Syntopix looks at exciting opportunities
SYNTOPIX, the company developing treatments for skin conditions such as acne, today said it is entering an “exciting phase” with an increasing number of treatments for healthcare conditions now being tested.
The Bradford-based group has cut its half-year pre-tax losses by around a third to £642,000 with turnover up to £85,000 in the six months to January 31 from £35,000 during the same period last year.
Chief executive Dr Stephen Jones said Syntopix has renewed its exclusive agreement with a major consumer healthcare company for another 12 months which sees it make its library of compounds available for potential development into commercial products by the unnamed health group.
Dr Jones said: “The number of compounds that are entering human use studies for the treatment of several consumer healthcare conditions is steadily increasing, and Syntopix is entering a new, exciting phase.”
The group, which raised £1.48m in an additional share placing last August, said it has a 17-strong patent portfolio with five patents granted in the UK.
Under the deal with the healthcare company, Syntopix will receive an upfront payment at the start of the exclusive evaluation deal, with further payments being made for any compounds subject to additional evaluation.
Commercialisation of a compound would also be subject to a licence agreement being negotiated separately.
Dr Jones said: “We are pleased with the group’s progress during the last six months. Commercial interest in the group’s activities is increasing and the renewal of a key contract with our partner healthcare company will generate increased sales revenue during the coming year.
“The results from our current phase II clinical study are expected mid summer and the directors are confident that positive data from this study will enable the group to progress commercial discussions with a number of pharmaceutical companies during the next 12 months.”
Syntopix was founded in 2003 as a spin-out from the University of Leeds by Dr Jon Cove and Dr Anne Eady, two of the leading experts in skin microbiology.
