18 December 2009, Newtown St. Boswells, Scottish Borders: Syntropharma, an emerging pharmaceutical company focussed on drug reformulation utilising transdermal delivery systems, announces a positive end to its year.
The company has just raised a further £400k from a rights issue with existing investors at Tricap, Highland Venture Capital, Scottish Enterprise Co-Investment Fund and Chimaerabio. This takes the total investment in the company to £2.1m.
In 2009 the company has also successfully completed the clinical development of a transdermal patch for its lead compound that can be used for the treatment of depression and potentially Parkinsons Disease. The company is in the late stages of negotiation with a major distributor for the product in the US and when that is completed the application for the use of the patch for depression will be made to the FDA.
This deal and the further development of at least 4 other products should create revenue for the business within the next 12 months and greatly increase shareholder value.
Andrew Gardiner, CEO of Syntropharma said: “We are delighted with the company’s performance in this financial year and feel that we making excellent progress toward achieving our vision for the company, of developing a stream of first and second to market transdermal products with strong IP that will be out-licensed to pharmaceutical company partners. We would like to thank all of our investors for their continued support, and look forward to driving further commercialisation in 2010.”
About Syntropharma
Syntropharma Ltd is an emerging pharmaceutical company founded in 2005, focussed on taking medicines used to treat Central Nervous System (CNS) disorders and improving their clinical profile by reformulating them as patch applications which are applied to the skin. Its vision is to develop a stream of first and second to market transdermal products with strong IP that will be out-licensed to pharmaceutical company partners. The Company raised its first private equity investment October 2006 in order to develop transdermal versions of two CNS drugs: selegiline, for the treatment of depression, and risperidone, an antipsychotic.
