Business
First Day of Dealings
First Day of Dealings.
About this update from Gunsynd Plc
[{"type":"text","content":"\n Syntopix Group plc\n23 March 2006\n\n\nFor immediate release 23 March 2006\n\n\n SYNTOPIX GROUP PLC\n ('Syntopix' or 'the Company')\n\n FIRST DAY OF DEALINGS ON THE AIM MARKET OF\n THE LONDON STOCK EXCHANGE\n\n\nSyntopix Group plc, (AIM: SYN) a drug discovery and development company focused\non dermatological diseases, announces its flotation on the AIM market of the\nLondon Stock Exchange today.\n\n\nHighlights of the Placing:\n\n\n• £4.0 million (£3.3 million net of expenses) has been raised for\n Syntopix via a placing at 177 pence per share\n\n\n\n• On admission the market capitalisation of Syntopix at the placing\n price will be £10.1 million\n\n\n\n• The proceeds of the placing will be used to finance the Company's drug\n development programmes in dermatology\n\n\n\n• KBC Peel Hunt Ltd is the Company's Nominated Adviser and Broker\n\n\nBusiness Highlights:\n\n\n• Syntopix was formed in 2003 as a spin-out from the University of Leeds\nto commercialise the research of the Company's two scientific founders, Dr Jon\nCove and Dr Anne Eady, into antibiotic resistance and diseases of the skin.\n\n\n\n• Syntopix has a growing patent portfolio and a pipeline of nine drug\ncandidates awaiting preclinical and clinical trials in acne and MRSA.\n\n\n\n• The Company has a highly experienced scientific, commercial and\nnon-executive team who between them have a proven track record of developing\npharmaceutical products and technology and have links with large pharmaceutical\ncompanies.\n\n\n\n• The Company's Chairman is Dr Gwyn Humphreys, a founder and chief\nexecutive of Bradford Particle Design Limited, one of the UK's most successful\nspin-out companies sold for $200 million in January 2001 to Inhale Therapeutic\nSystems Inc. Syntopix' Chief Executive Officer is Rod Adams, who has extensive\nexperience in running and building healthcare companies, particularly in the\nfield of dermatology.\n\n\n\n• The Company believes that the market for dermatological products,\nwhich has global annual sales of more than $10 billion and clear evidence of\nunmet medical need, has suffered a lack of product innovation and there are many\nlimitations identified in some of the leading products. Syntopix' strategy seeks\nto reduce the cost and risk of successfully discovering and developing\ndermatology drugs by concentrating on c...