Synairgen is currently developing a product that addresses the problem of why the common cold brings on asthma attacks. In addition another product is in the pipeline that could help asthmatic lungs 'repair' themselves.
Asthma affects around 10 per cent of adults in industrialised societies and is increasing at a rapid rate of around 15 per cent a year particularly in the younger population. Despite annual sales of nearly $7 billion (€4.6bn) existing treatments for the condition are not universally effective, leaving significant commercial opportunity in a market only growing at 5 per cent.
A spokeswoman for Synairgen told DrugResearcher.com that the finance raised would go towards recruiting additional staff as well as enhancing the in-house group's facilities.
"The finance will also be used to fund our proprietary programs. These programs, which involve R&D into asthma are at an early stage but we hope to use the funds to advance the research further."
At a molecular level, detailed analysis is highlighting important new bio-markers present in the blood, lung cells and secretions, revealing vital differences between the lungs of healthy people and those with chronic lung disease. The company's objective is to develop novel respiratory drugs using this approach.
Professor Stephen Holgate, co-founder of Synairgen explained: "We are investigating what it is about the structure of an asthmatic or smoker's lungs which leads to a prolonged response of lung damage and altered repair, then we can work on ways to resolve these problems."
"Over 50 per cent of people have allergies, but only one fifth of these people develop asthma. Analysing these helps us to identify drug targets."
Identifying biomarkers is seen as crucial in understanding more about people's responses to common environmental causes of lung disease such as viruses, pollutants and allergens. Diseases such as COPD and asthma leave behind signs, which should be able to be detected.
Synairgen are also collecting tiny samples of lung tissue to form a biobank, which will help the discovery of novel drug targets. Biopsies and airway brushings will also be used to grow layers of both ordinary and abnormal cells for experimentation purposes.
"Finance from this flotation will also be used which will help us to recruit volunteers to develop this Biobank," the spokeswoman added.
The company is already working on three collaborations with international drug companies and has filed two patents. Synairgen's work has already led to the discovery of a human gene critical to the development of asthma.
Holgate added: "Very few laboratories across the world are working on real human models of asthma and COPD. This facility will help pharmaceutical companies speed up their research so a new drug can be tested in months rather than years."
COPD is estimated to affect around 21 million people in America alone. Due to the large prevalence and incidence, COPD represents large financial burden on society (estimated health costs of $33bn in 2001 in the US). Despite being the 4th leading cause of death in the western world, few dugs are currently available to treat the condition.