AstraZeneca starts next phase of testing on Synairgen asthma drug

22nd Jul 2015 10:44

(ShareCast News) - Synairgen announced AstraZeneca started another phase of testing on its asthma drug.AIM listed Synairgen said AstraZeneca begun its Phase IIa trial of the drug AZD9412 and expected results in early 2017.AstraZeneca would test 220 asthma patients whose conditions were exacerbated by cold viruses.Synairgen entered a global licence agreement with AstraZeneca last year for the AZD9412 drug, in a deal worth $232 million plus tiered royalties.Finncap held a 'corporate' rating on the stock and target price of 127p.Analyst Keith Redpath said if results were positive there would be a very good chance that Synairgen would be acquired by AstraZeneca.Shares in Synairgen were down 1.41% to 35p at 0954 BST.