Business
First Dealings
First Dealings.
About this update from Synectics Plc
[{"type":"text","content":"\n Synexus Clinical Research PLC\n06 November 2005\n\n\n\n\n Synexus Clinical Research plc\n (\"Synexus\", \"the Company\" or \"the Group\")\n\n Admission to Trading\n on the Alternative Investment Market\n\n Key Points\n\n • Synexus, which provides clinical trials services for the global\n pharmaceutical industry, is delighted to announce that its ordinary shares\n commence trading on AIM today.\n\n • Synexus has raised £3.5 million (gross) via a Placing of 5,384,615 new\n Ordinary Shares at 65p per share. A further 2,538,462 Ordinary Shares were\n placed on behalf of existing investors. Brewin Dolphin Securities is the\n Company's Nominated Adviser and Broker.\n\n • Operating through its own network of 12 investigator sites throughout\n the UK, Synexus sources patients, screens them for suitability, manages them\n through the trial and collects data before reporting back to its clients.\n\n • The Group's model offers higher data quality and a higher 'value for\n money' solution than the traditional method of using a disparate population\n of NHS sites.\n\n • Synexus has a broad, blue chip customer base including GlaxoSmithKline,\n AstraZeneca and Novartis.\n\n • Synexus operates within the primary care segment of the UK market with a\n strong track record for chronic or recurrent indications and disease\n prevention studies. This segment of the market has an estimated value of\n £150 million per annum.\n\n • In addition to focusing on continued organic expansion, the Directors\n are intending to take advantage of a number of international opportunities\n to exploit the growing market for clinical trials and patient recruitment in\n India, Poland, Russia and other emerging markets.\n\n • The new funds raised will be used to meet the expenses of the Placing,\n to eliminate debt and to provide additional working capital.\n\nMichael Redmond, chairman, comments:\n\n\"I am delighted with our move to AIM. We believe that Synexus has strong growth\npotential, both in the UK and overseas. Within the domestic market we are seeing\na trend towards higher volume, extended clinical trials which are particularly\nsuited to our business. Overseas, the large pharmaceutical companies are\nencouraging us to establish our model in emerging countries where patients have\nlittle or no history of medication and can therefore yield...