Syntopix board restructure brings in experienced City player
SYNTOPIX, the university spin-out specialising in developing treatments for skin conditions, today brought in a City heavyweight as its chairman as part of a restructuring of its board of directors.
The Bradford-based AIM-listed group has appointed former investment banker and hedge fund executive Tom Bannatyne, who has replaced Dr Rod Adams as chairman.
The move will also see co-founder Dr Anne Eady and Dr Helen Shaw step down as non-executive directors although Dr Eady will continue in her role as scientific director of Syntopix.
The board room changes come as Syntopix looks to raise up to £2m in an equity issue to enable it to drive its research developments towards commercial deals with major healthcare players.
Mr Bannatyne, 47 has more than 20 years’ experience of the investment industry and spent nine years at SG Warburg Group where he became director of European equities.
He then joined and became a partner at the Tudor Group, a privately-owned major international hedge fund, establishing and managing its European equities business.
At Tudor he was a member of its management committee, and chairman of the group’s UK operation, as well as of the UK branch of the group’s charitable foundation.
Since retiring from Tudor at the end of 2007, he has been pursuing his own investment interests.
Stephen Jones, chief executive of Syntopix commented: ““2010 will be a pivotal year for Syntopix, building on the encouraging progress in 2009 and I am delighted that Tom will be joining the board of Syntopix at this important time.
“His impressive investment experience will be extremely valuable, providing Syntopix with a stronger City presence and strategic guidance as it enters a new phase of heightened commercial development, targeting a multi-billion global consumer healthcare market. The Syntopix team looks forward to working with him.”
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.
The group is based at the Institute of Pharmaceutical Innovation in Bradford, giving it access to the expertise in skin biology, formulation and toxicology at the
universities of Bradford and Leeds.
Syntopix’ shareholders include Techtran Group – part of the quoted IP Group, The Wellcome Trust, University of Leeds and Ridings Early Growth Investment Company.
Mr Jones added: “On behalf of the board, I would like to thank Rod Adams for his contribution to Syntopix over the last five years.
“He has helped to drive the company to become a successful commercial entity, taking it from an academic proposition to a listed company which has developed strong partnerships with global healthcare companies.
“I would also like to thank Helen Shaw for her help guiding Syntopix though its formative early clinical studies and medical direction, and for her constructive contribution and challenge to the development of the strategy. Both Rod and Helen leave Syntopix on the best of terms and with our warm wishes.”
