The main highlights for Synairgen in 2015 to date have been the research collaboration with Pharmaxis and AstraZeneca commencing its Phase IIa trial of AZD9412 (formally SNG001). News flow from both is expected in 2017 with the former commencing clinical trials and the later announcing data. We look forward to additional development updates and further pipeline additions in due course. We maintain our 49p price target and Buy recommendation.