SKIN treatment specialist Syntopix has confirmed its plans to raise up to £2m which it will use to further fund research and business opportunities.

The equity issue to investors will also be invested in further developing the Bradford-based university spin-out's intellectual property portfolio.

Syntopix is placing almost 3m ordinary shares of 10p each at an issue price of 67p per share. The placing price represents a discount of 9.46% to the closing mid market price of its shares on Friday.

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