,000 ($155,984), down 60% on the L202,000 it earned in the previous financial year. The firm explained that the decline follows its decision to cease undertaking purely "fee-for-service activities," in order to concentrate resources on proprietary projects which offer a intellectual property upside.

Synairgen, a specialist in the field of asthma and chronic obstructive pulmonary disease (COPD), also reported losses of L1.7 million, an increase of 84% on the figure for the comparable period last year. The firm said that this was as a result of its increased R&D investment during the year, which climbed to L1.1 million from L557,000.

Richard Marsden, Synairgen's managing director, said that, based on the initiation of Phase I trials of its inhaled interferon beta product (Marketletter June 5), the firm looked forward to updating the market regarding the establishment of partnering deals to further develop the product.