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Syntopix in £2m cash call to fund research
ACNE and microbial specialist Syntopix said an "imminent" £2m fundraising will move it closer to commercialising its unique spot cream compounds.
The firm, which was spun out of the University of Leeds and is based in Bradford, hopes to raise the funds from new and existing shareholders to plough into research and development and get its compounds into products on pharmacy shelves.
"The fundraising is imminent and we have a very high degree of confidence we will achieve it in the not-too-distant future," said chief executive Stephen Jones.
Last year Syntopix reported success in clinical trials of one of its core compounds. Known as SYN0126, the compound was found to reduce spots by more than 30 per cent over an eight-week period.
Trials in Germany involving 70 subjects with blemished skin found that use of SYN0126 produced a 30 per cent reduction in spot count while a group using a water-based gel saw a 10 per cent reduction. A leading acne brand actually produced an eight per cent increase.
The success of these trials has attracted interest from healthcare and pharmaceutical companies, and the group said it is in discussions with several of these.
"What we have to do now is continue to look for compounds and continue to improve what we have," said Dr Jones. "We have got the bricks at the bottom of the wall that are very solid and now we are building for the future."
Syntopix believes it will be 18 to 24 months before any of its
compounds are in consumer products.
Most are likely to find their way into consumer healthcare products rather than prescription medicines, because of their relative speed to develop.
The group also has two other compounds it is keen to develop. SYN1113 is another acne treatment that Dr Jones calls "our big hope". Derived from lichen, the natural compound counterbalances the redness produced by spots. Syntopix intends to start clinical trials of the compound in the autumn.
Its other compound, SYN0017, has been proved to be effective at killing the bugs that cause gum disease. Syntopix is looking at launching it in toothpaste, mouthwash and chewing gum.
Syntopix is seeing "considerable interest" in oral healthcare compounds and also treatment to prevent body odour. "These opportunities are becoming equally commercially attractive," said the group.
The firm, which has a library of more than 2,500 compounds, has found that some work well in combination. "We can dice and slice the compounds," said Dr Jones.
Syntopix last year entered into an evaluation deal with a major consumer healthcare company for a pair of microbial compounds which work well together. This combination is being tested for use in a major consumer healthcare brand and Syntopix has applied for a patent.
The firm believes the 2m fundraising will give it 18 to 24 months' spending money. The group had cash reserves of just 396,000 at the end of January. Yesterday it reported a narrower loss of 453,000 for the six months to the end of January, compared to 577,000 a year earlier. Revenues from commercial deals were 104,000.
Shake-up in the boardroom
Syntopix Group recently announced a boardroom reshuffle that saw the appointment of a new chairman in a bid to charm City investors.
Non-executive chairman Dr Rod Adams stood down to be replaced by Tom Bannatyne. Mr Bannatyne has more than 20 years' experience in the investment industry, and formerly managed hedge fund Tudor Group's European equities business.
"His strong investment experience will be extremely valuable as the group seeks further funding to progress opportunities in the global consumer healthcare market," said chief executive Stephen Jones.
Dr Anne Eady and Dr Helen Shaw also stood down as non-executive directors. However, Dr Eady, one of the company's founders, remains as scientific director.
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